@ 8bad92c3:ca714aa5

Marty's Bent

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

[

Opportunity Cost – See Prices in Bitcoin Instantly

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

Opportunity CostTFTC

](https://www.opportunitycost.app/?ref=tftc.io)

Check it out!

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

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

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

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

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

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

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

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

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

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

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

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

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

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Final thought...

East Coast aesthetics over everything.

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

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@ 726e789c:197726c2

{ "id": "id-1750023454416-5oavlpy", "name": "Gottesbild und künstliche Intelligenz", "description": "", "authors": [ "Joachim Happel" ], "summary": "### Intention\nDie Lehrkraft möchte eine Unterrichtsstunde in der 11. Klasse zum Thema 'Gottesbild und Künstliche Intelligenz' gestalten. Ziel ist es, die Schülerinnen und Schüler dazu zu befähigen, eigene Gottesvorstellungen zu entwickeln, diese mit biblischen Gottesbildern zu vergleichen, und die lebenspraktischen Konsequenzen verschiedener Gottes- und Menschenbilder im Kontext technischer Entwicklungen zu reflektieren. Dabei sollen sie auch religionskritische Perspektiven und ethische Fragen im Zusammenhang mit KI erarbeiten.\n\n### Assoziationen\n\nDie wichtigsten Fachbegriffe und Themen sind \"Gottesbild\" und \"Künstliche Intelligenz\" im Kontext des Religionsunterrichts.\n\n### Kompetenzen\n\n- SuS stellen eigene Gottesvorstellungen dar und vergleichen sie mit biblischen Gottesvorstellungen. Inhaltsbereich: \"Die Frage nach Gott\".\n- SuS erörtern die verschiedenen Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen in ihrer Lebenswelt. Inhaltsbereich: \"Christliche Antworten auf die Gottesfrage\".\n- SuS beurteilen religionskritische Entwürfe hinsichtlich ihrer Überzeugungskraft im Kontext der Diskussion über Gottesbilder. Inhaltsbereich: \"Christliche Antworten auf die Gottesfrage\".\n- SuS deuten die biblische Rede von Geschöpf und Ebenbild Gottes hinsichtlich ihrer lebenspraktischen Konsequenzen. Inhaltsbereich: \"Der Mensch in christlicher Perspektive\".\n\naus: Lehrplan NRW - Evangelische Religion, Jahrgangsstufe 11\n\n### Gottesbild und Künstliche Intelligenz im Religionsunterricht\n\nDas Thema 'Gottesbild und Künstliche Intelligenz' bietet die Möglichkeit, zentrale Fragen nach Gott und Mensch in der heutigen technologischen Gesellschaft zu reflektieren. Dabei können Schülerinnen und Schüler eigene Vorstellungen von Gott entwickeln, sie mit biblischen Gottesbildern vergleichen und die ethischen, gesellschaftlichen und philosophischen Implikationen moderner KI-Technologien diskutieren. Besonders geeignet ist die Verbindung von biblischer Rede vom Menschen als Gottes Ebenbild mit aktuellen Diskussionen um Geschöpflichkeit, Kreativität und Verantwortung im Zusammenhang mit KI. Diese Herangehensweise fördert die kritische Reflexion und die Entwicklung eigener Glaubens- und Gottesvorstellungen, während sie gleichzeitig die ethischen Dimensionen der technologischen Entwicklung in den Fokus rückt.", "backgroundColor": "#bbf7d0", "customStyle": "", "columns": [ { "id": "id-1750021978851-vf7abwh", "name": "Materialien", "color": "color-gradient-1", "cards": [ { "id": "id-1750021978851-my9mqug", "heading": "Zusammenfassung für die didaktische Aufbereitung: Gottesbild und Künstliche Intelligenz im Religionsunterricht", "content": "Das Thema 'Gottesbild und Künstliche Intelligenz' bietet die Möglichkeit, zentrale Fragen nach Gott und Mensch in der heutigen technologischen Gesellschaft zu reflektieren. Dabei können Schülerinnen und Schüler eigene Vorstellungen von Gott entwickeln, sie mit biblischen Gottesbildern vergleichen und die ethischen, gesellschaftlichen und philosophischen Implikationen moderner KI-Technologien diskutieren. Besonders geeignet ist die Verbindung von biblischer Rede vom Menschen als Gottes Ebenbild mit aktuellen Diskussionen um Geschöpflichkeit, Kreativität und Verantwortung im Zusammenhang mit KI. 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Du bist schockiert und möchtest dir ein genaueres Bild machen. (Absatz: Thematische Hinführung, Baustein 1: KI – was verbirgt sich dahinter?)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein ermöglicht einen lebensweltnahen Einstieg in das komplexe Thema KI, indem er eine konkrete, emotional relevante Situation aufgreift. Er bereitet die Reflexion über ethische Implikationen von KI vor, die später mit Gottes- und Menschenbildern verknüpft werden kann.\n Kompetenzförderung: Fördert die Wahrnehmung und Beschreibung ethischer Herausforderungen durch KI. Ermöglicht erste, spontane Äußerungen zu eigenen Vorstellungen und Meinungen.\n Konkrete Anwendung & Beispiele: Im Einstieg zur Aktivierung von Vorwissen und zur emotionalen Annäherung an das Thema. Die SuS können in einem kurzen Brainstorming oder einer stillen Minute ihre ersten Gedanken und Gefühle zu dieser Situation sammeln.\n Methodische Vielfalt & Sozialformen: Einzelarbeit (Reflexion), anschließend Plenum für spontane Äußerungen.\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Einstieg", "inactive": false }, { "id": "id-1750022132843-d2g6bz2", "heading": "Was ist KI? Sammeln von Alltagsbeispielen und Positionierung", "content": "Methode: Nach der anfänglichen Konfrontation mit dem Pflegeroboter-Szenario überlegen die Schülerinnen (Think-Pair-Share), in welchen Bereichen KI heute schon vorkommt. Gemeinsam wird im Plenum eine Mindmap erstellt. Anschließend positionieren sich die Lernenden auf einer Linie (Chancen vs. Gefahren) zu diesen Entwicklungen und erläutern ihre Position im Unterrichtsgespräch. Zur Begriffsbestimmung kann ein Informationstext (M1) oder ein kurzer Lehrervortrag genutzt werden. (Absatz: Baustein 1: KI – was verbirgt sich dahinter?, S. 24)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein schafft ein grundlegendes Verständnis für den Begriff KI und seine Präsenz im Alltag der SuS. Die Positionierung zu Chancen und Gefahren leitet die ethische Reflexion ein und ermöglicht die Verknüpfung mit unterschiedlichen Menschen- und Gottesbildern.\n Kompetenzförderung: Fördert die Wahrnehmung und Beschreibung ethischer Herausforderungen durch KI. Ermöglicht das Darstellen eigener Vorstellungen und das Erörtern von Konsequenzen in der Lebenswelt.\n Konkrete Anwendung & Beispiele: Im Einstieg zur Begriffsklärung und im Übergang zur Erarbeitung ethischer Fragen. Die SuS könnten Beispiele wie Sprachassistenten, personalisierte Werbung, autonomes Fahren oder Gesichtserkennung nennen. Bei der Positionierung auf der Linie könnten sie begründen, warum sie z.B. autonomes Fahren eher als Chance (mehr Sicherheit) oder Gefahr (Kontrollverlust) sehen.\n Methodische Vielfalt & Sozialformen: Think-Pair-Share (Einzel-, Partnerarbeit), Plenum (Mindmap, Unterrichtsgespräch).\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Einstieg, Erarbeitung", "inactive": false }, { "id": "id-1750022132843-bwjpm1a", "heading": "Ethische Herausforderungen der KI: Gruppenpuzzle zu Anwendungsfeldern", "content": "Aufgabenstellung: Bildet bis zu fünf Gruppen und bearbeitet jeweils eine der folgenden herausfordernden Entwicklungen im Bereich der KI anhand eines Infotextes mit Arbeitsaufträgen (M2a-e): Pflegeroboter, autonome Waffensysteme, automatische Bewerbungssoftware, KI in der Schule, Steuerungscomputer im Verkehr. Präsentiert eure Ergebnisse im Gruppenpuzzle oder Plenum, um ein ethisches Problembewusstsein zu schaffen. (Absatz: Baustein 1, S. 24)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein ermöglicht eine vertiefte Auseinandersetzung mit konkreten ethischen Dilemmata, die durch KI entstehen. Die Diskussion dieser Problemfelder ist essentiell für die spätere Reflexion über Gottes- und Menschenbilder und deren lebenspraktische Konsequenzen.\n Kompetenzförderung: Fördert die Wahrnehmung und Beschreibung ethischer Fragestellungen. Ermöglicht das sachgemäße Erschließen themenrelevanter Texte und die argumentative Auseinandersetzung mit anthropologisch-ethischen Aspekten.\n Konkrete Anwendung & Beispiele: Zur Erarbeitung neuer Inhalte und zur Schaffung eines Problembewusstseins. Die SuS könnten sich mit Fragen auseinandersetzen wie: \"Welche Verantwortung tragen Entwickler autonomer Waffensysteme?\" oder \"Inwiefern beeinflusst automatische Bewerbungssoftware Chancengleichheit?\".\n Methodische Vielfalt & Sozialformen: Gruppenarbeit (Expertengruppen), Gruppenpuzzle oder Plenum (Präsentation der Ergebnisse). Es kann auch auf die \"Schritte ethischer Urteilsbildung\" zurückgegriffen werden.\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Erarbeitung, Vertiefung", "inactive": false }, { "id": "id-1750022132843-rmmqjg6", "heading": "Videoanalyse: „K.O. durch KI? Keine Angst vor schlauen Maschinen!“ (Leschs Kosmos)", "content": "Video: Einsatz der Dokumentation „K.O. durch KI? Keine Angst vor schlauen Maschinen!“ mit Prof. Harald Lesch (28.05.2019, 29 Min.). Die Dokumentation greift in kurzen, anschaulichen Sequenzen verschiedene KI-Entwicklungen auf und diskutiert diese: Autonomes Fahren, Deep Learning (Medizin), Algorithmen (Bewerbungssoftware), intelligente Roboter (Katastrophenfall), Roboworld (Mensch-Maschine-Verhältnis), Schlussmoderation (Unterschied Mensch-Maschine). (Absatz: Baustein 1, S. 24, Punkt 3)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Das Video bietet eine anschauliche und wissenschaftlich fundierte Einführung in verschiedene KI-Anwendungsfelder und ethische Fragestellungen. Es kann als Impuls dienen, um die Diskussion über Gottes- und Menschenbilder im Kontext von KI zu vertiefen und religionskritische Entwürfe zu beurteilen.\n Kompetenzförderung: Fördert die Wahrnehmung ethischer Fragestellungen. Unterstützt die argumentative Auseinandersetzung mit anthropologisch-ethischen Aspekten durch die Bereitstellung von Hintergrundinformationen und Diskussionsansätzen.\n Konkrete Anwendung & Beispiele: Zur Vertiefung der bereits erarbeiteten Themen oder als alternativer Einstieg in spezifische KI-Bereiche. Die Lehrkraft kann gezielt Sequenzen auswählen und mit Arbeitsaufträgen versehen, z.B. \"Fasst die Argumente Pro und Contra zum autonomen Fahren zusammen und diskutiert, welche ethischen Prinzipien hier relevant sind.\"\n Methodische Vielfalt & Sozialformen: Plenum (gemeinsames Schauen), Partner- oder Kleingruppenarbeit (Analyse von Sequenzen), Unterrichtsgespräch.\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Erarbeitung, Vertiefung", "inactive": false }, { "id": "id-1750022132843-11qwb31", "heading": "Science-Fiction-Filme: KI, Bewusstsein und menschliche Beziehungen", "content": "Lernmedium: Analyse von Science-Fiction-Filmen wie \"Ex Machina\" (UK, 2015), \"I, Robot\" (USA, 2004) und \"Her\" (USA, 2013). Schülergruppen präsentieren, wie diese Filme das Thema KI aufgreifen (z.B. Roboter, die menschliche Qualitäten entwickeln; Beziehung zu lernfähigem Betriebssystem). Anschließend werden die in den Filmen aufgeworfenen anthropologisch-ethischen Fragen (Können Maschinen Bewusstsein/Gefühle haben? Können digitale Systeme menschliche Partner ersetzen?) in der Lerngruppe vertieft. (Absatz: Baustein 2: Künstliche Intelligenz in Filmen, S. 24)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Filme bieten einen niedrigschwelligen Zugang zu komplexen philosophischen und ethischen Fragen rund um KI, Bewusstsein und menschliche Identität. Dies ermöglicht eine kreative Auseinandersetzung mit verschiedenen Menschenbildern und deren Implikationen für das Gottesbild.\n Kompetenzförderung: Fördert das Darstellen eigener Gottesvorstellungen im Kontext moderner Technologie und das Erörtern von Gottes- und Menschenbildern hinsichtlich ihrer lebenspraktischen Konsequenzen. Unterstützt die argumentative Auseinandersetzung mit anthropologisch-ethischen Aspekten.\n Konkrete Anwendung & Beispiele: Als Erarbeitungs- oder Vertiefungsphase. Die SuS könnten in Gruppenarbeit die Filme analysieren und Präsentationen vorbereiten. Diskussionsfragen könnten sein: \"Was macht den Menschen menschlich im Vergleich zu einer KI?\" oder \"Verändert die Möglichkeit, eine Beziehung zu einer KI aufzubauen, unser Verständnis von Liebe und Partnerschaft?\"\n Methodische Vielfalt & Sozialformen: Gruppenarbeit (Filmanalyse, Präsentation), Plenum (Diskussion).\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Erarbeitung, Vertiefung", "inactive": false }, { "id": "id-1750022132843-0zmqiuo", "heading": "Biblische Schöpfungserzählung und die Frage nach dem Gegenüber (Replika)", "content": "Textquelle: Thematisierung des Chatbots „Replika“ als aktuelles Beispiel für einen digitalen Sozialkontakt (Werbung: „Wenn du traurig bist oder Angst hast oder einfach jemanden zum Reden brauchst, ist dein Replika für dich da – 24/7“). Als spannender biblischer Bezugspunkt dient die Schöpfungserzählung in Gen 2, in der der Mensch unter den Tieren kein adäquates Gegenüber findet und Gott ihm daraufhin einen menschlichen Partner schafft. Die Unterscheidung zwischen Echo- und Resonanzbeziehungen (Hartmut Rosa) kann zur vertieften Auseinandersetzung genutzt werden (M3). (Absatz: Baustein 2, S. 24, Punkt 5)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein stellt eine direkte Verbindung zwischen der biblischen Schöpfungserzählung (Gottesbild, Menschenbild als Ebenbild Gottes) und der modernen Entwicklung von KI (Chatbots) her. Er ermöglicht die Reflexion über die Einzigartigkeit des Menschen und die Qualität menschlicher Beziehungen im Vergleich zu KI-Interaktionen.\n Kompetenzförderung: Fördert das Deuten der biblischen Rede von Geschöpf und Ebenbild Gottes hinsichtlich ihrer lebenspraktischen Konsequenzen. Unterstützt das Erörtern verschiedener Gottes- und Menschenbilder und die argumentative Auseinandersetzung.\n Konkrete Anwendung & Beispiele: Zur Vertiefung der anthropologischen Fragen. Die SuS könnten diskutieren: \"Was unterscheidet eine Beziehung zu einem Menschen von einer Beziehung zu einem Chatbot?\" oder \"Inwiefern fordert die Existenz von Chatbots unser Verständnis von 'Gegenüber' und 'Ebenbild Gottes' heraus?\"\n Methodische Vielfalt & Sozialformen: Partnerarbeit (Diskussion der Replika-Werbung), Plenum (Vergleich mit Gen 2 und Rosa-Konzept).\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Vertiefung, Transfer", "inactive": false }, { "id": "id-1750022132843-eljz9b2", "heading": "Können Maschinen Bewusstsein besitzen? Der Turing-Test", "content": "Methode: Anknüpfend an den Film \"Ex Machina\" wird eine Szene (9:50 bis 14:32) gezeigt, in der Caleb die Aufgabe erhält, zu testen, ob die Roboterfrau Ava ein Bewusstsein besitzt. Eindrücke und Überlegungen zur Szene, zur Darstellung der Charaktere und zur Möglichkeit einer Bewusstwerdung von Maschinen werden gesammelt. Die Lehrkraft gibt ggf. Hinweise zum sog. „Turing-Test“. (Absatz: Baustein 3: Können „intelligente“ Maschinen menschlich werden?, S. 25)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein greift eine zentrale philosophische Frage im Kontext von KI auf: die des Bewusstseins. Durch die Verknüpfung mit dem Turing-Test wird eine konkrete Methode zur Diskussion angeboten, die zur Reflexion über die Grenzen von Maschinen und die Einzigartigkeit menschlichen Bewusstseins anregt. Dies ist direkt relevant für die Diskussion von Gottes- und Menschenbildern.\n Kompetenzförderung: Fördert das Erörtern verschiedener Gottes- und Menschenbilder und die argumentative Auseinandersetzung mit anthropologisch-ethischen Aspekten.\n Konkrete Anwendung & Beispiele: Im Erarbeitungs- oder Vertiefungsteil. Nach dem Zeigen der Szene könnten die SuS in Kleingruppen diskutieren: \"Was versteht man unter Bewusstsein? Kann eine Maschine Bewusstsein haben? Welche Kriterien würden wir anwenden, um dies zu beurteilen?\"\n Methodische Vielfalt & Sozialformen: Plenum (Sammeln von Eindrücken), Kleingruppenarbeit (Diskussion), Lehrervortrag (Erklärung Turing-Test).\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Erarbeitung, Vertiefung", "inactive": false }, { "id": "id-1750022132843-ggkzdhv", "heading": "Das Gedankenexperiment „Mary“: Subjektives Erleben vs. Physiologie", "content": "Textquelle: Vertiefung durch das philosophische Gedankenexperiment „Mary“ (Frank Jackson), das von Caleb Ava in der vierten Sitzung in \"Ex Machina\" erzählt wird. Das Experiment versucht zu zeigen, dass subjektives Erleben nicht mit messbaren neurophysiologischen Vorgängen identifiziert werden kann. Näheres zum Experiment, seiner Bedeutung im Film und der unterrichtlichen Umsetzung im Download: M4. (Absatz: Baustein 3, S. 25)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Das Gedankenexperiment \"Mary\" ist ein hervorragendes Instrument, um die Grenzen eines rein materialistischen Menschenbildes aufzuzeigen und die Bedeutung des subjektiven Erlebens zu betonen. Dies ist entscheidend für die Auseinandersetzung mit der Frage nach dem menschlichen \"Ebenbild Gottes\" und der Abgrenzung von KI.\n Kompetenzförderung: Fördert das Erörtern verschiedener Gottes- und Menschenbilder und das Deuten der biblischen Rede von Geschöpf und Ebenbild Gottes. Unterstützt die argumentative Auseinandersetzung mit philosophischen und anthropologischen Aspekten.\n Konkrete Anwendung & Beispiele: Zur Vertiefung der Diskussion über Bewusstsein und menschliche Einzigartigkeit. Die SuS könnten den Text zu M4 lesen und in Partnerarbeit diskutieren: \"Was ist das Kernproblem, das Marys Experiment aufwirft? Inwiefern ist dieses Problem relevant für die Diskussion über KI und menschliches Bewusstsein?\"\n Methodische Vielfalt & Sozialformen: Partnerarbeit (Textanalyse), Plenum (Diskussion und Austausch).\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Vertiefung", "inactive": false }, { "id": "id-1750022132843-0i321ar", "heading": "Der Mensch als Ebenbild Gottes: Unterschied zu digitalen Systemen (Charbonnier)", "content": "Textquelle: Klärungsversuch zur Frage nach Mensch und Maschine durch den Text des Theologen Ralph Charbonnier (M5). Der Autor zeigt, dass digitale Systeme (z.B. Roboter) „nicht lernen, (sich) entscheiden, handeln und vertrauenswürdig sind“. Die vorgeschlagene Aufgabenstellung nimmt auch theologische Perspektiven auf den Menschen („Ebenbild Gottes“) mit in den Blick. Alternativ kann M6 genutzt werden (sprachlich einfacherer Text). (Absatz: Baustein 3, S. 25)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein bietet eine explizit theologische Perspektive auf den Unterschied zwischen Mensch und Maschine, insbesondere im Hinblick auf das Konzept des Menschen als \"Ebenbild Gottes\". Dies ist zentral für die Auseinandersetzung mit dem Gottesbild und den anthropologischen Konsequenzen von KI.\n Kompetenzförderung: Fördert das Deuten der biblischen Rede von Geschöpf und Ebenbild Gottes. Unterstützt das argumentative Auseinandersetzen mit anthropologisch-ethischen Aspekten aus christlicher Perspektive.\n Konkrete Anwendung & Beispiele: Zur Erarbeitung oder Sicherung theologischer Argumente. Die SuS könnten den Text lesen und in Kleingruppen die Argumente Charbonniers zusammenfassen. Eine Aufgabe könnte sein: \"Diskutiert, welche Eigenschaften laut Charbonnier den Menschen von einer Maschine unterscheiden und inwiefern diese Eigenschaften mit der Vorstellung des Menschen als Ebenbild Gottes zusammenhängen.\"\n Methodische Vielfalt & Sozialformen: Einzelarbeit (Textlektüre), Kleingruppenarbeit (Analyse), Plenum (Diskussion).\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Erarbeitung, Vertiefung, Sicherung", "inactive": false }, { "id": "id-1750022132843-ptyfx1r", "heading": "Heilserwartungen an KI: „Way of the Future“ und Unsterblichkeit", "content": "Rechercheaufgabe: Die Lernenden recherchieren zur Bewegung „Way of the Future“, einer 2015 gegründeten Kirche, die „eine auf KI basierende Gottheit aus Hardware und Software realisieren, akzeptieren und anbeten“ will. Alternativ ist eine Recherche zu „KI und Unsterblichkeit“ möglich (z.B. Ray Kurzweil und das Hochladen des menschlichen Geistes in die Cloud). (Absatz: Baustein 4: Die neuen Technologien als „Weg zum Paradies“?, S. 25)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein adressiert direkt religionskritische Entwürfe und quasi-religiöse Heilserwartungen, die mit KI verbunden sind. Er ermöglicht es den SuS, diese Phänomene kritisch zu beurteilen und mit traditionellen Gottesbildern zu kontrastieren.\n Kompetenzförderung: Fördert das Beurteilen religionskritischer Entwürfe hinsichtlich ihrer Überzeugungskraft im Kontext der Diskussion über Gottesbilder. Unterstützt die argumentative Auseinandersetzung mit anthropologisch-ethischen Aspekten aus christlicher Perspektive.\n Konkrete Anwendung & Beispiele: Als Hausaufgabe zur Vorbereitung oder als Erarbeitungsphase im Unterricht. Die SuS könnten ihre Rechercheergebnisse in kurzen Präsentationen vorstellen und anschließend im Plenum diskutieren: \"Inwiefern ähneln die Hoffnungen auf KI als 'Gottheit' oder auf digitale Unsterblichkeit religiösen Heilserwartungen? Welche Gefahren oder Chancen seht ihr darin?\"\n Methodische Vielfalt & Sozialformen: Einzelarbeit (Recherche), Partner-/Kleingruppenarbeit (Aufbereitung der Ergebnisse), Plenum (Präsentation, Diskussion).\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Erarbeitung, Vertiefung, Transfer", "inactive": false }, { "id": "id-1750022132843-ogten47", "heading": "„Ihr werdet sein wie Gott“: Theologische Einordnung von KI-Heilserwartungen", "content": "Textquelle: Zur Weiterarbeit nach der Recherche zu KI-Heilserwartungen wird auf einen Text von Jörg Hermann, „Ihr werdet sein wie Gott“ (M7), zurückgegriffen. Darin zeigt der Autor Tendenzen zur religiösen Überhöhung von KI auf und ordnet sie theologisch ein. (Absatz: Baustein 4, S. 25)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein bietet eine theologische Einordnung der in Baustein 10 thematisierten Heilserwartungen an KI. Er hilft den SuS, religionskritische Entwürfe aus einer theologischen Perspektive zu beurteilen und das eigene Gottesbild zu schärfen.\n Kompetenzförderung: Fördert das Beurteilen religionskritischer Entwürfe und die argumentative Auseinandersetzung aus der Perspektive des christlichen Glaubens.\n Konkrete Anwendung & Beispiele: Zur Vertiefung und Sicherung der theologischen Reflexion. Die SuS könnten den Text lesen und die Hauptargumente Hermanns herausarbeiten. Diskussionsfrage: \"Wie bewertet Hermann die 'Gottesähnlichkeit' im Kontext von KI? Welche biblischen Bezüge stellt er her und wie helfen sie uns, die Rolle des Menschen zu verstehen?\"\n Methodische Vielfalt & Sozialformen: Einzelarbeit (Textlektüre), Partnerarbeit (Diskussion der Thesen), Plenum (Sicherung der Ergebnisse).\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Vertiefung, Sicherung", "inactive": false }, { "id": "id-1750022132843-c2no4z6", "heading": "Digitaler Humanismus: Ethik für den Umgang mit KI", "content": "Konzept: Vorstellung des Konzepts „Digitaler Humanismus“ von Julian Nida-Rümelin als „Ethik für das Zeitalter der KI“. Es grenzt sich gegen Ideologisierung und apokalyptische Befürchtungen ab und zielt darauf ab, Demokratie und menschliche Urteilsfähigkeit im Umgang mit neuen Technologien zu stärken. Hinführend kann eine Karikatur (z.B. H. Haitzinger) oder ein Interview (Yvonne Hofstetter, \"Bots, Fake News und BigData: Das Ende der Demokratie?\", BpB, 2017, 4:13 Min.) thematisieren, inwieweit KI eine Gefahr für Demokratie und Selbstbestimmung darstellen kann. Das Konzept kann mithilfe von M8 erschlossen und erörtert werden. (Absatz: Baustein 5: Digitaler Humanismus, S. 25)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein bietet einen umfassenden ethischen Rahmen für den Umgang mit KI, der über rein technische Aspekte hinausgeht. Er ermöglicht es den SuS, die lebenspraktischen Konsequenzen von KI im Hinblick auf Demokratie und Selbstbestimmung zu reflektieren und eigene ethische Leitlinien zu entwickeln, die im Einklang mit einem christlichen Menschenbild stehen können.\n Kompetenzförderung: Fördert das Erörtern der verschiedenen Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen. Unterstützt die argumentative Auseinandersetzung mit ethischen Aspekten und das Entwickeln eigener Leitlinien.\n Konkrete Anwendung & Beispiele: Zur Erarbeitung eines ethischen Rahmens oder zum Transfer des Gelernten auf konkrete Anwendungsfelder. Die SuS könnten nach der Einführung des Konzepts (ggf. mit Video/Karikatur) in Gruppen ethische Leitlinien für den Einsatz von KI in den zu Beginn kennengelernten Beispielfeldern (Pflegeroboter, Bewerbungssoftware etc.) entwickeln.\n Methodische Vielfalt & Sozialformen: Plenum (Einführung, Diskussion von Karikatur/Video), Gruppenarbeit (Erschließung M8, Entwicklung von Leitlinien), Präsentation der Ergebnisse.\naus: Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe", "url": "https://www.rpi-ekkw-ekhn.de/fileadmin/templates/rpi/normal/material/rpiimpulse/2020/heft_2/Artikel/RPI_Impluse_2-2020_12_Mensch_und_Maschine.pdf", "labels": "Erarbeitung, Transfer", "inactive": false }, { "id": "id-1750022132843-bh41s13", "heading": "Chatten mit Gott?", "content": "Das Dokument ist sehr gut geeignet, um einen aktuellen und lebensweltnahen Zugang zum Thema 'Gottesbild und Künstliche Intelligenz' zu schaffen. Es ermöglicht eine kritische Auseinandersetzung mit KI-generierten 'Gottesbildern' und ethischen Fragen im Kontext von Glauben und Technologie.", "color": "color-gradient-1", "thumbnail": "", "comments": "\naus: Chatten mit Gott?", "url": "https://www.sonntagsblatt.de/artikel/medien/chatten-mit-gott-so-gut-funktioniert-das-mit-der-kuenstlichen-intelligenz", "labels": "", "inactive": false }, { "id": "id-1750022132843-x5a0bpk", "heading": "Chat-Experiment: Was sagt eine KI über Gott?", "content": "Aufgabenstellung: Lies den Artikel 'Chatten mit Gott?' und notiere, welche Fragen der Autor der KI stellt und welche Antworten er erhält, insbesondere wenn er direkt nach Gottes Existenz, Aussehen oder Geschlecht fragt. Achte auch darauf, wie die KI auf indirekte Fragen antwortet. (Absatz: 'Ein richtiges Gespräch mit Gott will sich nicht so recht einstellen...' und 'Wird die Frage aber indirekt gestellt...')", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein bietet einen direkten und hochaktuellen Einstieg in das Thema. Er regt die Schülerinnen und Schüler an, sich mit der Möglichkeit auseinanderzusetzen, wie eine KI 'Gott' darstellt, und dies mit ihren eigenen Vorstellungen sowie biblischen Gottesbildern zu vergleichen.\n Kompetenzförderung: Fördert die Kompetenz, eigene Gottesvorstellungen darzustellen und mit anderen (hier: KI-generierten) zu vergleichen. Schärft die Wahrnehmung für die Grenzen von KI im Bereich komplexer theologischer Fragen.\n Konkrete Anwendung & Beispiele: Im Einstieg oder als erste Erarbeitungsphase. Die SuS könnten in Einzelarbeit die relevanten Passagen markieren und anschließend in Partnerarbeit die Antworten der KI diskutieren. Beispiel-Diskussionsfrage: 'Warum gibt die KI auf direkte Fragen nach Gott immer die gleiche Antwort, dass sie eine KI ist?'\n Methodische Vielfalt & Sozialformen: Einzelarbeit (Leseauftrag), Partnerarbeit (Austausch), Plenum (Sammeln erster Eindrücke und Fragen).\naus: Chatten mit Gott?", "url": "https://www.sonntagsblatt.de/artikel/medien/chatten-mit-gott-so-gut-funktioniert-das-mit-der-kuenstlichen-intelligenz", "labels": "Einstieg, Erarbeitung", "inactive": false }, { "id": "id-1750022132843-6q2zttn", "heading": "KI als theologischer Ratgeber: Glaube, Kirche und persönliche Beziehung", "content": "Diskussionsanregung: Die KI gibt dem Autor den Rat, sich 'nicht an alles zu halten, was die Kirche sagt, sondern eine persönliche Beziehung zu Gott zu haben.' Diskutiert diese Aussage der KI. Welche Chancen und Gefahren seht ihr in einem solchen 'theologischen Rat' durch eine KI? Vergleicht die Haltung der KI mit euren eigenen Vorstellungen von Glauben, Kirche und der Beziehung zu Gott. (Absatz: 'Theologischer Rat' und folgende Absätze bis 'Beim Rest ihrer Antwort wiederholt sie nochmal ihren Standpunkt zum persönlichen Glauben.')", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein greift eine konkrete, potenziell provokante Aussage der KI auf, die direkt die lebenspraktischen Konsequenzen von Gottes- und Menschenbildern berührt. Er ermöglicht die Reflexion über Autorität im Glauben, die Rolle der Kirche und die Bedeutung einer persönlichen Gottesbeziehung im Zeitalter der Digitalisierung.\n Kompetenzförderung: Fördert das Erörtern verschiedener Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen. Ermöglicht das Beurteilen religionskritischer Entwürfe (hier: die implizite Kritik der KI an kirchlicher Autorität) und die argumentative Auseinandersetzung.\n Konkrete Anwendung & Beispiele: Zur Erarbeitung ethischer und theologischer Fragen. Die SuS könnten in Kleingruppen die Aussage der KI analysieren und Argumente für oder gegen diesen 'Rat' sammeln. Beispiel-Aufgabenstellung: 'Formuliert Pro- und Contra-Argumente für die Aussage der KI, man solle auf die persönliche Beziehung zu Gott hören und nicht alles machen, was die Kirche fordert.'\n Methodische Vielfalt & Sozialformen: Kleingruppenarbeit (Diskussion, Argumentation), Plenum (Austausch der Ergebnisse, Debatte).\naus: Chatten mit Gott?", "url": "https://www.sonntagsblatt.de/artikel/medien/chatten-mit-gott-so-gut-funktioniert-das-mit-der-kuenstlichen-intelligenz", "labels": "Erarbeitung, Vertiefung", "inactive": false }, { "id": "id-1750022132843-4qwv4pr", "heading": "Die Technik hinter dem 'KI-Gott': Grenzen von Large Language Models", "content": "Textquelle & Analyse: Der Artikel erklärt, dass Character.AI auf 'Large Language Models' basiert, die durch riesige Textmengen trainiert werden und das nächste Wort oder den nächsten Satz vorhersagen sollen. Gleichzeitig werden die Grenzen dieser KI deutlich: Sie wiederholt sich, vergisst den Kontext, enthält grammatikalische Fehler und liefert veraltete oder falsche Informationen. (Absatz: 'Die Technologie hinter Character.AI' und 'Was heißt das alles?')\n\nAufgabenstellung: Fasse zusammen, wie Character.AI funktioniert und welche konkreten Schwächen der Autor im Gespräch mit dem 'KI-Gott' feststellt. Diskutiert, welche Schlussfolgerungen sich daraus für die 'Wahrheit' oder 'Autorität' von KI-generierten Inhalten, insbesondere im religiösen Kontext, ziehen lassen. (Absatz: 'Was heißt das alles?')", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein ist entscheidend für die kritische Reflexion über KI. Er ermöglicht es den Schülerinnen und Schülern, die technischen Grundlagen und Limitationen von KI zu verstehen, um deren 'Aussagen' über Gott oder theologische Fragen fundiert beurteilen zu können. Dies ist direkt relevant für die Bewertung religionskritischer Entwürfe und die Reflexion über die Einzigartigkeit menschlicher Erkenntnis und Glaubens.\n Kompetenzförderung: Fördert das sachgemäße Erschließen themenrelevanter Texte. Unterstützt das Beurteilen religionskritischer Entwürfe hinsichtlich ihrer Überzeugungskraft, indem die technische Basis und die Grenzen der KI offengelegt werden. Schärft die Medienkompetenz.\n Konkrete Anwendung & Beispiele: Zur Sicherung des Verständnisses von KI und zur Vertiefung der kritischen Auseinandersetzung. Die SuS könnten die relevanten Abschnitte lesen und die Funktionsweise sowie die Fehler der KI in Stichpunkten festhalten. Beispiel-Diskussionsfrage: 'Warum ist es wichtig zu wissen, wie eine KI funktioniert, wenn man mit ihr über Gott spricht?'\n Methodische Vielfalt & Sozialformen: Einzelarbeit (Textanalyse), Partnerarbeit (Zusammenfassung), Plenum (Diskussion der Schlussfolgerungen).\naus: Chatten mit Gott?", "url": "https://www.sonntagsblatt.de/artikel/medien/chatten-mit-gott-so-gut-funktioniert-das-mit-der-kuenstlichen-intelligenz", "labels": "Erarbeitung, Sicherung, Vertiefung", "inactive": false }, { "id": "id-1750022132843-apkj7dv", "heading": "Mensch und Maschine: Utopie oder Dystopie?", "content": "Diskussionsanregung: Der Text beginnt mit der Frage: \"Siri ist schlau, denkt man sich. Computer wissen mehr als Menschen, könnte man meinen. Muss man dann nicht nachziehen und Denken optimieren, Gehirnströme tunen und die Menschheit neuronal vernetzen? Klingt nach einem Wettbewerb, dessen Ausgang offen ist: Utopie oder Dystopie?\" Diskutiert diese Eingangsfragen und eure ersten Assoziationen zum Thema 'Mensch und KI'. (Absatz: Thematische Hinführung)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein dient als aktivierender Einstieg, um die Schülerinnen und Schüler für die anthropologischen und ethischen Kernfragen der Einheit zu sensibilisieren. Er knüpft an ihr Vorwissen und ihre Meinungen an und eröffnet den Diskussionsraum.\n Kompetenzförderung: Fördert die Wahrnehmung ethischer Fragestellungen und die Darstellung eigener Vorstellungen.\n Konkrete Anwendung & Beispiele: Im Einstieg als Impuls für eine offene Klassendiskussion oder eine kurze Brainstorming-Phase. Die SuS könnten Stichworte oder kurze Sätze zu 'Utopie' und 'Dystopie' im Kontext von KI sammeln.\n Methodische Vielfalt & Sozialformen: Plenum, Think-Pair-Share.\naus: Homo Digitalis — Upgrade für das Gehirn", "url": "https://webcompetent.org/homo-digitalis-upgrade-fuer-das-gehirn", "labels": "Einstieg", "inactive": false }, { "id": "id-1750022132843-m25ypwv", "heading": "Mein digitales Ich: Smartphone-Nutzung und Assistenzsysteme", "content": "Aufgabenstellung:\n1. Prüft euer Wissen zum Smartphone mit dem Kahoot (Link im Originaldokument).\n2. Führt einen Selbstversuch mit einer Detox-App (Android) oder Forest (iOS) durch, um euer Nutzungsverhalten zu entdecken. Haltet die Ergebnisse in Protokollen fest und tauscht euch darüber aus: Was war dir vorher bewusst? Was war neu? Bewegt sich für dich alles im grünen Bereich? Willst du etwas ändern?\n3. Denkt über die Intelligenz von Assistenzsystemen wie Siri oder Cortana nach. Wenn du dir ein intelligenteres Smart­phone wünschen könntest: Was müsste dieses Gerät können? (Absatz: Kapitel: Was das Smartphone heute schon kann (00:21 — 01:06))", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein verbindet das abstrakte Thema KI mit der konkreten Lebenswelt der Schülerinnen und Schüler. Durch den Selbstversuch und die Reflexion über Assistenzsysteme werden erste ethische Fragen und die Frage nach der menschlichen Identität im digitalen Raum greifbar.\n Kompetenzförderung: Fördert die Wahrnehmung ethischer Herausforderungen und das Erörtern von Konsequenzen in der Lebenswelt.\n Konkrete Anwendung & Beispiele: In der Erarbeitung zur Aktivierung von Alltagserfahrungen und zur Sensibilisierung für das Thema. Die SuS könnten ihre Protokolle in Kleingruppen besprechen und Wünsche für zukünftige Smartphone-Funktionen formulieren, die auch ethische Implikationen haben könnten (z.B. \"ein Smartphone, das meine Gefühle erkennt und darauf reagiert\").\n Methodische Vielfalt & Sozialformen: Einzelarbeit (Selbstversuch, Kahoot), Partner-/Kleingruppenarbeit (Austausch), Plenum (Sammeln von Wünschen).\naus: Homo Digitalis — Upgrade für das Gehirn", "url": "https://webcompetent.org/homo-digitalis-upgrade-fuer-das-gehirn", "labels": "Erarbeitung", "inactive": false }, { "id": "id-1750022132843-a2dmufz", "heading": "Wenn Gedanken Maschinen steuern: Brain-Computer Interfaces", "content": "Diskussionsanregung & Aufgabenstellung:\n1. Beschreibt die Steuerung von Geräten mithilfe von Gedanken, wie sie am Ars Elec­tro­ni­ca Future­Lab erforscht wird.\n2. Entwickelt Theorien über das Lernen und dis­ku­tiert die Fra­ge, wie Schu­len für das 21. Jh. aus­se­hen müssen.\n3. Erläu­te­re ethi­schen Her­aus­for­de­run­gen, an denen Sci­ence-Fic­tion-Autoren, Inge­nieu­re, Infor­ma­ti­ker und Psy­cho­lo­gen zusam­men arbeiten. (Absatz: Kapitel: Wie das Gehirn mit KI mithalten kann (01:07 — 02:34))", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein führt in die komplexere Thematik der Brain-Computer Interfaces ein und regt zur Reflexion über die Zukunft des Lernens und die ethischen Grenzen der Technologie an. Er ermöglicht eine tiefere Auseinandersetzung mit dem Menschenbild.\n Kompetenzförderung: Fördert das Erörtern verschiedener Gottes- und Menschenbilder und die argumentative Auseinandersetzung mit ethischen Aspekten.\n Konkrete Anwendung & Beispiele: Zur Erarbeitung neuer Inhalte. Die SuS könnten in Gruppenarbeit die gestellten Fragen bearbeiten und ihre Theorien und Herausforderungen präsentieren. Beispiel: \"Welche ethischen Bedenken ergeben sich, wenn Gedanken zur Steuerung von Maschinen genutzt werden?\"\n Methodische Vielfalt & Sozialformen: Gruppenarbeit, Plenum (Präsentation und Diskussion).\naus: Homo Digitalis — Upgrade für das Gehirn", "url": "https://webcompetent.org/homo-digitalis-upgrade-fuer-das-gehirn", "labels": "Erarbeitung, Vertiefung", "inactive": false }, { "id": "id-1750022132843-h3rgdyd", "heading": "Identität und Erinnerung: Wer bin ich im digitalen Zeitalter?", "content": "Aufgabenstellung:\n1. Erstelle ein Akrostichon und bestimme, wer du bist.\n2. Erzähle von deinen ältesten Erinnerungen.\n3. Bestimme auf einer bio­gra­fi­schen Zeit­leis­te die für dei­ne Iden­ti­tät bedeut­sa­men Momente.\n4. Erklä­re Zusam­men­hän­ge zwi­schen Kon­ti­nui­tä­ten, Wand­lun­gen und Erin­ne­run­gen. Visua­li­sie­re die Zusam­men­hän­ge in einer Gra­fik, z.B. in einer bio­gra­fi­schen Land­kar­te, einem Gar­ten oder einem Stadtplan.\n5. Dis­ku­tiert in der Lern­grup­pe mit Rück­griff auf eure Gra­fi­ken, inwie­fern ein Ein­griff in die Erin­ne­run­gen sich nega­tiv oder posi­tiv auf die Iden­ti­tä­ten von Men­schen aus­wir­ken kann. For­mu­liert Fallbeispiele. (Absatz: Kapitel: Manipulierte Erinnerungen (02:35 — 04:31))", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein ist zentral für die anthropologische Reflexion. Er verbindet philosophische Konzepte von Identität mit der konkreten Möglichkeit der Manipulation von Erinnerungen durch Technologie. Dies ist ein direkter Bezug zur Frage nach dem menschlichen Ebenbild und seiner Unversehrtheit.\n Kompetenzförderung: Fördert das Erörtern verschiedener Gottes- und Menschenbilder und das Deuten der biblischen Rede von Geschöpf und Ebenbild Gottes hinsichtlich ihrer lebenspraktischen Konsequenzen.\n Konkrete Anwendung & Beispiele: Zur Vertiefung der anthropologischen Fragen. Die SuS können kreativ ihre Identität visualisieren und anschließend die ethischen Implikationen von Erinnerungsmanipulation diskutieren. Beispiel: \"Welche ethischen Grenzen sollte es bei der Möglichkeit geben, Erinnerungen zu verändern?\"\n Methodische Vielfalt & Sozialformen: Einzelarbeit (kreative Aufgabe), Partner-/Kleingruppenarbeit (Diskussion, Fallbeispiele), Plenum (Vorstellung der Grafiken und Diskussion).\naus: Homo Digitalis — Upgrade für das Gehirn", "url": "https://webcompetent.org/homo-digitalis-upgrade-fuer-das-gehirn", "labels": "Vertiefung", "inactive": false }, { "id": "id-1750022132843-e7nti6s", "heading": "Der optimierte Mensch: Eine theologische Perspektive", "content": "Diskussionsanregung & Aufgabenstellung:\n1. Gib das Vor­ha­ben Bryan John­sons (kogni­ti­ve und emp­a­thi­sche Fähig­kei­ten durch Implan­ta­te beschleu­ni­gen) mit eige­nen Wor­ten wieder.\n2. Muss sich der Mensch opti­mie­ren? Prä­sen­tie­re dei­ne Ein­stel­lung mit­hil­fe einer Positionslinie: JA! <- Hier ste­he ich! -> Nein! Ord­net die unter­schied­li­chen Begrün­dungs­zu­sam­men­hän­ge in einer Mindmap.\n3. Kann man die Human­me­di­zin und ihre Ent­wick­lun­gen als Opti­mie­rungs­ver­such oder ‑pro­zess des Men­schen ver­ste­hen? Sam­melt Argu­men­te und Bei­spie­le und führt eine Pro- und Contra-Diskussion.\n4. Im Alten Tes­ta­ment wird in unter­schied­li­chen Tex­ten von der Erschaf­fung des Men­schen durch Gott erzählt. Im Schöp­fungs­hym­nus Gen 1,31 wird das Geschöpf beur­teilt. In Gen 2,18 fin­det sich eine wei­te­re Einschätzung. Inwie­fern spie­geln sich in den Tex­ten Über­le­gun­gen der bibli­schen Autoren zur „Opti­mie­rung” des Menschen? (Absatz: Kapi­tel: Auf­merk­sa­mer, kon­zen­trier­ter, krea­ti­ver: Maschi­nen­les­ba­re Hirn­strö­me (04:32 — 06:05))", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein ist ein Kernstück für die Verknüpfung von KI und Gottesbild. Er fordert die SuS heraus, die Idee der menschlichen Optimierung kritisch zu hinterfragen und mit biblischen Schöpfungsaussagen zu kontrastieren. Dies ermöglicht eine tiefgehende Reflexion über das Gottesbild und die biblische Rede vom Menschen als Geschöpf.\n Kompetenzförderung: Fördert das Deuten der biblischen Rede von Geschöpf und Ebenbild Gottes. Unterstützt das Erörtern verschiedener Gottes- und Menschenbilder und das Beurteilen religionskritischer Entwürfe.\n Konkrete Anwendung & Beispiele: Zur Vertiefung der theologischen und ethischen Fragen. Die Positionslinie und die Pro-Contra-Diskussion fördern die argumentative Auseinandersetzung. Die Analyse der biblischen Texte verbindet die moderne Debatte mit religiösen Traditionen. Beispiel: \"Was bedeutet es für unser Gottesbild, wenn wir versuchen, den Menschen 'perfekter' zu machen?\"\n Methodische Vielfalt & Sozialformen: Einzelarbeit (Positionslinie, Textanalyse), Partner-/Kleingruppenarbeit (Mindmap, Pro-Contra-Diskussion), Plenum (Austausch, Sicherung).\naus: Homo Digitalis — Upgrade für das Gehirn", "url": "https://webcompetent.org/homo-digitalis-upgrade-fuer-das-gehirn", "labels": "Vertiefung, Erarbeitung", "inactive": false }, { "id": "id-1750022132843-gjp4zyr", "heading": "Das vernetzte Gehirn: Konzentration, Ablenkung und Mitgefühl", "content": "Diskussionsanregung & Aufgabenstellung:\n1. Stelle die Posi­ti­on Ian Pear­sons zur Zukunft ver­netz­ter mensch­li­cher Hir­ne dar und for­mu­lie­re ein eige­nes Statement.\n2. Erläu­te­re das Expe­ri­ment an der Ars Elec­tro­ni­ca, Linz, und klä­re die Bedeu­tun­gen von Kon­zen­tra­ti­on und Ablenkungfreiheit.\n3. Dis­ku­tiert die Fra­ge, ob die sonst hoch­ge­lob­te „Kon­zen­tra­ti­on” nicht auch Gefah­ren in sich birgt.\n4. In Mt 8,5−10 wird von einer Fern­hei­lung gespro­chen. Empa­thie oder Mit­ge­fühl bekom­men in die­ser Geschich­te eine gro­ße Bedeu­tung. Dis­ku­tiert die Ver­gleich­bar­keit mit dem Experiment.\n5. Beur­teilt die posi­ti­ven Poten­tia­le der Hirn­schnitt­stel­len an selbst­ge­wähl­ten Beispielen.\n6. Ent­wi­ckelt Theo­rien, war­um aus­ge­rech­net der Spit­zen­for­scher Chris­to­pher Lin­din­ger vor einer letz­ten Ver­net­zung der mensch­li­chen Gehir­ne warnt. (Absatz: Kapitel: Schnittstellen zum Gehirn (06:06 — 09:40))", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein erweitert die Diskussion um Brain-Computer Interfaces um die Aspekte Konzentration, Ablenkung und Empathie. Die Verknüpfung mit der biblischen Fernheilungsgeschichte (Mt 8,5-10) ermöglicht eine theologische Reflexion über Mitgefühl und die Grenzen menschlicher Fähigkeiten im Vergleich zu göttlicher Macht.\n Kompetenzförderung: Fördert das Erörtern verschiedener Gottes- und Menschenbilder. Unterstützt das Deuten biblischer Texte hinsichtlich ihrer lebenspraktischen Konsequenzen und die argumentative Auseinandersetzung.\n Konkrete Anwendung & Beispiele: Zur Vertiefung und zum Transfer des Gelernten. Die SuS könnten in Gruppenarbeit die verschiedenen Aspekte bearbeiten und ihre Ergebnisse präsentieren. Beispiel: \"Welche ethischen Bedenken ergeben sich, wenn menschliche Gehirne vollständig vernetzt werden? Welche Rolle spielt dabei die Empathie?\"\n Methodische Vielfalt & Sozialformen: Gruppenarbeit, Plenum (Diskussion, Präsentation).\naus: Homo Digitalis — Upgrade für das Gehirn", "url": "https://webcompetent.org/homo-digitalis-upgrade-fuer-das-gehirn", "labels": "Vertiefung, Transfer", "inactive": false }, { "id": "id-1750022132843-1gmsy6f", "heading": "Homo Digitalis: Eine abschließende Positionsbestimmung", "content": "Diskussionsanregung: \"Was passiert, wenn es uns gelingt, das Organ zu verändern, das unser Denken bestimmt, unser Bewusstsein, unsere Identität? Bleiben wir dann noch Mensch? Was denkst Du?\" Formuliert eure persönliche Antwort auf diese Kernfrage der Einheit und begründet sie unter Bezugnahme auf die erarbeiteten Inhalte und eure eigenen Gottes- und Menschenbilder. (Absatz: Abschließende Frage am Ende des Dokuments)", "color": "color-gradient-1", "thumbnail": "", "comments": "Didaktischer Kommentar als Markdown-String:\n\n Beitrag zur Intention: Dieser Baustein dient der abschließenden Synthese und Reflexion der gesamten Unterrichtseinheit. Er fordert die Schülerinnen und Schüler auf, eine eigene, begründete Position zu den komplexen Fragen von Menschsein und KI zu entwickeln und dabei die erarbeiteten Kompetenzen anzuwenden.\n Kompetenzförderung: Fördert das Darstellen eigener Gottesvorstellungen und das Erörtern der verschiedenen Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen.\n Konkrete Anwendung & Beispiele: Zur Sicherung und zum Transfer des Gelernten. Die SuS könnten ihre Antworten schriftlich festhalten (z.B. als Essay oder Statement) und anschließend in einer Gallery Walk oder einer Fishbowl-Diskussion präsentieren und diskutieren.\n Methodische Vielfalt & Sozialformen: Einzelarbeit (schriftliche Reflexion), Plenum (Diskussion, Präsentation).\naus: Homo Digitalis — Upgrade für das Gehirn", "url": "https://webcompetent.org/homo-digitalis-upgrade-fuer-das-gehirn", "labels": "Sicherung, Transfer", "inactive": false } ] }, { "id": "id-1750022178956-tvws3tr", "name": "Unterrichtsreihe", "color": "color-gradient-1", "cards": [ { "id": "id-1750022178956-cprxgo9", "heading": "Gottesbild und Künstliche Intelligenz", "content": "## Unterrichtsverlaufsplan: Gottesbild und Künstliche Intelligenz (Klasse 11)\n\nIntention der Unterrichtseinheit: Die Schülerinnen und Schüler sollen befähigt werden, eigene Gottesvorstellungen zu entwickeln, diese mit biblischen Gottesbildern zu vergleichen, und die lebenspraktischen Konsequenzen verschiedener Gottes- und Menschenbilder im Kontext technischer Entwicklungen zu reflektieren. Dabei sollen sie auch religionskritische Perspektiven und ethische Fragen im Zusammenhang mit KI erarbeiten.\n\nLerngruppe: Schülerinnen und Schüler der 11. Klasse\n\n### Stunde 1: Einführung in KI und ethische Alltagsfragen\n\nSchwerpunkt Kompetenzen:\n\n1. SuS erörtern die verschiedenen Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen in ihrer Lebenswelt.\n2. SuS stellen eigene Gottesvorstellungen dar (erste Ansätze durch die Auseinandersetzung mit den Auswirkungen von KI auf die Lebenswelt).\n\nPhasen:\n\n1. Einstieg (ca. 15 Min)\n2. Impuls und Brainstorming:\n\n> Mensch und Maschine: Utopie oder Dystopie?\n\n1. Die Lehrkraft beginnt mit der Frage nach den ersten Assoziationen der SuS zum Thema Künstliche Intelligenz und leitet eine offene Diskussion zu 'Utopie oder Dystopie' ein.\n2. Situationsbezug:\n\n> KI im Alltag: Chancen und Gefahren von Pflegerobotern\n\n1. Die SuS versetzen sich in die beschriebene Situation mit der pflegebedürftigen Großmutter. In Einzelarbeit sammeln sie erste Gedanken und Gefühle, gefolgt von einer kurzen Plenumsaussprache.\n2. Erarbeitung (ca. 25 Min)\n3. Begriffsdefinition und Alltagsbezug:\n\n> Was ist KI? Sammeln von Alltagsbeispielen und Positionierung\n\n1. \ \\Methode:\\ Think-Pair-Share. Die SuS überlegen zunächst allein, dann zu zweit, in welchen Bereichen KI heute schon vorkommt. \ \\Plenum:\\ Gemeinsam wird eine Mindmap mit Alltagsbeispielen für KI erstellt (z.B. Sprachassistenten, personalisierte Werbung, autonomes Fahren). \ \\Positionierung:\\ Die SuS positionieren sich auf einer gedachten Linie im Raum, an deren Enden 'Chancen' und 'Gefahren' markiert sind, und erläutern ihre Positionen im Unterrichtsgespräch. \ \\Lücke:\\ Eine konkrete Materialgrundlage (M1) zur Begriffsbestimmung von KI aus dem Artefakt \Mensch und Maschine - Entwicklungen künstlicher Intelligenz (KI) als Ausgangspunkt anthropologisch-ethischer Lernprozesse in der Oberstufe\\ wird im Artefakt \Was ist KI? Sammeln von Alltagsbeispielen und Positionierung\\ erwähnt, ist aber nicht explizit als Kärtchen vorhanden. \ \\Vorschlag zur Füllung:\\ Die Lehrkraft bereitet eine kurze, prägnante Definition von KI vor oder stellt einen kurzen Informationstext (z.B. M1 aus dem Originaldokument) bereit, der nach der Mindmap zur Sicherung des Begriffsverständnisses dient.\n2. Sicherung/Ausblick (ca. 5 Min)\n3. Zusammenfassung: Die wichtigsten Erkenntnisse zu KI im Alltag und die Bandbreite der Meinungen zu Chancen und Gefahren werden kurz zusammengefasst.\n4. Ausblick: Die Lehrkraft leitet über zur Notwendigkeit, sich mit konkreten ethischen Dilemmata auseinanderzusetzen.\n\n### Stunde 2: Ethische Herausforderungen und die Frage nach dem Bewusstsein\n\nSchwerpunkt Kompetenzen:\n\n1. SuS erörtern die verschiedenen Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen in ihrer Lebenswelt.\n2. SuS beurteilen religionskritische Entwürfe hinsichtlich ihrer Überzeugungskraft im Kontext der Diskussion über Gottesbilder (erste Ansätze durch ethische Problemfelder).\n\nPhasen:\n\n1. Einstieg (ca. 10 Min)\n2. Wiederholung: Kurze Aktivierung der in Stunde 1 gesammelten KI-Anwendungsfelder.\n3. Impuls: Die Lehrkraft zeigt einen kurzen, provokanten Filmausschnitt oder ein Bild, das eine ethische Herausforderung im Kontext von KI darstellt (z.B. autonome Waffensysteme, KI in der Medizin).\n4. Erarbeitung (ca. 30 Min)\n5. Vertiefung ethischer Dilemmata (Gruppenpuzzle):\n\n> Ethische Herausforderungen der KI: Gruppenpuzzle zu Anwendungsfeldern\n\n1. \ Die SuS bilden Expertengruppen (bis zu fünf), die sich jeweils mit einem spezifischen Anwendungsfeld der KI (Pflegeroboter, autonome Waffensysteme, automatische Bewerbungssoftware, KI in der Schule, Steuerungscomputer im Verkehr) anhand von Infotexten (M2a-e aus dem Originaldokument) und Arbeitsaufträgen auseinandersetzen. \ Die Ergebnisse werden anschließend im Gruppenpuzzle oder direkt im Plenum präsentiert, um ein umfassendes ethisches Problembewusstsein zu schaffen.\n2. Mediale Ergänzung (optional):\n\n> Videoanalyse: „K.O. durch KI? Keine Angst vor schlauen Maschinen!“ (Leschs Kosmos)\n\n1. \ Gezielte Sequenzen des Videos können zur Vertiefung der jeweiligen Gruppenarbeitsthemen eingesetzt werden (z.B. \\\"Autonomes Fahren – mehr Sicherheit?\\\" oder \\\"Algorithmen – warum lügen sie?\\\").\n2. Sicherung/Ausblick (ca. 5 Min)\n3. Reflexion: Kurze gemeinsame Reflexion über die Komplexität ethischer Entscheidungen im KI-Kontext.\n4. Ausblick: Überleitung zur Frage, was den Menschen im Angesicht dieser Technologien ausmacht und wie sich dies auf unser Verständnis von Bewusstsein und Identität auswirkt.\n\n### Stunde 3: Menschliche Identität, Bewusstsein und biblische Anthropologie\n\nSchwerpunkt Kompetenzen:\n\n1. SuS erörtern die verschiedenen Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen.\n2. SuS deuten die biblische Rede von Geschöpf und Ebenbild Gottes hinsichtlich ihrer lebenspraktischen Konsequenzen.\n\nPhasen:\n\n1. Einstieg (ca. 10 Min)\n2. Filmimpuls:\n\n> Science-Fiction-Filme: KI, Bewusstsein und menschliche Beziehungen\n\n1. Die Lehrkraft zeigt eine ausgewählte Szene aus \\\"Ex Machina\\\" (z.B. 9:50-14:32) oder \\\"Her\\\", die die Frage nach dem Bewusstsein von Maschinen oder der Qualität menschlicher Beziehungen zu KI aufwirft.\n2. Sammeln von Eindrücken: Erste Eindrücke und Überlegungen zur Möglichkeit einer Bewusstwerdung von Maschinen oder der Rolle von KI in Beziehungen werden im Plenum gesammelt.\n3. Erarbeitung (ca. 20 Min)\n4. Philosophische Perspektiven auf Bewusstsein:\n\n> Können Maschinen Bewusstsein besitzen? Der Turing-Test\n\n1. \ Die Lehrkraft erläutert den Turing-Test. \ In Kleingruppen diskutieren die SuS: \\\"Was versteht man unter Bewusstsein? Kann eine Maschine Bewusstsein haben? Welche Kriterien würden wir anwenden, um dies zu beurteilen?\\\"\n2. Vertiefung der Identitätsfrage:\n\n> Identität und Erinnerung: Wer bin ich im digitalen Zeitalter?\n\n1. \ Die SuS erstellen ein Akrostichon oder eine biografische Zeitleiste zu ihrer Identität. \ In Kleingruppen diskutieren sie anschließend, inwiefern ein (hypothetischer) Eingriff in Erinnerungen sich negativ oder positiv auf die Identität von Menschen auswirken könnte.\n2. Vertiefung/Transfer (ca. 15 Min)\n3. Gedankenexperiment und theologische Reflexion:\n\n> Das Gedankenexperiment „Mary“: Subjektives Erleben vs. Physiologie\n\n1. \ Die SuS lesen den Text zum Gedankenexperiment \\\"Mary\\\" (M4 aus 'Mensch und Maschine...') und diskutieren in Partnerarbeit das Kernproblem: \\\"Was unterscheidet subjektives Erleben von messbaren physiologischen Vorgängen?\\\" \ \\Lücke:\\ Die direkte theologische Verknüpfung des Gedankenexperiments mit der biblischen Anthropologie ist im Artefakt impliziert, muss aber explizit gemacht werden. \ \\Vorschlag zur Füllung:\\ Die Lehrkraft führt die Diskussion fort mit der Frage: \\\"Was bedeutet es für unser Verständnis des Menschen als 'Ebenbild Gottes' (vgl. Gen 1,27), wenn subjektives Erleben nicht rein materiell erklärbar ist? Welche einzigartigen menschlichen Qualitäten werden hier sichtbar, die eine KI nicht abbilden kann?\\\"\n\n### Stunde 4: Der Mensch als Ebenbild Gottes und die Optimierung des Menschen\n\nSchwerpunkt Kompetenzen:\n\n1. SuS deuten die biblische Rede von Geschöpf und Ebenbild Gottes hinsichtlich ihrer lebenspraktischen Konsequenzen.\n2. SuS erörtern die verschiedenen Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen.\n\nPhasen:\n\n1. Einstieg (ca. 10 Min)\n2. Blitzlicht: Kurze Wiederholung der wichtigsten Erkenntnisse aus Stunde 3 zu Bewusstsein und Identität.\n3. Impuls: Die Lehrkraft stellt kurz das Vorhaben von Bryan Johnson (menschliche Optimierung durch Implantate) vor.\n4. Erarbeitung (ca. 25 Min)\n5. Diskussion über menschliche Optimierung:\n\n> Der optimierte Mensch: Eine theologische Perspektive\n\n1. \ Die SuS positionieren sich auf einer Positionslinie (\\\"Muss sich der Mensch optimieren? JA! <-> NEIN!\\\") und begründen ihre Haltung in einer Mindmap (Partnerarbeit). \ \\Plenum:\\ Pro- und Contra-Diskussion zur Frage, ob Humanmedizin und technologische Entwicklungen als Optimierungsversuch des Menschen verstanden werden können.\n2. Vertiefung (ca. 10 Min)\n3. Biblische Perspektive auf Geschöpflichkeit:\n\n> Der optimierte Mensch: Eine theologische Perspektive\n\n1. \ Analyse der biblischen Texte Gen 1,31 (Beurteilung des Geschöpfes als \\\"sehr gut\\\") und Gen 2,18 (Finden eines adäquaten Gegenübers). \ Diskussion: \\\"Inwiefern spiegeln sich in diesen Texten Überlegungen der biblischen Autoren zur 'Optimierung' des Menschen wider? Was bedeuten diese Texte für unsere heutige Debatte über menschliche Optimierung durch KI?\\\"\n2. Theologische Abgrenzung:\n\n> Der Mensch als Ebenbild Gottes: Unterschied zu digitalen Systemen (Charbonnier)\n\n1. \ Die SuS lesen den Text von Ralph Charbonnier (M5 aus 'Mensch und Maschine...') und fassen seine Argumente zusammen, warum digitale Systeme \\\"nicht lernen, (sich) entscheiden, handeln und vertrauenswürdig sind\\\". \ Anschließend wird der Bezug zum Menschen als \\\"Ebenbild Gottes\\\" diskutiert: Welche Eigenschaften des Menschen sind nach Charbonnier einzigartig und unübertragbar auf Maschinen?\n\n### Stunde 5: KI als 'Gott'? Religionskritik und theologische Einordnung\n\nSchwerpunkt Kompetenzen:\n\n1. SuS stellen eigene Gottesvorstellungen dar und vergleichen sie mit biblischen Gottesvorstellungen.\n2. SuS beurteilen religionskritische Entwürfe hinsichtlich ihrer Überzeugungskraft im Kontext der Diskussion über Gottesbilder.\n\nPhasen:\n\n1. Einstieg (ca. 10 Min)\n2. Provokation und Diskussion:\n\n> Chat-Experiment: Was sagt eine KI über Gott?\n\n1. Die SuS lesen den Artikel 'Chatten mit Gott?' und diskutieren die direkten und indirekten Antworten der KI auf Fragen nach Gott.\n2. Religionskritische Perspektive der KI:\n\n> KI als theologischer Ratgeber: Glaube, Kirche und persönliche Beziehung\n\n1. Diskussion der Aussage der KI, man solle sich 'nicht an alles halten, was die Kirche sagt, sondern eine persönliche Beziehung zu Gott haben'. Welche Chancen und Gefahren seht ihr in einem solchen 'theologischen Rat' durch eine KI?\n2. Erarbeitung (ca. 20 Min)\n3. Grenzen der KI im religiösen Kontext:\n\n> Die Technik hinter dem 'KI-Gott': Grenzen von Large Language Models\n\n1. \ Die SuS fassen zusammen, wie Character.AI funktioniert und welche konkreten Schwächen der Autor im Gespräch mit dem 'KI-Gott' feststellt (Wiederholungen, Kontextverlust, Fehler). \ Diskussion: \\\"Welche Schlussfolgerungen lassen sich daraus für die 'Wahrheit' oder 'Autorität' von KI-generierten Inhalten, insbesondere im religiösen Kontext, ziehen lassen?\\\"\n2. Recherche und Präsentation (Hausaufgabe oder Kurzrecherche):\n\n> Heilserwartungen an KI: „Way of the Future“ und Unsterblichkeit\n\n1. Kurze Präsentation der Rechercheergebnisse zu \\\"Way of the Future\\\" oder \\\"KI und Unsterblichkeit\\\".\n2. Vertiefung/Sicherung (ca. 15 Min)\n3. Theologische Einordnung von KI-Heilserwartungen:\n\n> „Ihr werdet sein wie Gott“: Theologische Einordnung von KI-Heilserwartungen\n\n1. \ Die SuS lesen den Text von Jörg Hermann (M7 aus 'Mensch und Maschine...') und erarbeiten, wie er Tendenzen zur religiösen Überhöhung von KI theologisch einordnet. \ Diskussion: \\\"Wie beurteilt Hermann die 'Gottesähnlichkeit' im Kontext von KI? Welche biblischen Bezüge stellt er her und wie helfen sie uns, die Rolle des Menschen zu verstehen?\\\"\n\n### Stunde 6: Digitaler Humanismus und Abschlussreflexion\n\nSchwerpunkt Kompetenzen:\n\n1. SuS erörtern die verschiedenen Gottes- und Menschenbilder hinsichtlich ihrer lebenspraktischen Konsequenzen in ihrer Lebenswelt.\n2. SuS deuten die biblische Rede von Geschöpf und Ebenbild Gottes hinsichtlich ihrer lebenspraktischen Konsequenzen.\n3. SuS stellen eigene Gottesvorstellungen dar und vergleichen sie mit biblischen Gottesvorstellungen.\n\nPhasen:\n\n1. Einstieg (ca. 10 Min)\n2. Impuls:\n\n> Digitaler Humanismus: Ethik für den Umgang mit KI\n\n1. Die Lehrkraft zeigt eine Karikatur (z.B. von H. Haitzinger) oder einen kurzen Ausschnitt aus dem Interview mit Yvonne Hofstetter (\\\"Bots, Fake News und BigData: Das Ende der Demokratie?\\\") zur Frage, inwieweit KI eine Gefahr für Demokratie und Selbstbestimmung darstellen kann.\n2. Sammeln von Assoziationen: Kurze Sammlung von Assoziationen und Fragen der SuS.\n3. Erarbeitung (ca. 20 Min)\n4. Konzept des Digitalen Humanismus:\n\n> Digitaler Humanismus: Ethik für den Umgang mit KI\n\n1. \ Die SuS erschließen das Konzept des „Digitalen Humanismus“ von Julian Nida-Rümelin (M8 aus 'Mensch und Maschine...') in Kleingruppen. \ Diskussion: \\\"Wie grenzt sich Nida-Rümelin von Ideologisierung und apokalyptischen Befürchtungen ab, und was ist sein Ziel für den Umgang mit KI?\\\"\n2. Entwicklung ethischer Leitlinien:\n\n> Digitaler Humanismus: Ethik für den Umgang mit KI\n\n1. \ Ausgehend vom Konzept des Digitalen Humanismus entwickeln die SuS in Gruppen ethische Leitlinien für den verantwortungsvollen Umgang mit KI. Dabei sollen sie sich auf die zu Beginn der Einheit kennengelernten Beispielfelder (Pflegeroboter, Bewerbungssoftware etc.) beziehen.\n2. Sicherung/Transfer (ca. 15 Min)\n3. Abschließende Positionsbestimmung:\n\n> Homo Digitalis: Eine abschließende Positionsbestimmung\n\n1. \ Die SuS formulieren ihre persönliche, begründete Antwort auf die Kernfrage der Einheit: \\\"Was passiert, wenn es uns gelingt, das Organ zu verändern, das unser Denken bestimmt, unser Bewusstsein, unsere Identität? Bleiben wir dann noch Mensch? Was denkst Du?\\\" \ \\Optional:\\ Präsentation der entwickelten Leitlinien und der persönlichen Statements im Plenum, gefolgt von einer abschließenden Diskussion.\n2. Lücke: Möglichkeiten für systematisches Feedback und Selbstbewertung fehlen noch.\n3. Vorschlag zur Füllung: Am Ende der Stunde oder der Einheit können die SuS eine 'Exit-Card' ausfüllen, auf der sie 1-2 zentrale Erkenntnisse der gesamten Einheit und 1 offene Frage notieren. Dies dient der Selbstreflexion und gibt der Lehrkraft Feedback zum Lernerfolg.", "color": "color-gradient-1", "thumbnail": "", "comments": "", "url": "", "labels": "", "inactive": false } ] }, { "id": "id-1750082204880-fpucylt", "name": "New Column", "color": "color-gradient-1", "cards": [ { "id": "id-1750082207747-a6bqez9", "heading": "Das Konzept eines digitalen Humanismus kann...", "content": "Das Konzept eines digitalen Humanismus kann mithilfe\nvon M8 erschlossen und erörtert werden. Die Schülerin-\nnen entwickeln (präzisieren) ausgehend davon ethische\nLeitlinien für den Umgang mit KI und greifen dazu noch\neinmal die zu Beginn kennengelernten Beispielfelder auf.", "color": "color-gradient-1", "thumbnail": "", "comments": "", "url": "", "labels": "", "inactive": false } ] } ], "aiConfig": { "provider": "", "apiKey": "", "model": "", "baseUrl": "" }, "backgroundTransparency": 80, "backgroundHex": "#bbf7d0", "headerRGBA": "rgba(255, 255, 255, 0.8)", "exportDate": "2025-06-16T14:01:34.711Z", "nostrEvent": true }

@ 2cde0e02:180a96b9

pen & ink; monochromized

https://stacker.news/items/1007644

@ a19caaa8:88985eaf

NostrをXのように使い始めて3か月が経った。最初は「ぷ　プロトコル？　ブロックチェーン？サーバー？　そもそも、ギットハブって？？」って謎だらけで、それでも利用できてしまうから「使えちゃって大丈夫かな」とすら思っていたけど、いちユーザーながら少しずつわかることが増えてきたから、この3か月間で覚えたこととかできるようになったことを、備忘録も兼ねてまとめてみる。といっても過去ツイ（便宜上）を集めてきただけだけど。初心を忘れたくない！！

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• PCで始めて、スマホは後だったんだろうな nostr:note1q8t0spfhg9dc4h590jedd00a5pag5j44tv0vzu55004q8qjw7fkscecvkz

• iPhoneからNostore(拡張機能(NIP-??))を使ってSafariでlumilumiにログイン nostr:note1egt7y4a8wulu6kex40z0zqtgls0r9ups0q4npyrlmgd3f2swrcysrskp42 nostr:note15gjqzpnevft2h6ywlz2hzacsk6emlna5lwechcpwkx5n6fq8gs9qprfh6v ↑Damusをdisるな
  nostr:note1cn4aspxthcysjgwhyd3wwr6slsz57anwn2ep3th05lpa0yag6xrqm8x3lh やかましい　※用語解説：Nostrクライアントなどの名前です

• Nostore: 拡張機能(の、説明のscrapbox)
• nostter: https://nostter.app/about
• damus(for iOS): https://damus.io/
• lumilumi: https://lumilumi.app/about
• Rabbit(拡張機能必須): https://rabbit.syusui.net/

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• 出会い nostr:nevent1qvzqqqqqqypzqv33pxtldvmmdntqhv269r56zjadmhalpp660h3yc6gj8gxpuexvqyxhwumn8ghj77tpvf6jumt9qyghwumn8ghj7u3wddhk56tjvyhxjmcpp4mhxue69uhkummn9ekx7mqqyz9k4uamtpsy9rtfh4dpxez0n8vr7tufttz5x5v9j5vd3t76kapjwxk245u nostr:note10e6flvadpyfshtnplfnc83dunzjrgl4fl0uzrw70xt3ulf0nv2yqm4qjfa nostr:note1wwchrc7vz8fcp2jrknms5ascup9eux9fkd89jxhqy6d46mkr06ssmgrjhk ↓続き

• 3sats (zap)(NIP-?? kind:??) nostr:nevent1qqsw9sfvmaqy6ngvl98drg93e7sy08kfu2y4tuyj8m2mleftvcx5mqc8uyq3m nostr:note1zzs7qfemq7qaekxv0qjea24t6k4kvlla0m9lusep2ce38tef8gjqfgv7zu nostr:nevent1qqsz8m0c5drajst00x92uc8pjwxa40nd5hmzxu4vn3yhuzjkaqmk4fqa4lvkl nostr:note106n902n66lsfxck4fsu9dqkwmelnp06qqx96nzyqvp89c9v28apqzjcflw (急な意思表示)

  たゃ仕事中に熟考

• nostr:note1fj5mmtsk0nh0e23hez2dm4unweklrypm6s6n9ajwaug574dg7pqq8phvav nostr:note1wk0ugra9pyv0y0rmpql6sjgsavu634x53f4v4jztqluq02awxwhql8d8mf nostr:nevent1qvzqqqqqqypzq2aj4wlutzft00dg77x4x6pdjy7vnfzxk30pry5lpy6a3l0uks9aqyxhwumn8ghj77tpvf6jumt9qqsyt4yh934z6fd324z5hljwlx74nndfwetu04lnu8wcj0pkhkqlppqwpsmue ⚡3satsくれました

• ステータス　NIP-??kind:30315 nostr:note1p836vncvcxfvkqmpggxzf53q6kywxn443w2hytydr7pdvrca835s83nd2u nostr:nevent1qqsdu2mf3d5am8hpjj432yf0qmpfxuwy50pv9rx6q7pryz0axnj44dg0d7auc nostr:nevent1qqsyaypjm0a99g7626r28ct97jhjvt4kk4vyv63fphdz8guhsdtevsg4yvvhr nostr:nevent1qqswea28tdayxe67axzxmwjfc4jq664phrep82zhveg8f5c0nfd06mgwt0taw
  nostr:nevent1qqsqkt8pgpchqphgvv8hd6lxfv4ylx3xtu76x2psj7asm6z846amy3c3w2s2z nostr:note1657tlek0uulr5xa3jqc2sj2l0lm24q79m0984xhm9tnzyy9nsrksynxl6y みんなやさしすぎる　おｋじゃないねん　みんなありがとうございます
• バッジ　kind:?? nostr:nevent1qqst45zcjha92jy0raun59lm05haw24rpjpw6njae93qfyasgxppmjchuq2c0 nostr:nevent1qqstvtx67c74xztstc9hze62h25saycr2ktrkwknevkhy8glzf0g78sqge3fu こいつbotなんヤバい
  nostr:nevent1qqsv6k54yysjdrfpxxtlxhfuh56mhslx63xwfncfvvg8a8vug4az4vstjyey6 nostr:nevent1qqspgur97rvwtry6t9nc6gjm9p8taw2563u3lgqn4p32e2gmqe30xxqwz9d90 nostr:note15shchwfllja7k9nd428a7ts7xf0ggefwllk7rv6qq3guuztjvcfs80pe03
• カスタム絵文字(いっぱいある)(kind10030(使うやつ),kind30030(仕切り板みたいな)) nostr:note16qkqfhezksjxrkk5z4vca8qs42fr8z9awvny39fytl73gty64nrs738g7c nostr:note1xrrer5ayqg3meskga2uc9m2x0lg2dglr3dkaf3qukpjtftysn96qdq7uda nostr:note156fyw2e4w8f0cmu6xmkj7k7f39yh8zw4pq2q90l9llmtefmtu0ds6743zm nostr:note1zz288585z68a0xlm9pc6y4s48ghfdl8hg6zkfmslaj2k9v0nscpsae8m95 nostr:note17tcfuxu8h3ss3rzjpx3zwwnucqdpramnh0yd5j4vj3ee65dleyxqfhcwk7 nostr:note1tu8d06kyw9a4s7xrsu723xmu24f2y34shd6qzn9wpa2jz5ddcu5sa5nvpq
• ネームタグ？　kind:?? nostr:note1ck3h58hjm6z00xcxu6fmm2raujrzy8t5ajc7p76pwafl6e0ffdvqh3k07t
• ピン留め　kind:?? nostr:note18dfzlgaf4ugkxs5209556p53gl67d8hfkutvtm7qnprjlfnavf0sr98k2h nostr:note1mnz5xlu0wnrh2rhjucjmzv2p9ta6xm5e0hhg2p8kyhe2dkgul3qs09h98h
• リスト？　NIP-?? kind:30000 nostr:note1ug7lcgjpkac57a9wd27rjqwymv5cwczmuc4ezg5wweuzrxgwhddqzp3mwz nostr:note126ahjdpmy6alv7mfm5x0yupyty03w3knlwf03cyypguguqjwrxqqyk7ysp
• 長文投稿　kind30023(これ)NIP-?? nostr:note1qzt4xpwv63tac460ha2am9xfdys4l0p34g8q93tqyp8dckgf6lkqkrua73 nostr:note1cx6w82s6p735n765y5rurzu038qkly03t7pcf4u8r6z6yucgf8qspsnkt4
• Suno(上記音楽生成AI)が出力した曲の耳コピ nostr:note12pry99d4z8w3cnpzy46xlg2kpudzj09jpv4vjxt62l54gt4v8dqsvlwyxl
• Damusへのリンク共有？ nostr:note1y2uzgxz89lnnzqgj0ndj43qan34wv4cvx56srgzghezt07jc6g6qukddry nostr:note1hcnndcrmwjulzt07t4aelraptr7zyhjuf8ut3vg293j06fwn7fgqae0w0y
• 警告？　NIP-?? nostr:note1w6djak9hknd84ryz389jctrmx39eqm2xvwv97k4sk2m2c0akvmysuny8p4
• emoji kitchen (先述のnostterからすぐできます！他もできるかも) nostr:note1k5s6x4hglqwzqghajpl8r7g7t9q8t6uzv2cx92q26tkjcj8hm6rq8elxfu nostr:note1ue575wzjvun0zy4wg2lfv6unrcxnzd688980eur9mulak3msxqgsf2rw72 nostr:note1246rg8v3gvwpwhu5tgzdf2e8cwn77q65gkjt7yhyyqchcchpsduq6mrex7
• kind7のkind5 nostr:note1fwtplut4pshq55790rrf328gxqglrx2m77wkxhsfrpajrnxjnvkqwvlf7w 無事外せたというか、全部lumilumiでできることがわかったんだけど、その記録が見当たらなかった
• ハッシュタグ　NIP-?? kind:?? nostr:note13lfdgatre3v5hnxcst0hkcgm8guzlavu6vyxez6n4s09jl7setlsfq3fcf nostr:note1dllf6795ttv0sft4rlclf7zerfpher23z3ga26kyn9yfafffncls3z5n42

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kind30023用クライアントまとめ

（拡張機能を使わずに使用した所感）
* makimono：署名方法→秘密鍵×/nsec.app〇　表示→編集画面で表示確認可、njumpとlumilumiのnaddrリンクあり　NIP-21→対応　kind5（削除）→流せない　kind30024→多分、流せない

• habla：署名方法→なし（秘密鍵ログインできない。nsec.appもなんか入れない（読み込みから進まない）。）read only　表示→シンプルだけど文字がデカい　nip-21→対応

• yakihonnne：署名方法→秘密鍵〇/nsec.app→試してない　kind30023の編集ができない（読み込みから進まない）。NIP-21試してない。

• flycat：署名方法→秘密鍵〇/nsec.app試してない　kind1も流せる　NIP-21→非対応　kind30024→Draftがあるけど、kind30024を流しているわけでは無さそう。キャッシュクリアして再ログインすると残ってない。　kind5→流せない。

• tagayasu：署名方法：秘密鍵×/ncec.app×/拡張機能のみ？（画像↓参照）　でも、なんか、全部できる。kind5も流せる。kind30024も。

※NIP-21はこうやって引用元のツイートを表示するルール（※ルールっていうとニュアンス違うくて！ちゃぴに聞こう↓） さすがちゃぴ。

まとめ

| クライアント | 署名方法 | NIP-21 | 備考 | |--------------|-----------|--------|------| | makimono | 秘密鍵× / nsec.app〇 | 対応 | 編集画面で表示確認可。njump・lumilumiのnaddrリンクあり。kind5（削除）は送信不可。kind30024（下書き）も多分送信不可。 | | flycat | 秘密鍵〇 / nsec.app未確認 | 非対応 | kind1も送信可。kind5は送信不可。Draft機能はあるけどkind30024ではなさそう（キャッシュ消すと消える）。 | | habla | 秘密鍵× / nsec.app× | 対応 | nsec.appのBunkerURLの読み込みが進まない。使うとしたら表示確認。シンプルだけど文字が大きい。 | | yakihonnne | 秘密鍵〇 / nsec.app未確認 | 不明 | kind30023の編集が読み込みで止まる。NIP-21対応は未確認。 | | tagayasu | 秘密鍵× / nsec.app×（拡張機能のみ？） | 不明 | 拡張ログインさえあれば全部できる。kind5・kind30024も送信可能。 |

• 未確認を埋めたいひとはコピペしてご自身でkind30023をお流しくださいませね🙏

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今のたゃが言えるのはこんなとこかなー！！！ 穴（NIPとかkindとか未試行とか）、いつかは埋めたいけど、いつか、かな…。
別にこれが仕事に繋がるとかじゃないけど、たゃ生（人生のたゃバージョン）がより良い（好い）ものになったことは確か！
一旦ここまで！
終

@ 8bad92c3:ca714aa5

The real estate market is showing cracks while Bitcoin continues its march toward becoming the global monetary standard. This week's conversation with Leon Wankum reveals how traditional assets are losing ground to the hardest money on earth. This was a high signal rip that deserves all the spotlight in today's newsletter.

Real Estate Prices Will Fall Through 2026 Before Finding New Equilibrium

Leon predicts we're entering a corrective phase in the 18-year property cycle that will see real estate prices decline until 2026. He bases this on the current mismatch between sellers who still expect peak 2021-2022 prices and buyers facing higher interest rates. "We need a price equilibrium. We need demand and supply prices to match. It's going to take a long time," Leon explained. He doesn't expect the Fed to lower rates significantly, keeping them above 3% for the foreseeable future, which will continue putting downward pressure on property values.

The key insight is that we're at year 15 of the typical 18-year property cycle, where prices naturally correct before finding a new floor. Leon suggests that by 2026, if interest rates are lowered, prices will stabilize at levels higher than the cycle's starting point but lower than current peaks. For those looking to buy, patience through this correction period could pay off.

Bitcoin Will Experience a 60% Drawdown This Cycle Despite Institutional Adoption

Despite massive institutional adoption through MicroStrategy and other corporate treasuries, Leon maintains that Bitcoin will still see a significant correction this cycle. "I do expect we'll have a 60% drawdown at the end of this bull cycle as well, just to wash out some leverage," he stated, pushing back against super cycle narratives. He points to the changing nature of volatility, noting that we're already seeing mini bull and bear markets in Bitcoin-adjacent assets like mining stocks, which peaked and corrected independently of Bitcoin's price action.

While acknowledging that players like Michael Saylor won't sell their holdings and that this could dampen volatility compared to previous cycles, Leon believes human nature and leverage will still create the conditions for a major correction. The silver lining is that these corrections build resilience in the Bitcoin ecosystem by washing out bad actors and overleveraged positions, ultimately strengthening the network for the next phase of growth.

1% of Real Estate and Bond Markets Will Flow to Bitcoin-Based Fixed Income Products

Leon sees MicroStrategy's new fixed income products (Strike, Strive, and Stride) as a gateway for traditional investors to gain Bitcoin exposure. These products offer 8-10% yields, significantly outperforming traditional bonds, while providing the cash flow that real estate investors seek. "If it's just 1% [of real estate investors], that's 3 trillion, that's enough," Leon calculated, noting that even a small percentage of the 2,856,707,549 BTC real estate market moving to Bitcoin-backed products would exceed Bitcoin's current market cap.

He shared examples of real estate professionals in Europe beginning to build Bitcoin treasuries, though cautiously. The key insight is that these fixed income products solve a major friction point for traditional investors who want cash flow but are beginning to recognize Bitcoin's superior appreciation. As more investors realize they can get both yield and potential upside through Bitcoin-backed securities, Leon expects this trickle to become a flood, fundamentally reshaping how capital allocators think about portfolio construction.

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Blockspace conducts cutting-edge proprietary research for investors.

Bitcoin Could See 4,066,047 BTC Institutional Wave by 2026, Breaking Traditional Market Cycles

UTXO Management forecasts unprecedented institutional demand totaling 4,066,047 BTC by end-2026—equivalent to 20% of Bitcoin's circulating supply. This "wall of money" could fundamentally alter Bitcoin's four-year cycle pattern. Bitcoin ETFs shattered records with 344,709 BTC in year-one inflows, surpassing all commodity ETF launches. Following gold's trajectory, annual flows could reach 618,953 BTC by 2026 and exceed 952,236 BTC in 2027.

Five key drivers will fuel demand:

• Wealth platforms: 0.5% allocation across 571,341,510 BTC managed assets = 1,142,683 BTC
• Corporate treasuries: 1.18M BTC projected under new FASB accounting rules
• Nation-states: U.S. Strategic Reserve could trigger 5% gold-to-BTC rotation
• State governments: 5 of 13 pending U.S. state Bitcoin bills expected to pass
• ETF expansion: Wirehouse access accelerating adoption

Public companies already hold 803,143 BTC, with Japan's Metaplanet, GameStop, and Hong Kong's Moon adopting the "Bitcoin Standard" strategy. Meanwhile, Bitcoin yield products (BTCfi) are emerging—liquid staking surged to 55k BTC locked in one year. Unlike retail cycles, these institutional buyers are "structurally locked in," pursuing BTC-denominated yields rather than trading. With regulation accelerating globally, most allocators may be forced to chase exposure at significantly higher prices.

Link to Full Article

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

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

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@ 8bad92c3:ca714aa5

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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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...

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

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@ 8bad92c3:ca714aa5

Marty's Bent

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

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

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

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

Miles Suter's Block Presentation

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

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

via Ryan Gentry

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

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

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

Saifedean Ammous' Bitcoin and Tether Presentation

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

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

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

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

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

Nothing Stops this Train from Lyn Alden

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

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

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

Bitcoin's Mathematical Destiny

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

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

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

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

@ eb0157af:77ab6c55

The involvement of America’s largest corporations with stablecoins has reached 29%.

According to the latest State of Crypto report published by Coinbase, interest in stablecoins among Fortune 500 executives has seen a significant surge, rising from 8% in 2024 to 29% in 2025.

The study, based on a sample of 100 executives from the 500 highest-revenue U.S. companies, reveals that nearly three in ten said their organization is either planning or seriously considering integrating stablecoins into their business processes.

The growing interest is mainly driven by inefficiencies in traditional payment systems. The executives surveyed identified slow transaction speeds and high fees as the main drawbacks of conventional payment methods.

The survey also found that 7% of Fortune 500 companies are already actively using or holding stablecoins in their corporate wallets.

And it’s not just large corporations getting on board. The study also surveyed 251 financial decision-makers at small and medium-sized businesses with fewer than 500 employees. Among them, 81% expressed interest in using stablecoins — a sharp rise from 61% the previous year. Meanwhile, 46% of these businesses plan to integrate cryptocurrencies into their operations within the next three years.

Transaction volume data confirms this growing interest. Stablecoins have seen significant monthly spikes, with $719 billion in December 2024 and $717 billion in April 2025.

Over the course of 2024, total stablecoin transaction volumes reached $27.6 trillion, surpassing the combined transaction volumes of Visa and Mastercard by 7.7%. At the same time, the number of stablecoin holders surpassed 161 million users as of May 2025, according to Coinbase.

The post Stablecoins: interest from major U.S. companies grows 260% in a year appeared first on Atlas21.

@ f31044c5:2d30a90d

I used to think Bitcoin was just digital money for tech people. But now, I see it as a symbol of possibility — the idea that value can shift, that power can change hands, and that the future doesn't have to be controlled by just a few.

Bitcoin reminds me that we’re living in a time where anyone, anywhere, can be part of something big — no bank permission needed.

Maybe it's not just about money. Maybe it's about freedom, choices, and the chance to dream beyond borders.

Bitcoin #Hope #Freedom #Motivation

@ f0fd6902:a2fbaaab

https://stacker.news/items/1007600

@ 3c7dc2c5:805642a8

🧠Quote(s) of the week:

"Bitcoin trades 168 hours a week. Every other asset trades 35 hours at best (and less on holidays). This is the most magical, transparent, and hard-working [asset] in history. I’m in awe watching Bitcoin trade at 9:30 pm on a Saturday. You could liquidate $100 million worth, any hour of any day, and maybe take a 3% haircut. This is extremely high-bandwidth price discovery." —Michael Saylor https://i.ibb.co/LXCm3Kp8/Gshl-Ixas-Awezk3.png

🧡Bitcoin news🧡

13 years ago the block subsidy was 50 BTC. 13 years from now it will be 0.39 BTC.

On the 2nd of June:

➡️Hong Kong’s Reitar Logitech files to acquire $1.5B in Bitcoin, becoming the latest firm to join the Bitcoin treasury trend. The logistics and real estate company says the move strengthens its financial foundation as it scales its global tech platform.

➡️Bitcoin's global hashrate has reached a new all-time high, with data from Hashrate Index showing a 7-day simple moving average peak of 943 EH/s. https://i.ibb.co/3yR2ZZ0w/Gsahm-VXMAA1m-Ol.png

➡️(K)now (Y)our (C)ustomer is nothing but Stealth Mass Surveillance. What 95% of regulations cost versus return in one picture? https://i.ibb.co/Q3CLzF7j/Gsb20g-Pb-IAABy4-L.jpg

➡️Norwegian Block Exchange becomes the first publicly traded Bitcoin treasury company in Norway.' - Simply Bitcoin

➡️Poland just elected pro-Bitcoin Presidential candidate Karol Nawrocki. “Poland should be a birthplace of innovation rather than regulation.”

➡️NYC Mayor Eric Adams: “You all mocked me, ‘You’re taking your first 3 paychecks in #Bitcoin, what’s wrong with you?’ Now you wish you would have done.”

➡️Strategy plans to launch an IPO for 2.5M shares of its 10% Series A 'Stride' Preferred Stock (STRD), with proceeds going toward general corporate use and Bitcoin acquisition. Dividends are non-cumulative and paid only if declared.

Bit Paine: 'Remember: the entire fiat system is just various forms and layers of debt with different issuers all backed by an “asset,” (itself just a base layer of sovereign debt) that can and will be printed into oblivion. MSTR is just recapitulating this system but with a fixed supply underlying, meaning that in real terms anything it issues will benefit from the dilution of the fiat base layer and hence outperform (wildly) any fiat debt. No matter your institutional mandate, it makes no sense to hold debt whose base layer can be unilaterally demonetized when you can hold debt backed by a fixed supply underlying commodity that goes up forever.'

On the 3rd of June:

➡️Tether sends 37,229 Bitcoin worth almost $4 billion in total to Jack Maller's Twenty-One Capital

➡️El Salvador is running a full Bitcoin node!

➡️Canadian construction engineering company SolarBank adopts a Strategic Bitcoin Reserve "As the adoption of Bitcoin continues to grow, SolarBank believes that establishing a Bitcoin treasury strategy taps into a growing sector that is seeing increasing adoption."

➡️Willy Woo: "Who are the idiots who are selling when institutions and sovereigns are racing to buy billions in BTC?" This chart sheds light. The big whales >10k BTC have been selling since 2017. "They're stupid!" Most of those coins were bought between $0-$700 and held 8-16 years.' https://i.ibb.co/xKctV3Tf/Gsid236as-AAXPl-D.jpg

Selling at 20,000% profit is generally not a bad move.

➡️'South Korea just elected a pro-Bitcoin President who promised to legalize spot Bitcoin ETFs and scrap unfair regulation.' -Bitcoin Archive

➡️The average US investor owns 0.3% of their net worth in Bitcoin.

https://i.ibb.co/5WtFH9LM/Gsfoem-Tb0-AEfo-Ds.jpg

We are so damnn early.

➡️MARA mined 950 Bitcoin worth over $100 MILLION in May. They HODLed all of it.

➡️Bitcoin for Corporations: "Metaplanet just became Japan’s most traded stock — topping the charts in both value and volume:

➤ 170M shares traded

➤ ¥222B ($1.51B) value traded

This is what a Bitcoin strategy looks like in motion."

➡️'The Blockchain Group acquires 624 BTC for €60.2 million, nearly doubling their stack. They are now holding a total of 1,471 BTC with a BTC Yield of 1,097.6% YTD.' -Bitcoin News

➡️Publicly traded company K33 buys 10 Bitcoin for SEK 10 million for its balance sheet.

➡️California Assembly passes a bill to allow the state to receive payments in Bitcoin and digital currencies. It passed 68-0 and now heads to the Senate.

But hold up...

Bitcoin held on exchanges for +3 years will be transferred to the state of California under a law passed by the Assembly.

Not your keys…

➡️Adam Back invests $2.1 million into Swedish Bitcoin treasury company H100.

On the 4th of June:

➡️Daniel Batten: 'A large Bitcoin mining operation uses < 1/3 of the water of an average US family, and 0.0006% of the water a typical Gold mine uses.' https://i.ibb.co/TxNWSkHg/Gsn-VIjh-XQAEECOh.jpg

➡️And there it is: for JPMorgan, Bitcoin is now "safe collateral" JP Morgan will now offer loans backed by Bitcoin ETFs.

https://i.ibb.co/cXX0hKBK/Gsn-C5-B8-Wg-AA2e3i.png

Bent the knee. Wall Street realizes that Bitcoin is pristine collateral. Liquid 24/7/365 globally.

➡️Spanish coffee chain Vanadi Coffee to purchase $1.1 billion Bitcoin for its treasury reserve.

Disclaimer: This sounds great but it's not the whole story.

Pledditor: 'You mean a coffee shop chain founded just 4 years ago, only has 6 locations, and every year it has operated has suffered millions of dollars of net losses? They have 1975 Instagram followers. They have 149 Facebook followers. They have 48 X followers. But remember guys, you are investing in a "COFFEE GIANT"

So where does the $1.1B come from?

'The same way it came for Metaplanet (and all these other penny stocks) Get a bunch of high follower Bitcoin X accounts to hype your ticker (usually Bitcoin Magazine, Vivek, Pete Rizzo, etc), start up an "Irresponsibly Long ___" group, then dump a shitload of stock on the plebs.'

I have said it before...

Bitcoin treasury companies won't prevent another bear market; they’re the reason it’ll happen again this cycle.

➡️Public company Semler Scientific purchases an additional 185 Bitcoin for $20 million.

➡️Wicked: Imagine how rekt people would get if we went from $200k back down to $58k next bear market. The funny thing is that’d only be a 71% pullback, the smallest bear market pullback ever.

https://i.ibb.co/DfFtFZnP/Gsnr-U-3-Xo-AAJy-Kq.jpg

➡️Fidelty: An increasing number of institutions are leveraging Bitcoin as a strategic reserve asset. And as understanding of the asset deepens, interest continues to grow. See what may be driving the shift: Source: https://www.fidelitydigitalassets.com/research-and-insights/adding-bitcoin-corporate-treasury?ccsource=owned_social_btc_corp_treasury_june_x

➡️Solo Bitcoin miner solves block 899,826, earning 3.151 BTC ( $330K). A solo miner rented a massive amount of hashrate on @NiceHashMining and successfully mined a Bitcoin block solo on CKpool, claiming the full reward alone.

➡️Romania's national postal service, Poșta Română, launches a pilot program by installing its first Bitcoin ATM at a Tulcea branch, partnering with Bitcoin Romania (BTR Exchange), the country's leading cryptocurrency exchange.

On the 6th of June:

➡️Mononaut: 'With a weight of only 5723 units, block 899998 was the second lightest non-empty block of this halving epoch.'

➡️'UK-listed gold miner Bluebird Mining Ventures announces strategy to convert gold mining income into Bitcoin. A gold mining company will become the first UK-listed company to implement a Strategic Bitcoin Treasury' - Bitcoin News

➡️Phoenix Wallet: Phoenix 2.6.1 now supports NFC for sending and receiving. Works on Android and iOS. (NFC received on iOS is only due to Apple restrictions)

➡️Man from Germany fails to declare 24 words when crossing the border – nothing happens.

https://i.ibb.co/21W5qVks/Gswdghd-Xw-AA7-SH6.png

➡️Know Labs, Inc. to become a Bitcoin Treasury Strategy company starting with 1,000 BTC. Funny isn't it? Even former Ripple executive, Greg Kidd, is choosing to fill their company treasuries with bitcoin—not XRP.

➡️Bitcoin Successfully Mines the 900,000th Block! https://x.com/i/status/1930973314475815120

➡️Trump Media's latest S-3 filing officially adopts a Bitcoin treasury strategy. - Registers up to $12B in new securities to buy BTC - Adds to $2.44B already raised - Mentions “Bitcoin” 362 times (vs. once in prior S-3)

➡️Bitcoin News: Metaplanet just issued ¥855B ($5.4B) in moving-strike warrants to buy more Bitcoin, Japan’s largest equity issuance of its kind ever. It’s the first above-market pricing in Japan's history, defying the usual 8–10% discount.

➡️ Uber CEO tells Bloomberg Bitcoin is a proven store of value and that it is exploring crypto payments.

➡️Agricultural commodity trading company Davis Commodities will buy $4.5 million Bitcoin for their reserves, calling it "digital gold.

➡️Fidelity: As digital assets evolve, bitcoin’s potential as a store of value sets it apart from other cryptocurrencies. “Coin Report: Bitcoin” outlines why the asset’s design, scarcity, and decentralized nature help make it distinct—and where its future opportunities may lie. Read now: https://www.fidelitydigitalassets.com/research-and-insights/coin-report-bitcoin-btc?ccsource=owned_social_btc_report_june_x

➡️Japanese public company Remixpoint announces it bought 44.8 #Bitcoin worth $4.7 million

On the 8th of June:

➡️Wicked: Bitcoin has been running for 6,000 days and it’s already spent 60 of them, 1% of its life, closing above $100k. https://i.ibb.co/kVyrjR7v/Gs4uy-MIW8-AAOl-A.jpg

On the 9th of June:

➡️Australia’s ABC News reports on how Bitcoin adoption is bringing financial freedom and greater safety to Kibera, one of Africa’s largest slums in Kenya.

➡️ IBIT just blew through $70b and is now the fastest ETF to ever hit that mark in only 341 days, which is 5x faster than the old record held by GLD of 1,691 days. https://i.ibb.co/DfKbwhjG/Gt-Ar6-Eq-X0-AAzrl5.png

Credit chart JackiWang17 on X

➡️Japanese fashion brand ANAP plans to buy and hold over 1,000 Bitcoin by August 2025.

➡️South Korean President to introduce legislation this week to allow big banks to adopt Bitcoin.

➡️Wicked: Bitcoin's now 3x larger than the top 9 shitcoins combined. https://i.ibb.co/LDQKsGHM/Gt-AJy-D6-X0-AA7-PIY.jpg

💸Traditional Finance / Macro:

On the 3rd of May:

👉🏽'Hedge funds are still not buying the Magnificent 7: Hedge funds’ long/short ratio on Magnificent 7 stocks is now at its lowest level in 5 years, per Goldman Sachs. This is even lower than at the 2022 bear market bottom. Furthermore, their exposure to Magnificent 7 stocks is now down -50% over the last year. Meanwhile, hedge funds have bought US information technology stocks for 3 consecutive weeks. This occurred after the sector had been net sold in 10 of the previous 12 weeks. Retail has led the recent rebound.' -TKL

On the 6th of June:

👉🏽If you net out the Mag 7 from the S&P 500, the remaining 493 stocks have barely gone anywhere in over a decade (comparatively speaking). Chart: Goldman Sachs https://i.ibb.co/s9LmVBL8/Gsx53k6-W8-AAM2xr.jpg

🏦Banks:

On the 21st of May: 👉🏽No News

🌎Macro/Geopolitics:

'The reality is that the US soft defaults on its debt every day through structural inflation (the perpetual debasement of the US dollar). In other words, the Treasury pays you back dollars that are worth far less than what you lent to them. A soft default.' This is also valid for Europe.

On top of that, the richest man in the world is publicly arguing with the president of the United States about America’s solvency. Consider buying bitcoin.

So far regarding Trump: - didn't audit the Gold - didn't stop the wars - didn't reduce the deficit/debt/budget - didn't form a Bitcoin reserve - didn't release the Epstein files

Anyway, consider buying Bitcoin.

On the 2nd of June:

👉🏽'The Bank of Japan just racked up a record ¥28.6 trillion in bond losses That’s three times bigger than last year! This isn’t just Japan’s problem. It’s a screaming red alert for global markets.' - StockMarket News

TKL: " Japanese equity funds posted a record $11.8 billion in net outflows last week. This brought the 4-week moving average of outflows to $4.0 billion, an all-time high. Investors’ concerns over rapidly rising long-dated Japanese government bond yields were behind the outflows. Additionally, investors withdrew $5.1 billion from US stock funds. All while global equity funds saw $9.5 billion in net outflows, the most this year. Investors are taking profits after a sharp market recovery."

👉🏽The money printer is back on. US M2 just hit a new all-time high at $21.86T. Liquidity is flowing back into the system.

https://i.ibb.co/fGdx5kmt/Gsd-Jn-R9-XUAAUAO2.jpg

Recession odds have just dropped by 70% to 30% That’s the steepest decline in 65 years without a recession actually happening. Forget everything about a recession when M2 is moving up. Simple as that.

👉🏽$698 billion worth of homes are for sale in the United States, a new all-time high. Rajat Soni: 'The price of a house should be 0.01 BTC right now The housing market is way overpriced in terms of Bitcoin Interest rates or real estate prices will have to fall for these these homes actually to be sold.'

👉🏽The US Dollar is worth 8.9% less than it was at the beginning of the year.

👉🏽Argentina's economy grew 8% year-over-year in April 2025, the highest in the Western world!

On the 3rd of June:

👉🏽Trump's "Big Beautiful Bill" bans all 50 states from regulating AI for 10 years, centralizes control at the federal level, and integrates AI systems into key federal agencies. https://i.ibb.co/Q7t14q7M/Gse-V2f-YWUAAyb-Py.png

👉🏽 ZeroHedge: 'Total US debt is now $37.5 trillion (accrued). The $36.2 trillion actual is just the ceiling set by the debt limit which will be revised to $40 trillion in August/September.'

👉🏽A million seconds ago was May 23rd

A billion seconds ago was 1993

A trillion seconds ago was 30,000 B.C.

The US national debt is now rising by $1 Trillion every 180 days.

👉🏽NATO pushes European members to increase ground-based air defense systems five-fold — Bloomberg

👉🏽Global Markets Investor: 'This is incredible how European markets have outperformed the US this year. Poland, the Czech Republic, and Austria have grown their market capitalization by 44%, 36%, and 33%, respectively. Next are Hungary, Spain, Luxembourg, Greece, and Germany. The US has been flat.'

https://i.ibb.co/TMwrLnB0/Gsiu-KWYXEAAto-U1.jpg

This is one of the WORST years for the US stock market in history: The S&P 500 has UNDERperformed World stocks excluding the US by 12 percentage points year-to-date, the most in 32 YEARS. This is even worse than during the Great Financial Crisis.

👉🏽Bravos Research: 'M2 money supply is now expanding at 4.4% After reaching its deepest contraction in 65 years This is quite constructive for the stock market.' https://i.ibb.co/hFCRgFhr/Gsht-Kgk-Xw-AAy-PFq.jpg

On the 4th of June:

👉🏽“The $1.06 trillion unrealized loss in 2024 was ‘modestly higher’ than the $948.4 billion paper loss seen in 2023.” https://i.ibb.co/Pvm7zVWy/Gsj-9-OWs-AAvwp-F.jpg

Probably nothing. What’s a trillion between friends…

Currently, the US is spending $1,200 trillion per year on interest payments (dark line). If everything were financed at the current interest rate, the cost would exceed $1,500 trillion per year (green). https://i.ibb.co/mCpYtwVW/Gsm-H6-Mr-Xc-AAqd-F5.png

Note: The national debt is $36,9 trillion.

👉🏽Global debt is gigantic: Debt-to-GDP is above 100% in 6 of 7 G7 nations, and is still rising. Japan: ~250% Italy, the US, France, the UK, and Canada: all near or above 100%.

For 5 of 7 G7 economies, debt is set to surge further by 2030. Now debt is a problem but the main question would be...what will the productivity be in 2030?

On the 5th of June:

👉🏽 The United States Treasury just bought back $10 Billion of its own debt, the largest Treasury buyback in history.

Buying back your own debt with printed money. That's what happens just before fiat money goes to die (eventually). Eventually, nobody wants that worthless debt anymore, eventually!

Context by EndGame Macro:

💰 $10 Billion Buyback: The Treasury’s Silent Signal

On June 3, 2025, the U.S. Treasury quietly executed the largest debt buyback in American history, repurchasing $10 billion in short- and medium-term bonds. At first glance, it looked routine. But under the surface, this was a stealth intervention aimed at calming a system under increasing strain. This wasn’t just liquidity smoothing. It was strategic triage.

🧾 What Happened

Buyback Size: $10B (a record)

Debt Offered: $22.87B — more than double what was accepted

Target Maturities: July 2025 to May 2027

Issues Accepted: 22 of 40 eligible

Settlement: June 4, 2025

That huge offer volume isn’t just noise—it’s a warning sign that institutional players are under pressure.

🚨 What the Buyback Really Signaled

1. A Quiet Circuit Breaker The buyback focused on maturities clustered around a $9 trillion rollover wall over the next 12 months. Without announcing it, the Treasury effectively tripped a circuit breaker to reduce near-term funding stress.
2. QE Without the Label This wasn’t the Fed. No balance sheet expansion. But by retiring debt ahead of maturity and shrinking market float, the effect mirrored QE—without the political baggage.
3. Institutions Are Feeling the Squeeze A staggering $22.87 billion in offers points to constraints at banks, funds, or foreign reserve desks. The Treasury didn’t save everyone—just enough to relieve pressure quietly.

🎯 Strategic Motivation

This wasn’t about boosting confidence. It was about managing two threats: Maturity Wall Risk: Avoiding auction failures as short-term debt piles up in 2025–2026. Yield Curve Stability: Preventing disorderly spikes by quietly absorbing supply. This move avoided triggering headlines—while containing the fire under the hood.

🧠 Echoes from History

This buyback fits into a lineage of quiet but powerful interventions: Operation Twist (1961) – Rebalancing maturity without QE branding. BoE Gilt Crisis (2022) – Targeted long-end intervention to save pensions. Belgium’s Shadow QE (2014) – U.S. debt absorbed off-balance-sheet during geopolitical tension. Each move relied on subtlety and intent—not optics.

🧩 What the Market Heard

Primary Dealers: Help exists—but it’s selective and discretionary.

Foreign Holders: Exit in order—or risk exclusion.

Money Markets: Relief, not resolution.

❗ Where the Logic Cracks

If this was routine: Why buy back below par? Why accept only 44% of the offered debt? Why deploy this now and not earlier? Each of these points to deeper stress than officials are openly admitting.

🔒 High-Conviction Takeaway

This buyback was a preemptive stabilization maneuver, not a stimulus. With over $9 trillion in short-term debt set to roll, foreign participation weakening, and institutional selling pressure rising, the Treasury acted before fractures became visible. The line wasn’t drawn to show strength. It was drawn behind the market—to stop a collapse.

🕵️‍♂️ Known Unknowns

Who were the biggest sellers—and what’s pressuring them? Was this coordinated with the Fed or global reserve desks? Is this a one-off event—or the start of a multi-phase liquidity campaign? The silence is strategic—but the signal is loud.

👉🏽Joe Consorti: 'Congress refuses to cut spending. So we must "grow our way out" of the deficit. That would take 39 years of 5% nominal GDP growth, or 22 years at 10%. In other words, 2-4 decades of explosive growth just to break even. We can't "grow our way out". We'll print our way out.'

👉🏽ZeroHedge: And just like that, the "climate crisis" is gone https://i.ibb.co/GQ76Z79P/Gsr3uus-XEAAjuv6.png

Don't get me wrong and with all respect to my environmentalist friends, but the “Crisis” never existed. A big part of the push has been marketing dollars/euros and media spin, let's face it.

Why do I think that? How do you think we will grow out of the Global Debt problem? One word: PRODUCTIVITY.

How can we manage that? They (Governments/Central Banks) need AI data farms. What do data farms need?

Electricity, water, energy.

Because Big Tech and AI need energy -- wherever they can find it -- climate change as a cause is finished. It was all virtue signaling. And remember the climate didn’t cool, it just stopped polling well. The scariest part of the “climate crisis” becoming out-of-vogue with the left is that it'll likely be replaced by something equally absurd and artificially manufactured.

On the 6th of June

👉🏽 'The US economy adds 139,000 jobs in May, above expectations of 126,000. The unemployment rate was 4.2%, in line with expectations of 4.2%. The April jobs number was revised down from 177,000 to 147,000. The headline numbers continue to exceed expectations.' - TKL

Surprise, surprise…

March jobs revised: 185K 120K (-65k)

April jobs revised: 177K 147K (-30k)

13 of the L16 have been revised lower.

Just to make it even worse, this is something I have shared multiple times in 2024. The number of year-over-year private job gains in 2024 was likely overstated by a MASSIVE 907,000 jobs, according to BLS data released Wednesday. This comes as the Quarterly Census of Employment and Wages (QCEW) data covering 97% of employers showed a private payroll growth rate of 0.6% for December 2024. This is 50% lower than the 1.2% growth rate initially reported in the monthly non-farm payroll (NFP) reports. To put this differently, there was a 907,000 gap between NFP data and QCEW data in 2024. This means jobs were likely overstated by an average of 75,583 PER MONTH in 2024.

👉🏽Opinion: Milei reduced government spending by 30% and achieved a surplus in only 1 month. His popularity didn't fall, it rose. Don't tell me fiscal discipline isn't popular with the general public. It's just unpopular to the powerful special interests that control DC or Brussels.

👉🏽'In the current fiscal year, the U.S. government already spent $4,159 billion. This is for the first 7 months and the fiscal year ends in September. The latest available data is as of April. The already accrued deficit amounts to over $1 trillion: $1,049 billion.

You can see in the chart how net interest expense has become the #2 largest spending category at $579 billion (for 7 months) after social security ($907 billion) and even exceeded national defense ($536 billion), health ($555 billion), and Medicare ($550 billion). The deficit is 34% of total receipts! (1049/3110) In other words: the U.S. government spent 34% more than it took in.

The last full fiscal year ended in September 2024. In that fiscal year, we spent $1.13 trillion on interest expenses. After only the first 7 months of fiscal year 2025 ending in September, they are already at $776 billion. This means we'll likely touch $1.3 trillion this fiscal year!' - AJ https://i.ibb.co/RTLTZPn1/Gsxv-Tso-Xc-AAZs-Zo.jpg

On the 7th of June:

👉🏽 The EU Commission paid climate "NGOs" for questionable lobbying with money from German taxpayers and wanted to keep it secret. https://i.ibb.co/zH6J41Zq/Gsz-Lu-F9-Xg-AAZttn.jpg Now read the above statement again and after that read the following bit:

👉🏽EU TRIES TO LECTURE EL SALVADOR - BUKELE BODYSLAMS BACK Source: https://www.eeas.europa.eu/eeas/el-salvador-statement-spokesperson-foreign-agents-law-and-recent-developments_en

The Diplomatic Service of the European: "El Salvador: The EU regrets the adoption of the Foreign Agents Law, which risks restricting civil society and runs counter to international obligations. Recent arrests of human rights defenders raise further concerns."

The EU’s sanctimonious finger-wagging at El Salvador reeks of hypocrisy. Brussels lectures sovereign nations on “civil society” while funneling billions into globalist NGOs that undermine national sovereignty. The institution that attacks liberty, freedom, democracy, and free speech in the name of a neosocialist woke ideology wants to lecture other countries on how they defend against their constant meddling and aggression. They are a bunch of unelected bureaucrats, accountable to no one, representing no one. Classic!

Supporting this further, let’s have a look how the EU is increasingly positioning itself as a technocratic regulator of personal freedom:

'The EU – the one that:

•wants to monitor every Bitcoin transaction through MiCA & DAC-8 •would love to ban non-custodial wallets

•is planning a chat control law that would make even China blush

•is considering a wealth register to digitally track every cent of your retirement savings

•restricts cash withdrawals in some member states •is testing CBDCs with expiration dates and spending limits

•and is preparing the digital euro as a full-blown control tool

…this EU is now complaining about human rights violations in El Salvador – a country whose government enjoys one of the highest approval ratings in the world. Over 85% support for President Bukele. Show me a single Western leader who even comes close to that.' - Bitcoin Hotel

Great reply by El Salvador's President Nayib Bukele: 'EU: El Salvador regrets that a bloc which is aging, overregulated, energy-dependent, tech-lagging, and led by unelected bureaucrats still insists on lecturing the rest of the world.'

👉🏽Sam Callahan: Alternative title: 73% of bonds in the world trading at less than the rate of debasement https://i.ibb.co/Y4qMvh0T/Gs7-Ry-WMAABf49.jpg

On the 8th of June:

👉🏽'US existing home sales dropped -3.1% year-over-year to an annualized 4.0 million in April, the lowest for any April since 2009. Month-over-month, home sales fell 0.5%, well below expectations of a +2.0% increase. The decline was driven by the West and Northeast regions. Sales in the South were flat, while in the Midwest improved slightly. Meanwhile, existing home inventory rose +21%, to 1.45 million, the most for any April since 2020, per ZeroHedge. Despite that, the median sales price increased +1.8% year-over-year to $414,000, a record for April. Homebuyer demand is weak and prices are still rising.' -TKL

On the 9th of June:

👉🏽Jeroen Blokland: '- China bought more gold in May. -China has been buying even more gold through ‘unofficial’ channels. - China's gold reserves today are low compared to those of the US and European countries -China is determined to move away from US dollar hegemony - China’s ambition to move away from the US dollar will only have strengthened because of the Trump tariff war - China has to acknowledge that few countries, companies, and households want to hold the Yuan So what will China be doing for years to come?'

No surprise central banks are avoiding sovereign debt and adding gold.

👉🏽TKL: Gold is on fire: Gold's share of global reserves reached 23% in Q2 2025, the highest level in 30 years. Over the last 6 years, the percentage has DOUBLED. At the same time, the US Dollar's share of international reserves has declined 10 percentage points, to 44%, the lowest since 1993. By comparison, the Euro's share has decreased 2 percentage points, to 16%, the lowest in 22 years. Gold is quickly replacing fiat currencies as a reserve currency.

🎁If you have made it this far, I would like to give you a little gift:

Lysander: "Lyn Alden gave one of the clearest breakdowns of why the U.S. is on an unstoppable fiscal path—and why Bitcoin matters more than ever because of it.

Lyn Alden walks through the numbers behind the federal deficit, interest expenses, Social Security, and the structural changes that happened post-2008. The short version? We’re in a new era. One where the government can’t slow down even if it wants to.

Her phrase: “Nothing stops this train.” Not because of ideology, but because of math—and human nature.

This isn’t hyperinflation doom-talk. It’s a sober look at what happens when a system built on ever-growing debt reaches its limits—and why Bitcoin, with its fixed supply and transparent rules, is the opposite of that system.

If you haven’t seen it, this is a must watch. Pure signal! https://www.youtube.com/watch?v=Giuzcd4oxIk

Credit: I have used multiple sources!

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

Use the code SE3997

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

⠀⠀ ⠀ ⠀⠀⠀

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

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⭐ Many thanks⭐

Felipe - Bitcoin Friday!

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@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

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

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

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

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

What's new

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

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

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

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

Announcement / Archive
GitHub Repo

@ 9ca447d2:fbf5a36d

Ten years in Bitcoin can feel like an eternity. Just ask Sergej Kotliar, Founder and CEO of Bitrefill, who recently celebrated a decade of turning Bitcoin into something you can actually use in your everyday life.

“We started Bitrefill back in 2014,” Sergej reflects, thinking back to the early excitement around Bitcoin.

“The promise of internet money as a workaround to how cumbersome money was online motivated me. Imagine sending money as easily as sending an email. That’s still the vision driving us today.”

Bitrefill has evolved from a straightforward gift card provider into a full-fledged e-commerce powerhouse, allowing Bitcoiners to buy gift cards, eSIMs, mobile top-ups, and even prepaid debit cards.

From Netflix binges and Uber rides to topping up your phone in the middle of nowhere, Bitrefill supports more than 10,000 brands and over 900 phone carriers in more than 170 countries.

check out all the products and services at www.bitrefill.com

One challenge Sergej has navigated successfully is steering clear of hype-driven pitfalls. “We’ve always been a little bit better at building actual usage than at building hype,” he explains.

Instead of chasing every altcoin trend or speculative frenzy, Bitrefill has focused on the real-world, day-to-day use of bitcoin.

“The biggest challenge has always been finding the actual users of Bitcoin, not investors, but the ones who really want to use bitcoin in their everyday lives,” he emphasizes.

Bitrefill, he says proudly, has become the starting point for many users looking to spend bitcoin seamlessly.

“I think that people that use bitcoin transactionally and are looking to buy something with their coins. Very often, their customer journey starts with Bitrefill.”

Sergej isn’t shy about critiquing popular Bitcoin memes either. One particularly notable example is the “two S-curves” chart suggesting bitcoin first serves as a store of value, then as a medium of exchange.

“It’s maybe my least favorite chart,” Sergej laughs.

Bitcoin adoption curves — Source

While the chart lacks empirical data, notably missing any values on the y-axis, it does visualize a conceptual framework that many in the Bitcoin community find compelling.

The illustration suggests a natural progression where Bitcoin’s adoption follows two sequential S-curves:

first establishing itself as a store of value (the yellow curve peaking around 2029), followed by widespread adoption as a medium of exchange (the green curve peaking around 2037).

Despite its speculative nature, some argue this visualization effectively communicates the potential evolutionary path that many Bitcoiners envision, even if it wasn’t created with rigorous technical analysis.

What makes the Bitcoin ecosystem truly remarkable though is that builders like Sergej and his team at Bitrefill aren’t waiting for theoretical adoption curves to play out. They’re actively accelerating them.

By creating practical solutions for everyday Bitcoin transactions now, Bitrefill is working towards pulling that “medium of exchange” S-curve forward.

They aim to demonstrate that Bitcoin’s utility doesn’t have to follow a delayed timeline where store of value comes first.

Indeed, Sergej sees a more nuanced reality: Bitcoin serves different purposes for different people, simultaneously.

“There’s different people that use bitcoin for different things, and some want to invest in it and some use it as a tool,” Sergej clarifies.

“You can’t say that one of them is better than the other… it just is. Different people will use the same thing and they engage in the same market with different purposes.”

The Bitrefill philosophy is simple: practicality over hype. “Selling bitcoin to people is clearly a much bigger business than letting people shop with bitcoin,” Sergej acknowledges candidly.

Yet Bitrefill stands proudly as a market leader by volume for transactional bitcoin use. When YouTube travelers share their global adventures “living on bitcoin,” it’s Bitrefill powering most of those purchases. He notes with pride:

“If you watch these YouTubers ‘I spent a month traveling the world living on Bitcoin,’ there’s been quite a few of those… around 50 to 80 [percent], that a good chunk of their bitcoin usage ends up being with Bitrefill.”

And Bitrefill is not done innovating. Recently, they introduced the Bitrefill reloadable Visa card in Europe, designed for ease of use. Sergej explains:

“It’s a regulated product, you need to have an account and go through KYC and all of that, but once you have it, it’s a very simple straightforward no bulls*** method.

“you send in your bitcoin, Lightning works, and then you can just go and blip and pay, and then you don’t have to think about anything.”

Bitrefill offers reloadable Visa cards

To promote it, they’ve even been hiring people specifically to travel around Europe spending bitcoin and documenting the journey.

“We put up these ads and we hire someone and then we record them having the best day of their life spending money,” he says.

While acknowledging it’s partly a marketing stunt, he adds, “Paying some of our customers instead to spend the day having a blast and then record it and make content is a better choice than traditional advertising.”

Bitrefill on X

But Sergej has his eyes firmly on an even more futuristic horizon: a world where robots pay each other seamlessly.

“We’ve built an online monetary system that discriminates against bots because they’re usually associated with fraud,” Sergej notes.

“But soon, we’ll rely on AI to shop automatically for us. Having a fraud-free online payment method like Bitcoin could revolutionize how robotic agents transact.”

“In a world where everybody has a bunch of agents being robotic secretaries and so on, and given the fact that online commerce is currently designed specifically to keep out robots… I think there’s a big opportunity there,” he explains.

“Having an online payment method that is fraud-free should in theory be very useful for a world in which shopping happens automatically, for example, or how a robot will pay other robots.”

The intersection of how AI will leverage Bitcoin is a fascinating rabbit hole and discussion that is playing out in real time.

Sergej recommends Daniel Suarez’s novel “Daemon” for those intrigued by the potential (and risks) of AI-driven transactions.

“There’s tremendous opportunity here,” he teases, “and it’s definitely something we’re actively exploring at Bitrefill.”

Asked what he’d ask Satoshi Nakamoto if given the chance, Sergej pauses briefly. “I would ask him to tell me the story of how he left the space,” he finally answers.

Given Sergej’s decade-long journey with Bitrefill, his curiosity about Bitcoin’s creator’s departure feels particularly fitting.

Ten years is a long time in Bitcoin, but clearly, Sergej Kotliar and Bitrefill are just getting started.

@ 05a0f81e:fc032124

People often say that money is the Root of all evil 😈 i have been hearing it since my tender age. I have grown to know what Money is, and realized that money is actually a solution rather than being evil or the root of everything evil.

Humans that believe that money is the Root of evil only see money from a wrong view, meaning that money is the reason for stealing, for kidnapping for killing and so many other evil acts. Moreover, human acts according to the decision he or she made in the mind!, so, the urge to steal, kill and kidnapp for monetary sake comes from the state of mind an individual is having at some point. Your state of mind exhibits your actions and achievements. People that invent and innovate also do it for monetary sake but with the right state of mind.

So, what is money?

Money is a powerful tool that supports modern civilization by enabling efficient trade and economic growth. This means that money can be anything, your knowledge and ideas can also serve as money. A person that have great ideas of invention and innovation is a great tool that we aid the economy growth of a country. So money in this contest is not just a buying and selling materials.

Individuals need to develop there mind to become a form of money that will aid the economy growth rather than planning on strategies to embark on a successful kidnapping mission or killing without being traced. When man failed to develop his mind, he will end up in evil act that will justify that saying that "money is the Root of all evil", but people that develop there minds state prove that money is a great and powerful tools ever.

@ f0fd6902:a2fbaaab

Round 1 In Austria is now officially ON !! Head over to our website and sign up for the first 3 events of the 2025 season. The season will kick off at the ski resort of Axamer-Lizum, 20 minutes from the town of Innsbruck in Austria. This will be a very high speed course, with decent surface that will test riders’ nerves. There are two big straights both culminating in two big hairpin turns. The track is wide where drafting and overtaking opportunities will be plenty. The event race village will be located at the top of the hill in the big car park of the ski resort, where there will be food, drinks and toilets available. Accommodation will also be provided at the resort, making this will be a compact event set up, with the start line a kilometre or so down the road which can be accessed by car, skate or on foot.

TRACK INFO: Round 1 in Austria is now officially ON !! Head over to our website and sign up for the first 3 events of the 2025 season. The course runs down Hoadlstraße, the access road to the Axamer Lizum ski resort, the largest ski resort near Innsbruck. The course starts, about 1 kilometer from the ski resort, on a steep, straight section. After building up speed there is a long right hand sweeper bringing the racers to the first of three hairpins. The course will finish 3 kilometers later shortly after the final hairpin. Length: 3.3 kilometers Hairpins: 3 Average Grade: 9.2% Steepest Grade: 21.8% https://maps.app.goo.gl/cuQaAbie7zH2Zhjn7

Full Event :

https://www.youtube.com/watch?v=zHWnaQHcH74&ab_channel=WDSC

Results Women and Men in Stand up & Streetluge :

Link WDSC: https://worlddownhillskateboardingchampionship.com/

https://stacker.news/items/1007568

@ cae03c48:2a7d6671

Bitcoin Magazine

Bitcoin: How To Solve the Student Loan Crisis

Student loans continue to trouble millions of Americans, with a total of $1.77 trillion already owed. This crisis has been a major political issue for a while, especially after former President Biden promised to wipe out all of the student loan debt and ended up only fulfilling half of the promise. These billions of dollars are not just numbers on a spreadsheet; they represent people who repay their debt, every month, year in and year out. While the standard repayment plan spans 10 years, the reality is far more daunting: The average borrower takes 20-30 years to repay their loans. 

There are over two million new undergraduates every year, and, on average, they graduate with $29,400 in debt. Some, like medical students, surpass $250,000 in debt — a mortgage-sized pile. Almost $100 billion in new debt is created every year, piled upon the already unsustainable student debt pile. Similar to how we have (haven’t) dealt with public pensions, instead of dismantling a failed system we keep feeding the machine and crushing people’s lives and dreams underneath its weight. But perhaps there’s a way for future generations to avoid this dreadful fate — by borrowing new ideas from similar fields.

Real Estate: The Store of Value (SoV) Since Nixon

The real estate market is another system that heavily relies on debt to keep functioning, and like student loans, it’s not working too well. 

Real estate is a market where it’s completely normal to go 10x levered long on a single asset while putting all of your savings into it. Talk about idiosyncratic risk. The entire market has been in deep pain worldwide, not necessarily because of the debt, but due to how the fiat system has turned real estate into an investment-and-savings mechanism. In turn, the great investment of one generation becomes the unaffordable housing for the next. But a subset of the population has been divesting from the asset in favor of a better savings vehicle: bitcoin. 

Part of their thesis in divesting from real estate and moving to bitcoin is that they predict that bitcoin’s superior SoV function will drive real estate prices down, wreaking havoc on a fragile and overpriced asset class. This makes quite a bit of sense, especially to those individuals who invested in real estate in search of those SoV properties in the first place; they now have to contend with increasing risk all over the world, putting in peril what was once a “safe SoV” asset class. From wildfires all over the place to floods, expropriations, new taxes, and wars breaking out in places previously unimaginable, some investors are just fed up.

But housing is still necessary, and we still need to build a massive amount of new houses. In almost all major cities in the world, there’s a housing crisis driven in large part by shortages. This is due to lackluster housing buildouts following the 2008 great financial crisis, driven directly by housing debt. Thus, even if all of the real estate owners put all of their stock of housing into the market, we would still have to develop and construct new ones. But it’s hard to convince real estate developers to do so when you also tell them that, in bitcoin terms, the houses they are building will be worth less by the time they sell them.

Bitcoin Replaces Real Estate

That’s where a German Bitcoiner and real estate developer named Leon Wankum steps in and turns the problem into a solution. You may even say he used financial jiu-jitsu because his idea is to bundle new, debt-heavy real estate projects with a bitcoin fund. This way, a $10 million project — of which $9 million is debt-financed — would allocate a small percentage of the financing to bitcoin, in order to hedge the depreciation and devaluation of the main asset and thereby benefit from the appreciation of bitcoin. This way, real estate developers can leverage the debt-heavy nature of the real estate market to cover the demand for housing while also hedging themselves from any SoV risk that bitcoin may pose to that asset.

This seemed like a crazy idea. Bitcoin and real estate: a super conservative mainstream infrastructure investment combined with a hyper-volatile digital savings vehicle — an unlikely marriage. Yet, polar opposites attract, and an idea is only crazy until someone replicates it and makes it work. 

To everyone’s surprise, that’s exactly what happened last year, when Andrew Hohns of Newmarket Capital went on TV to announce they had started applying Wankum’s model to offer a loan to a real estate developer. They had provided financing for a real estate project with a few special conditions: 

• the developer had to use a small proportion to buy bitcoin, which was placed in escrow.
• the bitcoin is inextricably tied with the real estate asset.
• and the bitcoin has to be held for four years minimum.

The experiment was off to the races. If the past serves as a guide, this new investment structure will greatly reduce the burden of the loan.

Bitcoin and Student Debts, Rescuing the Next Generation

At this point, the parallels to student loans should be pretty clear. When 18-year-olds take out a mortgage-sized loan to bet on their education, their future human capital is effectively becoming the real estate (collateral) that backs the debt. Their capacity to make extra income from the knowledge and certificates they acquired by going into debt will help them pay it off (given that all goes well). Investment margins become very sensitive and risk increases immensely when huge amounts of leverage are added to any investment — be it trading stocks, real estate, or your future. Your room for maneuvering decreases, and you get trapped in the path you choose.

Thus, if you yourself become the real estate securing this mortgage-sized student debt, perhaps you could also secure that loan and reduce the burden on the main asset (you) by integrating bitcoin into the mix. This could have great benefits for all parties involved: decreasing the risk for the lender and giving increased peace of mind and opportunities for the borrower (you, the student).

One of the main advantages of adding bitcoin to your student debt structure is that there are now two assets rowing against the financial repayment current: yourself and bitcoin. By going to university, learning new skills and getting certificates, you open up the path to better-paid jobs and higher earning potentials, aka higher salaries. The more intriguing component is the bitcoin tied to your student debts. As a teenager itself, bitcoin has had an incredible CAGR over its lifespan. Even conservative numbers indicate that bitcoin will return about 60% annually for the foreseeable future. When compared with the 10-15% usually provided by the S&P 500, bitcoin looks like a Ferrari competing against horses. 

The other advantage is one that frustrates most students, and it has to do with acquiring bitcoin once they understand it. Unlike most adults, undergrads have barely had any time to build up savings, and are therefore unable to exchange much fiat for hard bitcoin. This can become incredibly frustrating, especially because you know that if you were a decade older, you could have aped into bitcoin and retired your entire bloodline. But now you are stuck being 16, saving up pennies, and sacrificing your younger years for trifling amounts of bitcoin that won’t make a difference in your lifetime. So close, yet so far away.

But what is debt if not a way to bring future purchasing power into the present? Debt is a time-traveling machine that allows people to buy assets by leveraging their future earnings, revenues, or salaries. And thankfully, the current system is created so that the moment you can legally go to jail or go to war, you can also indebt yourself up to your eyeballs with the promise of future wages as a doctor, engineer, lawyer, or another profession.

Funnily enough, bitcoin’s recommended minimum holding time is also the number of years for an average college degree — four years. This means that, as long as you create a similar structure as the one proposed by Newmarket Capital, where the bitcoin has a four-year holding period, you’ll be using financial jiu-jitsu. The four-year holding period, however, does not mean that the student needs to sell at that point. The question of how to manage your finances between repaying the student loans, selling the bitcoin, or acquiring more is a more complex and personal issue. Regardless of what any student does, with this hybrid method, student debts can help young Bitcoiners leap forward instead of taking a step back.

With this new method, students — and their families — now have another thing to celebrate when they walk onto the graduation stage. And if you drop out of school, for any set of reasons that life may hit you with, your student loan now comes with a fail-safe met

@ 8bad92c3:ca714aa5

Marty's Bent

via me

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

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

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

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

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

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

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

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

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

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

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

Bitcoin's Volatility Won't End With Institutional Adoption

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

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

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

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

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Headlines of the Day

Romania Adds Crypto Terminals to Post Offices - via X

Musk Claims Trump in Epstein Files - via X

Uber CEO Calls Bitcoin Proven Store of Value - via X

Get our new STACK SATS hat - via tftcmerch.io

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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...

The kids really do grow up f

@ f0fd6902:a2fbaaab

https://stacker.news/items/1007564

@ 2b24a1fa:17750f64

Der Münchner Pianist und "Musikdurchdringer" Jürgen Plich stellt jeden Dienstag um 20 Uhr große klassische Musik vor. Er teilt seine Hör- und Spielerfahrung und seine persönliche Sicht auf die Meisterwerke. Er spielt selbst besondere, unbekannte Aufnahmen, erklärt, warum die Musik so und nicht anders klingt und hat eine Menge aus dem Leben der Komponisten zu erzählen.

https://soundcloud.com/radiomuenchen/eine-stunde-klassik-liebesfreud-und-liebesleid?

Sonntags um 10 Uhr in der Wiederholung.

@ 2b24a1fa:17750f64

Wo läßt es sich trefflicher plaudern als am Küchentisch. Es muß ja nicht unbedingt der eigene sein. Hauptsache, es sitzen vergnügte Menschen reinen Herzens daran, wie zum Beispiel die Herren Helmut Schleich und Franz Esser.

https://soundcloud.com/radiomuenchen/karlspreis-katzeklo-am-kuchentisch-mit-schleich-esser?

@ 2b24a1fa:17750f64

All diese politischen Themen! Dauernd schreit einer lauter als der andere, um DIE WAHRHEIT über Geschehnisse zu verkünden, bei denen er allermeist gar nicht anwesend war. Längst spüren wir, dass die übermäßige Beschäftigung mit dem Außen nicht gut tut und weder zur Ruhe, noch zum inneren Frieden beiträgt. Bei Radio München wird es ab 20. Juni eine neue Sendereihe geben, mit dem Titel „Böttchers innere Reisen“, hier soll der Fokus mehr auf das Seelenheil in unheilen Zeiten gehen, oder heißt es unheilige Zeiten?

https://soundcloud.com/radiomuenchen/innere-reisen-mit-jens-bottcher-ein-interview-von-andreas-geltinger?

Jens Böttcher, ist Musiker, Schriftsteller und Lebensberater, ausgezeichnet mit dem Kulturpreis „Blauer Löwe“ und dem renommierten Preis der deutschen Schallplattenkritik. In seinem Gesprächsformat namens Licht.Spiel.Haus, zu dem er immer wieder interessante Gäste einlädt, spricht er, wie auch in seinen Büchern und Liedtexten, vom Scheitern, vom Leiden, vom Aufstehen, von der Freude und von der Liebe … und dass alles irgendwie zusammenhängt in unserem Leben, das er als spirituelle Reise begreift.

Unser Autor Andreas Geltinger stellt uns heute unseren neuen Kollegen Jens Böttcher im Rahmen eines Interview vor.

@ 2b24a1fa:17750f64

„Die Technologie neigt dazu, alle Attribute des religiösen Denkens, der magischen und animistischen Vernunft und des künstlerischen Schaffens sich allein einzuverleiben. Es ist noch nicht lange her, als angenommen wurde, das künstliche Objekt entferne den Menschen von der Welt. Heute ist es keine Frage der Entfernung mehr, sondern die Frage einer möglichen Verschmelzung, da die Welt selbst dazu neigt, künstlich zu werden.“

https://soundcloud.com/radiomuenchen/die-terrestrische-gemeinschaft-ein-buch-von-achille-mbembe?

\ Das schreibt Achille Mbembe, Historiker und Politikwissenschaftler aus Kamerun, in seinem Buch „Die terrestrische Gemeinschaft. Technik, Animismus und die Erde als Utopie“. Inspiration und Hoffnung findet der Autor in Afrika. Jenem Kontinent, den unsere – je nach Blickwinkel westliche oder nördliche – Zivilisation gerne reduziert auf Schlagwörter wie Krieg, Hunger, Despotie, Überbevölkerung und Aberglaube. In den alten Stammeskulturen findet Mbembe eine ganz andere Haltung, ein ganz anderes Verständnis der Welt. Das könnte uns helfen, die Natur nicht als Feind zu betrachten, den es zu bezwingen gilt, sondern als Ort, an dem alles mit allem verbunden ist und niemand sich zum Herrscher aufschwingen kann, ohne den anderen und letztlich auch sich selbst zu schaden:\ „Dieser Gemeinschaft der Erde entspricht die grundlegende Universalität aller ihrer Bewohner. Weder die menschlichen Personen noch die anderen Wesen zusammengenommen sind die Eigentümer der Erde. Sie sind dort Erdenbürger, insofern sie alle in den Genuss eines unbestreitbaren Platzes auf ihr kommen.“\ Unser Autor Jonny Rieder hat Mbembes Buch gelesen und darüber nachgedacht.

Sprecher: Ulrich Allroggen

Bild: Verlag Matthes & Seitz Berlin / Dirk Lebahn

@ 8bad92c3:ca714aa5

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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@ 9c9d2765:16f8c2c2

The night the storm swallowed their village, fear ran like fire in every heart.

Children clung to their mothers. Old men stared at the cracking trees outside. Even the bravest men stayed indoors, muttering prayers and counting lightning.

But in a small hut near the edge of the forest, a boy named Ezekiel lit a single candle.

His sister, Clara , not older than ten, asked in a whisper, “Why are you lighting that? The storm will blow it out.”

Ezekiel smiled softly. “Because if I don’t, the darkness wins.”

Clara trembled. “But the storm is so loud. What if the roof falls? What if the forest floods?”

Ezekiel knelt beside her and held her hand. “Then we listen, and we run. But until then, we keep the light on. Someone might be looking for it.”

Just as he spoke, a frantic knock came at the door. A woman drenched and shivering had seen their tiny flame through the chaos. She wasn’t from the village, but had lost her way when her cart overturned on the muddy road.

They wrapped her in a blanket. Made space by the fire. Shared what little food they had.

Later that night, Clara looked at the still-burning candle and whispered, “You were right.”

Ezekiel looked at her. “About what?”

She smiled. “Light doesn’t stop the storm. But it helps people find each other.”

Moral: In the face of overwhelming fear, even the smallest courage can become a beacon.

@ 90c656ff:9383fd4e

The history of Bitcoin is marked by symbolic milestones that represent not only the technical evolution of the digital currency but also its journey toward economic and political legitimacy. In this article, we revisit some of the most iconic moments that have defined Bitcoin’s adoption from its first use in a simple transaction to its recognition as an official currency by sovereign nations.

The Most Expensive Pizza in History

On May 22, 2010, Laszlo Hanyecz made history by paying 10,000 BTC for two pizzas. At the time, this amount was worth about $40. Today, those same coins would be worth hundreds of millions of dollars, making it the most expensive meal ever recorded. More than a curiosity, this transaction marked the first time Bitcoin was used in a real commercial exchange, proving its potential as a payment method.

Silk Road and the Dark Side of Early Adoption

Although controversial, Bitcoin’s use on the Silk Road marketplace demonstrated to the world that the digital currency was functional as a large-scale medium of exchange. The platform operated between 2011 and 2013 and acted as a catalyst for the development of infrastructure around BTC, despite the negative impact it had on the cryptocurrency’s public image.

Mt. Gox and the First Major Crisis

In 2014, the exchange Mt. Gox—responsible for about 70% of all Bitcoin transactions at the time—declared bankruptcy after losing approximately 850,000 BTC. The scandal shook confidence in the ecosystem but also triggered a period of maturation, driving the pursuit of better security practices, regulatory frameworks, and professionalization within the industry.

El Salvador and Official Recognition

In September 2021, El Salvador became the first country to recognize Bitcoin as legal tender. The measure, championed by President Nayib Bukele, was met with enthusiasm by Bitcoin advocates and skepticism by international financial institutions. El Salvador’s experiment placed Bitcoin at the center of the geopolitical debate and set a precedent for other nations to consider following the same path.

In summary, each of these moments represents a distinct phase in Bitcoin’s evolution—from experimentation to institutional adoption. By revisiting these iconic cases, we gain a deeper understanding not only of Bitcoin’s technical progress but also of how its narrative has become embedded in contemporary financial history. If the pizza purchase symbolized BTC’s practical birth, the official recognition by entire nations suggests a future where digital currency could play a leading role in new forms of global economic organization.

Thank you very much for reading this far. I hope everything is well with you, and sending a big hug from your favorite Bitcoiner maximalist from Madeira. Long live freedom!

@ 8bad92c3:ca714aa5

Key Takeaways

In this episode, host Marty speaks with Ken, a former CIA deputy chief and now head of government affairs at the Bitcoin Policy Institute, about Bitcoin’s growing relevance in U.S. national security and policy circles. Ken traces his Bitcoin journey from professional curiosity within the CIA, studying adversarial use cases like the Lazarus Group, to personal conviction following events like the Canadian trucker protests, which exposed the dangers of financial censorship. Contrary to popular belief, he reveals that many in the intelligence community support Bitcoin for its alignment with American values such as sovereignty and freedom. The conversation highlights a major cultural shift in Washington, where policymakers now view Bitcoin as a strategic asset rather than a criminal tool. Ken stresses that the future hinges on whether Bitcoin shapes institutions or is co-opted by them, and that political engagement is crucial to ensure the former. He argues Bitcoin can help solve systemic problems from fiscal irresponsibility to geopolitical instability, but only if the industry continues to organize, advocate, and embed its values into national policy.

Best Quotes

"Either institutions are going to win, or Bitcoin is going to win."

"Bitcoin naturally washes out leverage… it's what makes Bitcoin antifragile."

"The CIA didn’t create Bitcoin, but they sure are paying attention now."

"We were all Satoshi."

"Let’s not test the resistance-money thesis in the United States."

"Bitcoin strengthens U.S. values, freedom, private property, sovereignty."

"Bitcoin is political, but it doesn't have to be partisan."

"If you're in a federal agency, the only incentive is to spend more. Bitcoin changes that."

"Don't underestimate your voice. If you keep the phones ringing, they listen."

Conclusion

This episode offers a rare glimpse into how Bitcoin is increasingly viewed as a serious strategic asset within the U.S. intelligence and policy communities. Ken, with his high-level government background and current role in Bitcoin advocacy, underscores the shift from skepticism to engagement among policymakers. His message is clear: Bitcoiners are no longer outsiders, they have a seat at the table, and with sustained political action and education, they can shape the future of Bitcoin policy. The time to engage is now, because the battle for Bitcoin’s role in society is already in motion.

Timestamps

0:00 - Intro
0:26 - Ken's background
6:58 - Tornado/Samourai, surveillance state
11:53 - Reestablishing trust
14:23 - Bitkey
15:18 - CIA bitcoin theory
18:42 - Neutral reserve asset
23:52 - Unchained
24:20 - BPI
29:49 - CLARITY and Secret Service message
33:54 - Withstanding a change in administration
40:03 - Institutions win or bitcoin wins
46:43 - Shrinking gov with bitcoin
57:47 - BPI summit

Transcript

00:00:00 compared to China or Russia, do we have a comparable advantage in gold? How do we compete with China? And this is what the kinds of things CI will think about. Bitcoin is a natural option. At the end of the day, Bitcoin undermines the authority of the Chinese Communist Party. Either institutions are going to win or Bitcoin is going to win. But we do fundamentally on some level need institutions to make the country run. We want those institutions to be properly incentivized. In 10 years, Bitcoin is

00:00:19 either at a million dollars or is zero dollars. Ken, it's great to have you on the show. Thank you for joining me. Marty, finally. We've been we've been kicking us around for a few weeks. I'm glad we uh glad we were finally able to make it work. As I was telling you, in the middle of a move, conference in the middle of that move. It's been a hectic week, so I think I'm finally settling in. As you can see, no bookshelf, but we have stacked books behind me. Hopefully, they will be on on shelves soon.

00:00:52 No, there there are definitely ways there are ways in the world to get you know to get credits on um you know uh what do you call it? Um uh we're good Catholics, you know, when you when you pass and don't go to heaven. Um come on. Thank you. Well, moving is purgatory credit. So, I've done it many times in my life. So, I uh I feel for you. Well, thank you. But I'm really excited for this conversation and likewise the event in a few weeks, the BPI event down in DC, the summit, we met about a month ago, two months ago now at

00:01:26 this point in Austin during the takeover. And Zach was very eager to introduce you to me considering the the history of the show, topics we covered. And I think I'm excited for this cuz I'm infinitely curious to learn how somebody with your pedigree and your resume got into Bitcoin is now working for the Bitcoin Policy Institute as a director of government affairs. So for anybody listening who was unaware of Ken's resume, he did 20 years in government culminating as deputy chief of operations at the CIA Center for Cyber

00:02:01 Intelligence. uh you've worked overseas for the US State Department and now you're advocating on behalf of Bitcoin on Capitol Hill. So, how does somebody with that resume go from statecraft to cipher punk sort of ideas? Yeah. No, so I um like everybody else, I uh I um my my Bitcoin journey is a little bit everybody everybody has a unique journey, right? Um mine actually started at CIA, believe it or not. And it was for purely professional reasons. I um so I was an operations officer. I spent most of my career overseas um as

00:02:37 most of us do. Um but my last two years, my last two turn tours at CIA, I was at the center for cyber intelligence, which is CIA's cyber unit. Um and my first job there, I was group ch I was a operations chief for a group that worked on cyber threat issues. And this was in 2018. So you remember this was when Lazarus group the North Koreans figured out that stealing crypto was a lot easier than like you know trying to rob banks. Um this is when ransomware broke out as a serious problem just preceded you may

00:03:04 remember the Colonial Pipeline hack that shut down you know gasoline shipments to the east coast. So in 2018 um and it's kind of funny like I this is people say did the CIA create Bitcoin. I can tell you in 2018 when policy makers first had to confront its use by actors as an issue like nobody was ready for it. Like if they created it, it was tucked away and hidden in the basement cuz the the bench for people with crypto knowledge in general, digital assets, certainly Bitcoin was really really really shallow. Um I remember we had two

00:03:33 guys um who kind of had background in it and then you they became superstars because all of a sudden we were calling upon them to teach us about Bitcoin and digital assets in general. Um, but yeah, that's so I learned and like everything else, I learned about it because I had to because people we cared people we cared about were using it. Um, but like everything else there there was sort of a mind virus to it. Um, and I I admit, you know, I during co I was in the uh I was in the altcoin casino. I was defying

00:04:00 and memecoining and it was it was fun, you know. No, I I I don't hold any hate for the uh for the alcoiners. People do what they want with their money. Um but I you know that that was when it was during co um I had been sort of buying in 2018 but during co when I really started learning because this is what everybody learned right um and I you know for me Bitcoin was immediately attracted me to it and I was sort of inspired by um I mean the co Kenny trucker protest was something really important to me um I saw how it was

00:04:29 being used um but also sort of in my day job you know I I had a pretty good understanding of how the government uses financial financial tools as a weapon. Um, freezing bank accounts, OFAC sanctions, that kind of thing. And if you're on the, you know, on the giving end of that, that's great. Those are great tools to have if you're the government. Uh, not so great if you're on the other end of it. And, you know, watching these Canadian truckers the first time, you know, you'll be able to, it's very easy

00:04:54 to say, "Yeah, sanction the Iranian, sanction North Korea, whatever." You know, I'm not Iranian. Um but when you see all of a sudden Kat and Trucker people you had some sympathy with being targets of financial you know weaposition of the financial system it you know it struck it struck a it struck a nerve like a really really profound stinging shot to my consciousness my conscious about this issue. Um so for me for the first thing about Bitcoin was um was permissionless transactions that that's that's what got me into it. Um

00:05:23 then of course you go from there and by the time I left the government 2022 I had I was f I was you know full boore I was you know attending meetups and um that's when I started doing some advocacy stuff on Capitol Hill and and and messing around with uh David and Granny PPI doing some advocacy stuff but yeah but it it comes from my time at CIA and yeah I think the um the uh I think what might surprise some people is there are a lot of Bitcoiners um not just at CIA but across the whole national

00:05:52 security establishment And I think they're into it for the same reason that you know that everybody most of your listeners are right like it's you see what's happening in the world. You see the challenges we're facing. You see how governments use financial tools to weaponize them against opposition. You know it's it's very natural that if you have that kind of insight that you look for things to protect yourself and Bitcoin is obvious. So I I I tell a funny story when I um when I was first into it there was um cubicle one of the

00:06:17 guys and he had a bumper

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

News

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

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

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

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

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

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

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

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

@ 9c9d2765:16f8c2c2

In a village nestled between cliffs and sea, lived a girl named Rita who had never spoken a word. She wasn’t mute but ever since her mother passed during a storm, her voice had locked itself deep within.

The villagers called her “the silent one.” Some pitied her. Others ignored her.

But every morning, Rita climbed the cliffs, sat with the rising sun, and played a handmade flute. Her melodies echoed through the valley, haunting, beautiful, alive.

One day, a merchant visited the village. He brought riches, spices, and tales but no joy. His heart was heavy with the loss of his son, and he walked through life with a scowl and silence of his own.

That morning, as he walked near the cliffs, he heard Rita’s song. He froze.

Something about the tune loosened the knot in his chest. It reminded him of lullabies he’d forgotten… of hope he thought had died.

Each day, he returned to hear her play. And though Rita said nothing, her music became his healing.

Soon, others began gathering. A boy with no father. An old widow. A girl who stuttered. They listened. They wept. They smiled.

Rita never spoke.

She didn’t need to.

Her silence became a voice louder than any words one that taught the village: “You don’t have to shout to be heard. Sometimes, healing sings quietly.”

Moral: Quiet doesn’t mean weak. There’s power in peace, and strength in stillness.

@ 8bad92c3:ca714aa5

The political landscape around Bitcoin is shifting rapidly, and this week's conversations reveal critical developments that could reshape the industry. From legislative battles to institutional adoption, here are the key predictions that emerged from recent episodes.

Bitcoin Will Transform Government Spending Incentives and Reverse Institutional Rot - Ken Egan

Ken Egan predicts that Bitcoin adoption will fundamentally restructure how government institutions operate, forcing fiscal responsibility through unchangeable monetary constraints. "Right now, in a lot of federal agencies... there's no incentive not to spend. The incentive is to spend and protect your budgets," he explained, describing the current system where agencies rush to exhaust budgets to maintain future allocations. Ken believes Bitcoin's fixed supply will make this behavior untenable, creating "a sense of responsibility" and bringing "value back to dollars." He sees this transformation as inevitable once Bitcoin becomes integrated into national strategy, making the "drift toward statism, soft authoritarianism, censorship" incompatible with Bitcoin's core properties. Drawing from his 20 years in government, including his role at the CIA's Center for Cyber Intelligence, Ken argues that Bitcoin will either "capture institutions" or be captured by them - and he's betting on Bitcoin winning. This institutional transformation represents a return to pre-9/11 values of sovereignty and financial freedom that he believes still resonate within the national security establishment.

Non-Custodial Lightning Will Achieve 99.9% Reliability Within 12 Months - Matt Corallo

Matt Corallo predicts that non-custodial Lightning wallets will become as reliable as centralized solutions within the next six to twelve months. This transformation hinges on recent technical breakthroughs, particularly zero-fee commitment transactions that solve Lightning's long-standing fee estimation problem. "Finally, after years of work, we can replace this whole scheme that we had with something that doesn't randomly break all the time," Matt explained. He believes the combination of improved payment reliability, splicing standardization, and graduated wallet models (starting custodial for small amounts, then automatically transitioning to non-custodial) will make Lightning competitive with traditional payment systems. Block's C=Lightning node already demonstrates this potential, generating a 9.7% annualized yield on locked Bitcoin. Matt emphasized that with the language protecting non-custodial wallets potentially being included in the market structure bill, we're approaching a tipping point where Lightning becomes the default Bitcoin transaction layer for everyday use.

The Blockchain Regulatory Clarity Act Must Pass This Year or Face Severe Industry Consequences

Matt warns that without passing the Blockchain Regulatory Clarity Act (BRCA) or incorporating its language into the current market structure bill, the U.S. risks driving all Bitcoin innovation offshore. The urgency is palpable - Phoenix wallet already left the U.S. market after the Samurai arrests, and developers remain terrified of prosecution. "We need the law to be super clear so that big players who have lots of capital, have lots of technical expertise... can do so without fear of criminal prosecution," Matt emphasized. The current window represents the best opportunity in years, with the BRCA language now included in Section 110 of the market structure bill heading for markup. If this fails, Matt predicts the next administration could resurrect the aggressive enforcement approach, potentially making the U.S. join "North Korea, Iran, Russia, Crimea" on the list of countries where Bitcoin services refuse to operate. The stakes couldn't be higher for maintaining America's Bitcoin dominance.

The message is clear: call your representatives at SaveOurWallets.org and make your voice heard. The next few weeks will determine whether America leads or lags in the Bitcoin revolution.

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Blockspace conducts cutting-edge proprietary research for investors.

Bitcoin Could See 4,066,047 BTC Institutional Wave by 2026, Breaking Traditional Market Cycles

Professional investors pulled $6.2 billion from U.S. bitcoin ETFs in Q1 2025, marking the first institutional retreat since the products launched. Holdings dropped 23% to $21.2 billion, outpacing bitcoin's 11% price decline and the broader ETF market's 12% dip.

Hedge funds led the exodus, slashing exposure by one-third as the lucrative basis trade unwound when bitcoin futures lost their premium. These tactical traders, managing shorter-term capital, predictably fled when easy profits dried up.

Yet beneath the headline numbers lies a bullish shift: investment advisors managing long-term client portfolios actually increased their bitcoin holdings. They now control 50% of all institutional ETF assets, up from 42% last quarter, and represent 81% of professional filers.

Major players are betting bigger. BlackRock, Goldman Sachs, and Macquarie added $559 million combined. Brown University opened an endowment position. The UAE's Mubadala sovereign wealth fund expanded to $411 million.

With institutional allocations still averaging under 1% and corporations increasing BTC holdings 20% this year, the pullback looks less like a reversal and more like healthy repositioning. The smart money isn't leaving—it's consolidating.

Link to Full Article

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

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

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@ bd982176:8b2599a7

Bitcoin Pizza Day at Kimbo: A Memorable Event with Lessons Learned

On May 22nd, Bitcoin Babies hosted a lively Bitcoin Pizza Day celebration in Kimbo, honoring the historical milestone when Laszlo Hanyecz purchased two pizzas with 10,000 BTC back in 2010. Our aim was to bring the spirit of Bitcoin to the local community, share the excitement of Bitcoin adoption, and of course — enjoy some great pizza!

We had been preparing for the event for weeks. Our team held several productive meetings beforehand, discussing logistics, assigning roles, and ensuring everyone was on the same page. These planning sessions filled us with confidence, and as the day approached, we were eager to see everything come together.

While the event presented a few unexpected challenges, it ultimately turned out to be a vibrant, educational, and inspiring experience for everyone involved.

One hurdle we faced was a delay in receiving the payment receipt for the pizzas, which caused a late start in serving. Technical issues also impacted our Lightning wallet transactions, slowing down payments and extending wait times. Still, the use of Bitcoin’s Lightning Network sparked interest and curiosity among many attendees, providing a real-time look at this powerful technology.

Our pizza chefs encountered some delays and equipment issues that required quick thinking and problem-solving from the team. Meanwhile, the turnout exceeded our expectations, which — though exciting — led to some confusion in managing orders and coordinating among team members.

Yet despite the pressure, what truly stood out was the community’s enthusiasm and our team’s resilience. Most importantly, we were able to educate a significant number of people about Bitcoin — what it is, how it works, and how it can positively impact lives. While we may not have reached everyone as deeply as we had hoped, many attendees walked away with new knowledge and curiosity sparked.

One last-minute complication was seeking permission from the area chief on the same day as the event. Although it added stress, it was a valuable reminder of the importance of early and clear communication with local authorities.

Looking ahead to next year, we’re excited to implement the lessons learned. We’ll secure permissions well in advance, test all technical tools thoroughly, and work even more closely with vendors to ensure smooth logistics. We’ll also set up clearer systems for order handling and team coordination to prevent overload and confusion.

Most importantly, we’ll maintain a strong focus on our mission: not just selling pizza but sharing the promise and potential of Bitcoin with our community. By creating space for both enjoyment and education, we’ll ensure that everyone leaves inspired.

Bitcoin Pizza Day at Kimbo in 2025 was a meaningful experience. We’re proud of what we accomplished, grateful for the lessons learned, and determined to make next year’s celebration even more impactful and memorable.

@ eb0157af:77ab6c55

Ukraine is opening the door to Bitcoin in its national reserves with a draft bill that would give the Central Bank the right to purchase digital assets.

Ukrainian lawmakers have introduced a legislative proposal that could allow the country’s Central Bank to include Bitcoin and other digital currencies in its national reserves.

The bill, filed on June 10 and registered as No. 13356, was put forward by a group of deputies led by Yaroslav Zheleznyak from the Holos party. The proposal calls for amendments to the Law on the National Bank of Ukraine, aiming to authorize the NBU (National Bank of Ukraine) to hold digital assets alongside gold and foreign currencies.

Source: Verkhovna Rada

The bill doesn’t require the Central Bank to invest in cryptocurrencies — it simply grants it the authority to do so. Zheleznyak stated:

“With this bill, we authorize the National Bank of Ukraine to include digital assets in the country’s reserves. However, decisions regarding the timing, methods, and volumes of such inclusion are left entirely at the discretion of the Central Bank.”

According to Zheleznyak, “proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the digital economy’s development.”

In a video discussion with Kirill Khomyakov, regional head of Binance for Central and Eastern Europe, Zheleznyak highlighted the growing international interest in cryptocurrencies as reserve assets, citing countries like the United States, El Salvador, Switzerland, and Brazil as examples of jurisdictions moving toward strategic bitcoin reserves.

The draft bill has been submitted to the Ukrainian Parliament, the Verkhovna Rada, and is now awaiting further consideration. If approved, Ukraine could become the first European country to officially hold bitcoin as a state asset.

The post Ukraine: draft bill to include bitcoin in Central Bank reserves appeared first on Atlas21.

@ b1ddb4d7:471244e7

Paris, France – June 6, 2025 – Flash, the easiest Bitcoin payment gateway for businesses, just announced a new partnership with the Bitcoin Only Brewery, marking the first-ever beverage company to leverage Flash for seamless Bitcoin payments. 

Bitcoin Buys Beer Thanks to Flash!

As Co-Founder of Flash, it's not every day we get to toast to a truly refreshing milestone.

Okay, jokes aside.

We're super buzzed to see our friends at @Drink_B0B
Bitcoin Only Brewery using Flash to power their online sales!

The first… pic.twitter.com/G7TWhy50pX

— Pierre Corbin (@CierrePorbin) June 3, 2025

Flash enables Bitcoin Only Brewery to offer its “BOB” beer with, no-KYC (Know Your Customer) delivery across Europe, priced at 19,500 sats (~$18) for the 4-pack – shipping included.

The cans feature colorful Bitcoin artwork while the contents promise a hazy pale ale: “Each 33cl can contains a smooth, creamy mouthfeel, hazy appearance and refreshing Pale Ale at 5% ABV,” reads the product description.

Pierre Corbin, Co-Founder of Flash, commented: “Currently, bitcoin is used more as a store of value but usage for payments is picking up. Thanks to new innovation on Lightning, bitcoin is ready to go mainstream for e-commerce sales.”

Flash, launched its 2.0 version in March 2025 with the goal to provide the easiest Bitcoin payment gateway for businesses worldwide. The platform is non-custodial and can enable both digital and physical shops to accept Bitcoin by connecting their own wallets to Flash.

By leveraging the scalability of the Lightning Network, Flash ensures instant, low-cost transactions, addressing on-chain Bitcoin bottlenecks like high fees and long wait times.

Bitcoin payment usage is growing thanks to Lightning

In May, fast-food chain Steak ‘N Shake went viral for integrating bitcoin at their restaurants around the world. In the same month, the bitcoin2025 conference in Las Vegas set a new world record with 4,000 Lightning payments in one day.

According to a report by River Intelligence, public Lightning payment volume surged by 266% from August 2023 to August 2024. This growth is also reflected in the overall accessibility of lighting infrastructure for consumers. According to Lightning Service Provider Breez, over 650 Million users now have access to the Lightning Network through apps like CashApp, Kraken or Strike.

Bitcoin Only Brewery’s adoption of Flash reflects the growing trend of businesses integrating Bitcoin payments to cater to a global, privacy-conscious customer base. By offering no-KYC delivery across Europe, the brewery aligns with the ethos of decentralization and financial sovereignty, appealing to the increasing number of consumers and businesses embracing Bitcoin as a legitimate payment method.

“Flash is committed to driving innovation in the Bitcoin ecosystem,” Corbin added. “We’re building a future where businesses of all sizes can seamlessly integrate Bitcoin payments, unlocking new opportunities in the global market. It’s never been easier to start selling in bitcoin and we invite retailers globally to join us in this revolution.”

For businesses interested in adopting Bitcoin payments, Flash offers a straightforward onboarding process, low fees, and robust support for both digital and physical goods. To learn more, visit paywithflash.com.

About Flash

Flash is the easiest Bitcoin payment gateway for businesses to accept payments. Supporting both digital and physical enterprises, Flash leverages the Lightning Network to enable fast, low-cost Bitcoin transactions. Launched in its 2.0 version in March 2025, Flash is at the forefront of driving Bitcoin adoption in e-commerce.

About Bitcoin Only Brewery

Bitcoin Only Brewery (@Drink_B0B) is a pioneering beverage company dedicated to the Bitcoin ethos, offering high-quality beers payable exclusively in Bitcoin. With a commitment to personal privacy, the brewery delivers across Europe with no-KYC requirements.

Media Contact:

Pierre Corbin
Co-Founder, Flash
Email: press@paywithflash.com
Website: paywithflash.comPhotos paywithflash.com/about/press

How Flash Enables Interoperable, Self-Custodial Bitcoin Commerce

@ f0fd6902:a2fbaaab

Wolves can swim great distances of over seven miles. How? It’s due to special webbing between their toes. Many wolves, including the red wolf, will hunt in the water. They’ll slowly and silently swim up to their prey, and at the right time, they lunge forward and nab their victim with their powerful jaws. The webbing between their toes also helps them to maintain traction when walking across slick surfaces, like wet rocks.

https://stacker.news/items/1007519

@ 6f26dd2b:f2824b88

To mitigate the negative effects of cognitive load on decision-making in forex trading, traders can adopt several strategies, such as breaking down complex tasks into smaller, more manageable steps, focusing on relevant information and reducing distractions, using checklists and decision-making frameworks, and taking breaks to recharge mental resources. Traders can also use tools and technologies that automate or simplify certain aspects of the trading process, such as algorithmic trading and risk management software.

To avoid the dangers of overconfidence, traders must remain humble, maintain discipline, and approach the market with a healthy respect for its complexity and unpredictability. By doing so, they can develop strategies that are more likely to result in success.

To avoid making impulsive decisions based on emotion, traders must develop a well-defined trading plan, manage their risk effectively, and maintain discipline. They must also remain focused on their long-term goals and avoid becoming overly focused on short-term gains or losses. By doing so, they can develop strategies that are more likely to result in success in the financial markets.

To avoid the pitfalls of trading to prove oneself to others, traders must develop a clear understanding of their motivations and goals. They must focus on developing a solid trading plan and approach the markets with a long-term perspective. By doing so, they can avoid making impulsive decisions and can manage their risks effectively.

Realistic goals can also help traders stay focused and disciplined, as they provide a clear direction for their trading activities. By setting realistic goals, traders can increase their chances of success and avoid falling victim to unrealistic expectations or pressure.

traders must adhere to the rule of only trading with money that they can afford to lose. By doing so, they can approach trading with a disciplined and rational mindset, which is essential for success in the financial markets.

It is important to conduct proper research and analysis, set realistic goals, and use proper risk management techniques to avoid falling victim to the rich quick mentality.

To avoid losing money due to greed, traders need to be disciplined and have a solid trading plan. This plan should include risk management strategies that help to control the amount of risk that is taken on in each trade. Traders should also use leverage responsibly and avoid overtrading. Finally, traders need to be able to control their emotions and make rational decisions based on analysis rather than emotions.

Being aware of your own strengths and weaknesses can help you develop a trading strategy that works for you.

To practice disciplined trading, you should develop a trading plan and stick to it. This plan should include your entry and exit points, stop-loss levels, and profit targets. It should also include your risk management strategy. By sticking to your trading plan, you can avoid impulsive decisions and ensure that your trades are based on analysis rather than emotions. By practicing disciplined trading and managing your risk carefully, you can improve your chances of success in the markets.

Being patient and persistent requires putting in the time and effort required to succeed. This means dedicating time each day to study the markets, analyze your trades, and refine your strategy. It also means being willing to learn from your mistakes, seek out feedback and guidance from other traders, and continuously improve your skills. By putting in the time and effort required to succeed, you can build the knowledge, experience, and discipline needed to achieve consistent profits over the long-term.

In addition, maintaining a healthy work-life balance is important for avoiding burnout and maintaining mental and physical well-being. This can include strategies such as setting aside time for hobbies and other activities outside of trading, taking breaks when needed, and maintaining a healthy diet and exercise routine.

@ 6fef351a:2a884204

Was für eine Woche!

Die Hitze hatte Deutschland und den DACH-Raum in den letzten Tagen fest im Griff – 33 Grad zeigte das Thermometer am Samstag bei mir an. Und nicht nur die Temperaturen steigen: Auch die Nachrichtenlage wirkt aufgeheizt. Neue Kriegsherde. Neue Rüstungsausgaben. Neue Sorgen.

Ich wäre nicht ehrlich, würde ich behaupten, dass mich das alles unberührt lässt. Ich mache mir Gedanken – über die Zukunft, über die geopolitische Lage und die möglichen Auswirkungen auf unser gesellschaftliches Miteinander. Aber anders als früher fühle ich mich nicht mehr machtlos.

Seit Bitcoin hat sich viel verändert: Ich spüre mehr Handlungsspielraum. Und durch meine Arbeit – durch diesen Newsletter, den Podcast, die Gespräche – habe ich das Gefühl, einen kleinen Beitrag zu leisten und ein Angebot zu machen: für mehr Souveränität, mehr Selbstbestimmung, mehr Sicherheit. Und das ist sehr erfüllend.

Mit diesem Gefühl gelingt es, trotz der Nachrichtenlage, ein Lächeln und den Frohsinn zu bewahren. (Sagt man eigentlich noch Frohsinn? Falls nicht: Ich bin ganz klar für die Wiedereinführung. Ganz tolles Wort!)

MEINE HEART WORDS DER WOCHE

1. Eine Wiederentdeckung

Vor ein paar Tagen bin ich auf einen Artikel von Gigi gestoßen – einem der klügsten Köpfe im Bitcoin-Space, bekannt seit den frühen Tagen. Der Text stammt aus dem Jahr 2018 und behandelt den Energieverbrauch von Bitcoin. Seine Gedanken wirken auch heute noch erstaunlich aktuell. Ich schätze seinen Stil sehr – durchdacht, klar, nahbar. Einige seiner Beiträge sind inzwischen auch auf Deutsch erschienen.

Umso erschütternder ist es, zu sehen, dass selbst Menschen wie Gigi mit Depressionen ringen oder schwere familiäre Verluste erleiden. Vor Kurzem hat er öffentlich gemacht, dass sein Vater sich das Leben genommen hat – auch darüber schreibt er offen.

Wer Gigi einmal beweglich und in Farbe erleben möchte, findet ihn in meiner Lieblings-Bitcoin-Doku Human B. Ich habe sie mehrfach gesehen – sie hebt die Stimmung und gibt Hoffnung auf eine bessere Zukunft.

2. Ein Gespräch

Am Donnerstag war ich zu Gast im Podcast von Stefanie Tschupp, Finanzpsychologin aus der Schweiz. Sie war übrigens die erste Person, die mir jemals öffentlich die Frage stellte: „Und – besitzt du schon einen ganzen Bitcoin?“ Das muss am Schweizer Temperament liegen 😉

Stefanie hat kluge, durchdachte Fragen gestellt – und ich glaube, unser Gespräch ist besonders spannend für Menschen, die bisher wenig oder gar keinen Kontakt zu Bitcoin hatten.

Mich freut es jedes Mal, wenn Frauen oder Menschen aus der klassischen Finanzwelt beginnen, sich für Bitcoin zu öffnen. Und ich bin zuversichtlich: Diese Entwicklung steht erst am Anfang.

3. Eine Lotto-Maschine

Zum Vatertag habe ich meinem Vater einen NerdAxe Gamma geschenkt – ein kleines Gerät, das im Mini-Format echtes Bitcoin-Mining betreibt. Die Chance, damit einen Block zu finden (und aktuell 3,125 Bitcoin zu erhalten), ist zwar winzig – aber aufs Jahr gerechnet immer noch größer, als beim Lotto fünf Richtige samt Superzahl zu treffen. So wird Bitcoin plötzlich greifbar – und zieht vielleicht sogar ins Wohnzimmer der Familie ein. Meine Mutter war übrigens noch begeisterter als mein Vater. Kein Wunder – sie hört schließlich meinen Podcast 😉

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Eine Werbung

Falls du dir auch einen NerdAxe zulegen möchtest: Mit dem Code NICOLE erhältst du 5 % Rabatt und unterstützt damit meine Arbeit – und ein junges Bitcoin-Unternehmen aus Deutschland. Die Jungs von Nerdminer.de sind großartig und bauen mit viel Liebe zum Detail.

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4. Ein Störgeräusch

Frank Thelen – Unternehmer, Investor und bekannt aus Die Höhle der Löwen – hat in einem Interview mit der BILD-Zeitung über Bitcoin gesprochen. Leider waren seine Aussagen weder sachlich noch korrekt – und ernteten prompt scharfe Kritik aus der Bitcoin-Community. Viele seiner Argumente gelten längst als widerlegt. Der Fall zeigt einmal mehr, wie wichtig es ist, sich bei komplexen Themen wie Bitcoin selbst ein Bild zu machen – statt sich auf prominente Stimmen zu verlassen.

5. Ein Zitat

Technik ist einfach nicht meine Stärke und auch nicht mein Interesse. Aber Freiheit ist mein Interesse und deswegen musste ich mich mit der Technik auseinandersetzen. Und es geht wirklich, auch wenn man keine Lust hat! – Anastasia Umrik

Anastasia ist eine starke und beeindruckende Frau. Kaum jemand, dem ich im echten Leben begegnet bin, hat mich so sehr inspiriert wie sie.

Diese Woche war Anastasia zu Gast bei LFO live, dem neuen Streaming-Format von Les Femmes Orange, und hat ihre Bitcoin-Geschichte erzählt.

Trotz technischer Schwierigkeiten – am Ende fiel sogar der Google-Server aus – ist unser Gespräch erhalten geblieben. Zum Glück! Du findest es auf YouTube.

Bitcoin selbst hatte übrigens seit 2013 keinen Ausfall mehr – und gilt heute als das sicherste Netzwerk der Welt. Sicherer als die Systeme großer Tech-Giganten wie Google, Microsoft oder Amazon.

Danke fürs Lesen! Wenn dir dieser Beitrag gefallen hat, leite ihn gerne weiter oder antworte mir. Dein Feedback hilft, diesen Newsletter besser zu machen.

Hab einen schönen Sonntag oder eine schöne Woche – ganz egal, wann du diese Worte liest.

Nicole ❤️

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Ich bin Nicole, Wirtschaftsmathematikerin und Ex-Angestellte aus dem Schwarzwald. Meinen Job als Data Analystin habe ich an den Nagel gehängt, um über Bitcoin aufzuklären – weil es alles auf den Kopf gestellt hat.

Heute sehe ich die Welt mit neuen Augen.

Heart Money – das ist mein Newsletter zum gleichnamigen Podcast auf YouTube. Es geht um hartes Geld. Und um das Geld des Herzens.

Ich schreibe über Bitcoin, Gesellschaft und das, was mich bewegt.

Hier teile ich Gedanken, Anregungen, Videos und Fundstücke rund um eine Technologie, die uns ermutigt, wieder Verantwortung zu übernehmen – für uns selbst und für die Zukunft.

Sonntags auf Substack, montags auf NOSTR.

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• The newest LND release brings upgrades that empower developers with better on-chain management, significantly boost backend scalability for expanding services, and ensure a more seamless and dependable payment experience.

"We are excited to announce the release of LND v0.19.0 beta! This new release focuses on making LND more secure, scalable, and reliable for powering global bitcoin and stablecoin transactions," was announced in a blog post.

• Some highlights of this release include a Replace-By-Fee Cooperative Close for flexible channel closure fees, migration of invoices to SQL for faster startups, enhanced payment reliability through improved pathfinding, transaction sweeper improvements, the addition of Testnet4 support for stable testing, among other things.

"As always, we are grateful for the ongoing support of our external contributors across development, review, and testing. A total of 51 developers contributed to this release. For the complete list of changes included in this release, check out the full release notes."

What's new

• New RBF cooperative close flow. It uses RBF to enable either side to increase their fee rate using their own channel funds. Channel peers must support the option_simple_close for this new protocol to work. This new feature can be activated with a new config flag: --protocol.rbf-coop-close.
  • This feature isn't compatible with older LND versions; fee bumping with them uses CPFP. It already works with Eclair v0.12.0 or up, and should work with other implementations as they roll out support for this protocol. The protocol currently does not support Taproot channels and Taproot asset channels.
• Support for archiving channel backups in a specific folder for future reference. It comes with a new config option, disable-backup-archive (default: false), to control whether previous backups are archived.
• Support for experimental endorsement signal relay. Deployed experimentally to assist ongoing channel jamming research, it has no impact on routing.
• Initial support for quiescence. This protocol gadget is required for upcoming Dynamic Commitments and Splicing features.
• Historical Sync: Fixed a race condition blocking initial sync due to syncer's internal state handling.
• Max Fee Rate is now respected during cooperative close initiation for both parties, not just the remote party.
• Lots of other bug fixes.

• Performance Improvements:

  • Limit outbound gossip traffic bandwidth with --gossip.msg-rate-bytes and --gossip.msg-rate-burst. Set burst to the maximum bytes transmittable without rate limiting, and rate to the ongoing permitted rate.

• Ability to use ZSTD for log rotation.

• Remove redundant iteration over a node's persisted channels when updating the graph cache with a new node or node update.

• Functional Enhancements:

  • Add pagination for wallet transactions.
  • Make MaxWaitNumBlocksFundingConf configurable for faster test timeouts, with a default of 2016 blocks for production.
  • Change sweeper to attempt sweeps if the budget is partially covered, preventing delays and high fees.
  • Validate MPP parameters before payment to avoid path finding loops and timeouts.
• Functional Updates:
  • Enable log compression with ZSTD using the logging.file.compressor argument.
  • Enhance SCB file with more data for last-resort rescue when a peer is unavailable.
  • Update channel.backup file at shutdown in LND.
  • Introduce chainio subsystem to sync subsystems with the current best block, fixing delays in HTLC sweeping due to block height discrepancies in ChainArbitrator, UtxoSweeper, and TxPublisher. Click here to learn more.
  • Sweeper now uses configured budget values for HTLCs with --sweeper.budget.deadlinehtlcratio and --sweeper.budget.deadlinehtlc.
  • Consider blockbeat dispatcher height when checking if lnd is synced to chain.
  • Allocate restricted slots for peers via --num-restricted-slots.
  • Added support for bitcoin testnet4.
  • Removed x/exp/maps dependency.
  • Add --no-disconnect-on-pong-failure option (default: false) to manage peer disconnection on pong failure or mismatch.

• RPC Additions and Updates. Some RPCs that previously returned an empty response now provide a short status message to help command line users confirm successful execution or background initiation. The following CLI commands no longer return an empty response ({}):

  • lncli wallet releaseoutput (WalletKit.ReleaseOutput RPC)
  • lncli wallet accounts import-pubkey (WalletKit.ImportPublicKey RPC)
  • lncli wallet labeltx (WalletKit.LabelTransaction RPC)
  • lncli sendcustom (Lightning.SendCustomMessage RPC)
  • lncli connect (Lightning.ConnectPeer RPC)
  • lncli disconnect (Lightning.DisconnectPeer RPC)
  • lncli stop (Lightning.Stop RPC)
  • lncli deletepayments (Lightning.DeleteAllPaymentsResponse RPC)
  • lncli abandonchannel (Lightning.AbandonChannel RPC)
  • lncli restorechanbackup (Lightning.RestoreChannelBackups RPC)

  • lncli verifychanbackup (Lightning.VerifyChanBackup RPC)

  • The ForwardInterceptor's MODIFY option now merges custom range TLVs with existing HTLC records, overwriting conflicting values with API-supplied ones.

  • Make ProofMatureDelta in gossip configurable via --gossip.announcement-conf, defaulting to 6.
  • Add LockedIn boolean field to lnrpc.HTLC to show if an HTLC is locked in by the remote peer.
  • Allow custom lock ID and duration in FundPsbt RPC.
  • Extend lnrpc.RPCMiddlewareRequest to include gRPC metadata pairs from the initial request's context.Context.
  • Updated PendingSweeps to return all registered outputs in the RPC response, regardless of future locktime, enabling planning for upcoming sweeps and custom aggregation logic. Added MaturityHeight field to PendingSweep for absolute locktime value.
  • Add BumpForceCloseFee RPC endpoint, moving lncli functionality to LND for broader accessibility.
  • Enhance walletrpc.FundPsbt with an option to set fees as sat_per_kw for greater precision.
  • Add a new option in walletrpc.FundPsbt to specify the maximum fee-to-output amounts ratio.
  • Sort lnrpc.Invoice.Htlcs by InvoiceHTLC.HtlcIndex in the list invoices RPC response.
  • Set a default 60-second timeout for routerrpc.SendPaymentV2 when timeout_seconds is unset or 0.
  • Include custom_channel_data for custom channels in lnrpc.ClosedChannels response.
  • lncli updates and additions:
  • Allow pre-generated macaroon root key in lncli create and lncli createwatchonly for deterministic macaroon generation.
  • Add --sat_per_kw flag to lncli wallet fundpsbt for precise fee rate specification.
  • Include --max_fee_ratio argument in lncli wallet fundpsbt to set maximum fee-to-output amounts ratio.
  • Enhance lncli listchannels and lncli closedchannels output with human-readable short channel ID and BOLT02 channel ID; rename chan_id to scid for accuracy.
  • Initiate cooperative close flow in coop close case even with active HTLCs, disabling the channel for new HTLCs and starting the flow when no HTLCs remain.
  • Introduce macaroon constraint for IP range-based access restriction, expanding beyond spe

@ eb0157af:77ab6c55

The Russian government is preparing sanctions against those who violate mining regulations, with fines of up to $25,000.

The Ministry of Digital Development, Communications and Mass Media of the Russian Federation has drafted a bill introducing financial penalties and the seizure of cryptocurrencies for miners operating illegally.

The ministerial proposal, currently under interdepartmental review according to Forbes Russia, would grant judicial authorities extraordinary powers over the mining sector. Courts would be able not only to impose financial penalties but also to directly confiscate illegally mined bitcoins.

Fines will follow a progressive scale:

• private individuals: 100,000 to 200,000 rubles ($1,272–$2,544);
• individual entrepreneurs and public officials: 200,000 to 400,000 rubles ($2,544–$5,088);
• companies and corporations: 1 million to 2 million rubles ($12,728–$25,456).

Crackdown on mining pools

Another aspect of the proposed legislation concerns mining pools. If approved, the bill would introduce penalties for those participating in such groups illegally. The government strategy aims to amend the Code of Administrative Offenses, effectively turning illegal mining into a criminal offense with harsher consequences than current administrative fines.

Crypto payments under scrutiny

Beyond mining operations, the new provisions would also target the use of cryptocurrencies as a means of payment outside the official sandbox managed by Russia’s Central Bank. Sanctions for this violation could reach 1 million rubles ($12,728).

Andrey Medvedev, Head of the Legal Department at the Central Bank, emphasized during the St. Petersburg International Legal Forum that “[crypto] illegally used as a means of payment will be confiscated.”

Regional restrictions on mining

Under current Russian regulations, unregistered citizens are allowed to mine domestically provided their energy consumption does not exceed 6,000 kWh per month. However, about ten Russian regions and territories under Russian control maintain specific restrictions.

Operators of mining infrastructures — primarily data center and hosting service providers — will be required to report operational details to Rosfinmonitoring, the national financial intelligence agency, including wallet addresses used at their facilities.

While penalties are tightening, the government recently chose not to extend mining bans to new regions. The government’s energy commission, chaired by Deputy Prime Minister Alexander Novak, rejected a proposal to ban mining in Khakassia and postponed annual restrictions in Zabaikalsky Krai and Buryatia. However, Moscow has approved a one-year mining ban in the southern part of the Irkutsk region, widely considered the de facto capital of Russian mining.

The post Mining in Russia: fines and asset seizures for illegal operations appeared first on Atlas21.

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

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@ f0fd6902:a2fbaaab

Bettylou Sakura Johnson vs Molly Picklum | Lexus Trestles Pro presented by Outerknown 2025 - Final:

https://www.youtube.com/watch?v=6nfXUpcbxmA&ab_channel=WorldSurfLeague

Yago Dora vs Kanoa Igarashi | Lexus Trestles Pro presented by Outerknown 2025 - Final:

https://www.youtube.com/watch?v=mGIdse7cT4s&ab_channel=WorldSurfLeague

Ranking WSL Women and Men:

All the Highlights: Lexus Trestles Pro presented by Outerknown 2025

https://www.youtube.com/watch?v=KudyJghs2E4&ab_channel=WorldSurfLeague

Every Excellent Wave - Lexus Trestles Pro presented by Outerknown 2025

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The Innovator's Algorithm: A Deep Dive into Elon Musk's First Principles Thinking

Introduction

In the landscape of modern industry, progress often appears as a steady, predictable march forward. Companies refine their products, optimize their processes, and achieve incremental gains. Yet, periodically, an individual or an organization emerges that does not simply take the next step, but redefines the path entirely. They achieve non-linear breakthroughs that leave competitors years, or even decades, behind. Elon Musk, through ventures like SpaceX and Tesla, has become the modern archetype of this kind of innovator, repeatedly solving problems long considered impossible or impossibly expensive, from mass-market electric vehicles to affordable, reusable rockets.
The question that naturally arises is: how? Is it a matter of unique genius, unlimited resources, or sheer luck? The evidence suggests something more fundamental and, crucially, more systematic. The engine driving these revolutionary leaps is a mental model known as First Principles Thinking.
This is not a new concept, but its application by Musk has thrust it into the spotlight as a powerful tool for innovation. At its core, first principles thinking is a method of deconstruction and reconstruction. It involves a conscious rejection of the most common form of human reasoning—reasoning by analogy—where we do things because they are like things that have been done before. Instead, it demands that we break down a problem into its most fundamental, irreducible truths—the "first principles"—and reason up from that solid foundation to create entirely new solutions.
This report provides a comprehensive and actionable deconstruction of this powerful mental model. The analysis will journey from its ancient philosophical roots to its modern application in the high-stakes worlds of aerospace and automotive manufacturing. It will offer detailed, data-driven case studies of how first principles thinking has been deployed at SpaceX and Tesla to shatter industry dogma. Finally, it will synthesize these lessons into a practical, step-by-step framework, equipping leaders, entrepreneurs, and ambitious professionals with a blueprint to apply this innovator's algorithm to their own most significant challenges.

Section 1: Deconstructing the Idea: The Philosophical and Scientific Origins

To fully grasp the power of first principles thinking, one must understand that it is not a modern business-school fad or a Silicon Valley buzzword. It is a rigorous method of inquiry with a rich intellectual lineage stretching back over two millennia, used by many of history's most profound thinkers, from Aristotle to Isaac Newton and Albert Einstein. Its power lies in its timeless, disciplined approach to establishing true knowledge.

1.1 The Search for the Archê: From Ancient Greece to Modern Physics

The origins of this mental model lie in the philosophical inquiries of ancient Greece. Philosophers like Thales, Anaximander, and Heraclitus were engaged in a search for the archê—a Greek term meaning the "first principle," "origin," or "ultimate underlying substance" from which everything else is derived. They sought to understand the world not by accepting myths or surface appearances, but by identifying the most fundamental reality that could explain everything else.
This ancient quest for foundational truths laid the groundwork for a systematic approach to knowledge that would be formalized and championed by one of history's greatest thinkers.

1.2 Aristotle's Blueprint: Knowledge from Primary Causes

It was the Greek philosopher Aristotle who first popularized and structured the concept of first principles. He defined a first principle as “the first basis from which a thing is known”—a foundational proposition or assumption that is self-evident and cannot be deduced from any other proposition. For Aristotle, true scientific knowledge, or episteme, was not possible without understanding these primary causes. In his Metaphysics, he wrote, "in every systematic inquiry...knowledge and science result from acquiring knowledge of these; for we think we know something just in case we acquire knowledge of the primary causes, the primary first principles, all the way to the elements".
The common modern interpretation of first principles thinking as simply "breaking a problem down" is a significant oversimplification of the Aristotelian method. Aristotle provided a more structured framework for this deconstruction through his concept of the Four Causes, a diagnostic tool for understanding the fundamental nature of any object or problem :

1. The Material Cause: What is it made of? This refers to the physical matter or raw materials from which something is composed. For a statue, it is the marble; for a rocket, it is the aerospace-grade aluminum alloys.
2. The Formal Cause: What is its form, essence, or design? This is the pattern or blueprint that shapes the material. For the statue, it is the figure the sculptor carves; for a battery, it is the specific cell architecture.
3. The Efficient Cause: What agent or process brings it into being? This is the primary source of the change or creation. It is the sculptor's hands and tools, or the automated assembly line in a factory.
4. The Final Cause: What is its purpose or end goal (telos)? This is the ultimate reason for its existence. The statue's purpose might be aesthetic beauty; the rocket's purpose is to achieve affordable access to space.

By analyzing a problem through these four causal lenses, one moves beyond simple deconstruction into a comprehensive causal analysis. This framework provides a far more robust method for identifying the true, fundamental components of a problem, which, as will be shown, maps directly onto how modern innovators like Musk approach complex challenges.

1.3 The Scientific Revolution: From Philosophy to Physics

The thread of first principles thinking runs directly from Aristotle through the Scientific Revolution. Thinkers like René Descartes, the 17th-century French philosopher and scientist, embraced this approach through his method of "Cartesian Doubt." Descartes resolved to "systematically doubt everything he could possibly doubt until he was left with what he saw as purely indubitable truths". His famous conclusion, "Cogito, ergo sum" ("I think, therefore I am"), was his first principle—the one truth he could not doubt, from which he could begin to reconstruct knowledge.
This method had a profound impact on the development of the modern scientific method, which is fundamentally a first-principles approach. Science does not advance by simply accepting existing theories as dogma. It advances by testing hypotheses against empirical evidence and reasoning up from the foundational, established laws of nature.
This brings us to why Elon Musk often describes his approach as a "physics way of looking at the world". This is not a casual metaphor; it is a literal description of his methodology. Physics seeks to understand reality by identifying the most fundamental, non-negotiable laws (like gravity, conservation of energy, and the speed of light) and using them as the axioms from which to build models of the universe. When a model (like Newtonian mechanics) is found to be incomplete, physicists do not just tweak it; they develop a new model (like Einstein's relativity) from more fundamental principles that better explains reality.
Musk applies this same intellectual rigor to business and engineering. He views an industry's "best practices" and conventional wisdom as a flawed model of reality. His goal is to discard that model, identify the fundamental truths of the situation—the "laws of physics" for that particular problem, which might be the commodity cost of raw materials or the physical limits of a manufacturing process—and build a new, more effective solution from that foundation. This is why the method is so disruptive: it treats business challenges with the same intellectual honesty and rigor that a physicist applies to understanding the cosmos.

Section 2: The Cognitive Fork in the Road: First Principles vs. Reasoning by Analogy

To fully appreciate the power of first principles thinking, one must understand its opposite: reasoning by analogy. This is the default mode of human cognition, the well-worn path our minds naturally follow. First principles thinking is the conscious, deliberate choice to leave that path and forge a new one, a decision that requires significant mental effort but unlocks vastly different outcomes.

2.1 The Path of Least Resistance: Why We Reason by Analogy

Reasoning by analogy means making decisions and solving problems by looking for a precedent. As Musk explains, it means "copying what other people do with slight variations". We do something because it is like something else that was done, or it is what everyone else is doing.
This cognitive shortcut is not a flaw; it is a feature of an efficient brain. Our minds have evolved to conserve energy, and re-deriving every solution from scratch every day would be mentally exhausting. Analogy allows us to navigate the world quickly by leveraging the accumulated knowledge and experience of others. However, while this efficiency is useful for most daily tasks, it becomes a severe limitation when the goal is not just to function, but to innovate.
The distinction between these two modes of thought is powerfully illustrated by several metaphors found in the works of thinkers who study this topic :

• The Chef vs. The Cook: The cook reasons by analogy. They follow a recipe, a pre-existing solution, to create something that has been made before. Their knowledge is effective but fragile; if the recipe is lost, the cook is "screwed". The chef, in contrast, reasons from first principles. They understand the fundamental properties of ingredients, the chemistry of heat, and the principles of flavor combination. They can invent new recipes because they possess true, foundational knowledge.
• The Coach vs. The Play-Stealer: The play-stealer reasons by analogy. They copy plays from other teams, running them without a deep understanding of their design. The coach reasons from first principles. They understand the rules of the game, the physics of motion, and the specific capabilities of their players. They design novel plays from this foundational knowledge. When a play fails, the play-stealer is lost, but the coach understands why it failed and can adjust it, because they designed it from its core components.

In both cases, the analogical thinker is dependent on the work of others, while the first-principles thinker is capable of generating original solutions.

2.2 The Traps of Analogical Thinking

Relying on analogy as the primary tool for solving complex problems creates several cognitive traps that stifle innovation.
Trap 1: Optimizing Form Over Function Reasoning by analogy often leads us to optimize the existing form of a solution, rather than rethinking its essential function. A powerful example of this is the rolling suitcase. For thousands of years, humans had bags (form) and wheels (form), yet the rolling suitcase was not invented until 1970. For centuries, innovation focused on making better bags (new materials, zippers, more pockets), optimizing the existing form. The breakthrough came only when Bernard Sadow, observing a worker rolling a heavy machine on a wheeled skid, shifted his focus from the form ("a better bag") to the function ("a better way to move belongings").
A similar modern example is the perennial question, "Where are the flying cars?". This question reveals a fixation on a specific form (a car that flies) while completely overlooking that the function (personal air transportation) has been solved, just in a different form (airplanes). Analogical thinking gets stuck on the car, while first principles thinking focuses on the flying.
Trap 2: The Prison of Dogma and Convention Analogy is the mechanism by which dogma and convention are perpetuated. Phrases like "we do it this way because it's how it's always been done" are the hallmark of analogical reasoning. This mode of thought prevents us from questioning the shared beliefs that underpin our industries and societies. As thinkers like Shane Parrish of Farnam Street note, everything that is not an immutable law of nature—from the value of money to the existence of national borders—is ultimately just a shared belief. Analogy reinforces these beliefs, while first principles thinking gives us permission to question them.
Trap 3: The Illusion of Progress Reasoning by analogy is the engine of incremental improvement. It allows for continuous, linear progress within the boundaries of an existing vision. However, it rarely, if ever, leads to breakthrough innovation. It sets a company on a trajectory of making a slightly better version of what already exists. As author James Clear puts it, without first principles, "you spend your time making small improvements to a bicycle rather than a snowmobile". The trajectory is different from the very beginning.

2.3 First Principles as the Escape Route

First principles thinking is the conscious and disciplined act of escaping these cognitive traps. It requires abandoning our allegiance to previous forms and inherited conventions. It forces a shift in focus from "how can we make this existing thing 10% better?" to the more fundamental questions: "What are we actually trying to accomplish? What is the functional outcome we seek? And what is the most direct, physically possible way to achieve it?" By starting from this clean slate, built only on a foundation of verified truths, we open up a new, unconstrained solution space where true innovation can occur.

Section 3: Case Study I - The SpaceX Revolution: Deconstructing the Cost of Reaching for the Stars

Perhaps no example better illustrates the raw, disruptive power of first principles thinking than the story of SpaceX. By applying this mental model to an industry ossified by decades of convention and cost-plus government contracting, Elon Musk did not just create a new rocket company; he fundamentally altered humanity's economic relationship with space.

3.1 The "Impossible" Problem: The Astronomical Cost of Rockets

The story begins in 2002. After selling PayPal, Musk turned his attention to his goal of making humanity a multi-planetary species, starting with a mission to Mars. His initial plan was not to build rockets, but to buy them. However, after inquiries in the United States and Russia, he discovered that the cost was astronomical, with prices as high as $65 million for a single launch. The aerospace industry operated on a deeply entrenched assumption: rockets are, and always will be, incredibly expensive.
The prevailing analogy governing the industry was that rockets were like ammunition—complex, high-performance machines designed for a single, fiery use before being discarded. This dogma had gone largely unchallenged for half a century, leading to a culture of inefficiency and a lack of financial incentive to innovate on cost.

3.2 Applying the "Physics Framework": Deconstructing the Rocket

Faced with this "impossible" price tag, Musk did not try to negotiate a 10% discount or find a slightly cheaper supplier. He rejected the analogy and instead applied his "physics framework". He began a first principles deconstruction of the rocket, starting with Aristotle's Material Cause. He asked the simple, foundational question: "What is a rocket made of?".
The answer was not some unobtainable, magical substance. It was a list of industrial commodities: aerospace-grade aluminum alloys, titanium, copper, and carbon fiber. His next step was to determine the cost of these materials on the open commodity market. The result of this analysis was the critical insight that ignited the SpaceX revolution: the raw material cost of a rocket was only about 2% of the typical sale price.
This single data point was transformative. It proved that the high cost of rockets was not a fundamental truth of physics or economics. It was a man-made artifact, a consequence of the industry's Efficient Cause—the accumulated inefficiencies of bloated supply chains, legacy manufacturing processes, and cost-plus contracting models that rewarded complexity rather than simplicity. The discovery that 98% of the cost was not in the "what" but in the "how" revealed the true problem to be solved: inefficiency.

3.3 Rebuilding from the Ground Up: Vertical Integration and Reusability

With the fundamental problem identified, the solution path became clear. The strategy had to be about attacking the 98% inefficiency gap. This led to two core strategic pillars for SpaceX, both direct consequences of first principles thinking.
The Logic of Vertical Integration: If the exorbitant cost was embedded in the traditional aerospace supply chain, the only way to escape it was to build a new one. This led to SpaceX's strategy of extreme vertical integration. By designing and manufacturing over 70-90% of its rocket components in-house, SpaceX could control the entire process, re-engineer it for efficiency, and bypass the layers of middlemen and legacy contractors that defined the old way of doing business.
The Reusability Revolution: The most radical innovation was to challenge the foundational analogy of the expendable rocket. Musk asked the quintessential first principles question: "Why can't rockets be reused?". Reasoning by analogy provided a simple answer: because it's too hard; NASA and the Soviet Union never achieved it, so it must be nearly impossible. But reasoning from the first principles of physics and engineering provided a different answer: while difficult, there was no law of physics preventing a rocket from taking off and landing again. It was a solvable engineering challenge. This led to the decade-long development of the Falcon 9, the first orbital-class rocket capable of landing its first stage for rapid reuse, a feat that has fundamentally changed the economics of spaceflight.

3.4 The Staggering Results: Quantifying the Disruption

The impact of this first-principles-driven approach is not theoretical; it is starkly visible in the numbers. The cost of access to space has plummeted, creating a paradigm shift in the industry.
Table 1: The Economics of Space Access - A Comparative Analysis

| Launch System | Operator | Era | Cost per Launch (Approx. USD) | Payload to Low Earth Orbit (LEO) (kg) | Cost per kg to LEO (Approx. USD) | | :---- | :---- | :---- | :---- | :---- | :---- | | Space Shuttle | NASA | 1981-2011 | $1.5 Billion | 27,500 | $54,500 | | Delta IV Heavy | ULA | 2004-2024 | $400 Million | 28,790 | $13,900 | | Ariane 5 | Arianespace | 1996-2023 | $200 Million | 21,000 | $9,500 | | Falcon 9 (Reusable) | SpaceX | 2015-Present | $67 Million | 17,500 | $3,800 | | Falcon 9 (Expended) | SpaceX | 2015-Present | $90 Million | 22,800 | $3,950 | | Starship (Target) | SpaceX | Future | $10 Million (Target) | 150,000 | \<$100 (Target) |

Sources:
The data in Table 1 reveals the scale of the disruption. Prior to SpaceX, launch costs had remained stubbornly high for decades, with the Space Shuttle costing over $54,000 per kilogram to orbit. SpaceX's Falcon 9 reduced that cost by a factor of nearly 20. With Starship, the company's next-generation fully reusable vehicle, the target is a further reduction of more than 100-fold, potentially driving the cost below $100 per kilogram. This is not incremental improvement. This is a complete re-writing of the rules of an industry, born directly from the process of deconstructing a problem to its fundamental truths and reasoning up from there.

Section 4: Case Study II - The Tesla Disruption: Rebuilding the Automobile from the Atom Up

The application of first principles thinking within Musk's ventures did not stop at the edge of space. At Tesla, the same mental model has been systematically applied to disrupt the century-old automotive industry, first by deconstructing the economics of the electric vehicle's most critical component, and now by deconstructing the very process of manufacturing itself. This demonstrates a clear evolution in the application of the framework, moving from a single component to an entire system of production.

4.1 Part A: The Battery Cost Problem

When Tesla began its mission to accelerate the world's transition to sustainable energy, it faced a monumental obstacle: the prohibitive cost of lithium-ion batteries. The prevailing analogy in the automotive and electronics industries was simple and seemingly unbreakable: "Battery packs are expensive, and they always will be".
The Prevailing Analogy: Industry experts and analysts pointed to the historical cost, which hovered around $600 per kilowatt-hour (kWh), and projected only slow, incremental improvements. This single data point was the foundation of the argument that affordable, long-range electric vehicles were not commercially viable for the mass market.
Musk's Deconstruction: Mirroring his approach at SpaceX, Musk rejected the industry's top-down price and instead began a bottom-up analysis from first principles. He asked the fundamental question of Material Cause: "What are the material constituents of the batteries?". He publicly listed the core components: cobalt, nickel, aluminum, carbon (for the anode), lithium, polymers for the separator, and a steel can for the cell housing.
The Commodity Market Truth: The next step was to price these raw materials on the commodity markets, such as the London Metal Exchange. This analysis revealed a staggering discrepancy. The fundamental cost of the raw materials required to make a battery was not $600/kWh, but closer to $80/kWh.
Table 2: Deconstructing the Battery - Market Price vs. Material Truth (Illustrative)

| Component Material | Function | Illustrative Material Cost per kWh (USD) | | :---- | :---- | :---- | | Nickel | Cathode Material | $25 | | Graphite (Carbon) | Anode Material | $10 | | Lithium | Charge Carrier | $15 | | Cobalt | Cathode Stabilizer | $8 | | Aluminum | Cathode Conductor / Casing | $5 | | Copper | Anode Conductor | $7 | | Polymers & Electrolyte | Separator & Ion Transport | $5 | | Steel Can & Assembly | Housing & Manufacturing Overhead | $5 | | Sum of Material & Basic Processing Costs | | \~$80 | | Historical Industry Price (c. 2012) | | \~$600 | | The "Inefficiency Gap" | | \~$520 |

Note: The costs in this table are illustrative, based on public statements by Musk and general market conditions around 2012 to demonstrate the principle of the analysis. Actual costs vary with chemistry and market fluctuations. Sources:
The conclusion from this analysis was identical to the one for rockets: the high cost was not a law of physics, but an artifact of inefficient processes. As Musk stated, "Clearly you just need to think of clever ways to take those materials and combine them into the shape of a battery cell, and you can have batteries that are much, much cheaper than anyone realizes". This insight drove Tesla's massive investment in battery R\&D and manufacturing, leading to innovations in the Formal Cause (the design of the larger, tabless 4680 cell) and the Efficient Cause (pioneering a more efficient dry-electrode manufacturing process) to systematically attack the "inefficiency gap" and drive down costs.

4.2 Part B: The Factory as the Product - The "Unboxed" Revolution

Having applied first principles to the car's key components, Tesla is now applying the same thinking to the entire system of production. The new guiding principle is that the factory itself is the ultimate product, and that the "machine that builds the machine" must be designed for maximum physical efficiency.
Deconstructing the Assembly Line: The target for deconstruction is the century-old automotive assembly line, an invention of Henry Ford that has become the unquestioned analogy for mass manufacturing. A first principles analysis reveals its fundamental limitation: it is a linear, sequential process. A car body moves down a line, and parts are added one after another. This creates a physical bottleneck; only a limited number of people or robots can work on a five-meter-long object at any given time, limiting the speed and density of the operation.
The "Unboxed" Solution: Tesla's proposed solution, known as the "Unboxed Process" or Global Automotive Modular Evolution (GAME), is a complete reconstruction of the manufacturing process from the ground up.

• Core Idea: Instead of building a car body and moving it down a line, the new method involves building the car in large, separate modules—such as the front body, rear body, structural battery pack, and side panels—in parallel sub-assembly lines. These fully completed and even painted modules only come together for final assembly at the very end.
• Enabling Technology: This radical rethinking of the Efficient Cause is made possible by a corresponding innovation in the Material and Formal Causes: "giga-casting." Tesla uses enormous high-pressure die-casting machines to produce huge sections of the car's underbody as a single piece. This one innovation eliminates hundreds of individual stamped metal parts and the complex welding and joining processes they required.
• The Result: This parallel process allows more people and robots to work on the vehicle simultaneously in an open, accessible space before it is "boxed" up. Tesla projects this will reduce manufacturing costs by as much as 50% and shrink the required factory footprint by over 40%. It represents a step-change in operator density and space-time efficiency, moving car manufacturing closer to the efficiency of assembling consumer electronics like Lego blocks.

This journey from deconstructing a battery to deconstructing a factory shows a powerful co-evolution. The first principles analysis of vehicle structure identified part-count and assembly complexity as a primary inefficiency. This created the demand for a new technology—giga-casting—to solve that fundamental problem. The existence of giga-casting, in turn, enabled a completely new and more efficient manufacturing process—the unboxed factory. This demonstrates a virtuous cycle where first principles thinking drives technological innovation, which then unlocks the possibility for even more radical process innovation.

Section 5: Your Blueprint for First Principles Thinking: A Practical Guide

Understanding the philosophy and seeing its effects in high-profile case studies is inspiring, but the true value of a mental model lies in its application. First principles thinking is not an esoteric art reserved for billionaire entrepreneurs; it is a disciplined, systematic process that can be learned and applied to any significant challenge, professional or personal. The goal is to move from passively accepting the world "as is" to actively imagining it "as it could be," constrained only by fundamental, evidence-based truths.
This section synthesizes the various practical methodologies described by practitioners and analysts into a single, robust, four-step framework for deconstruction and reconstruction.

5.1 The Four-Step Framework for Deconstruction and Reconstruction

This framework is an algorithm for converting unexamined assumptions into innovative solutions built on a foundation of truth.
Step 1: Identify and Isolate the Problem & Your Assumptions Before you can deconstruct a problem, you must define it with precision and make your implicit beliefs about it explicit.

• Pinpoint the Problem: Clearly articulate the specific challenge you are trying to solve. Vague problem statements lead to vague solutions. Be sharp and focused. For example, instead of "I want to be more successful," a better problem statement is "I need to increase my project's user acquisition by 50% in the next six months".
• List Your Assumptions: This is the most critical part of the first step. List every assumption, convention, and "best practice" you hold about the problem. Ask yourself: What do I believe to be true about this situation? Why do I believe it? What does my industry or community accept as gospel? For example, if the problem is growing a business, an assumption might be, "Growing my business will require a large marketing budget". The goal is to create a comprehensive inventory of the beliefs that are currently constraining your thinking.

Step 2: Deconstruct to Fundamental Truths with Rigorous Questioning This is the analytical core of the process, where you systematically test the validity of the assumptions you listed in Step 1. The goal is to break the problem down until you are left with only irreducible, evidence-based components—the first principles. Two powerful techniques are central to this step.

• Technique A: Socratic Questioning This disciplined, systematic questioning process, named after the ancient Greek philosopher Socrates, is designed to uncover truths, reveal underlying assumptions, and separate knowledge from ignorance. It is a dialogue with yourself or your team, guided by a series of probing questions :
• Clarifying Your Thinking: What exactly do I mean by [concept]? Why do I think this is important?
• Challenging Assumptions: How do I know this is true? What if I thought the opposite? What if this assumption is no longer valid?
• Looking for Evidence: What is the source for this belief? How can I back this up with data? Is this a universal fact or a shared opinion?
• Considering Alternative Perspectives: What might others think? How would an expert in a different field view this? How do I know I am correct?
• Examining Consequences and Implications: What are the consequences if I am wrong? What are the logical implications of this belief?
• Questioning the Original Question: Why did I ask that question in the first place? Was it the right question to ask?
• Technique B: The Five Whys This technique, popularized by the Toyota Production System, is a simpler, more intuitive method for drilling down to the root cause of a problem. It mirrors the relentless curiosity of a child. You start with your problem and ask "Why?" repeatedly until you can no longer provide a factual answer. That final, unanswerable point often reveals the true, fundamental issue.
• Example: Declining Sales Revenue
  1. Problem: Sales revenue declined last quarter. Why?
  2. Answer 1: Because our customer acquisition rate dropped. Why?
  3. Answer 2: Because our website traffic has decreased. Why?
  4. Answer 3: Because our search engine ranking for key terms has fallen. Why?
  5. Answer 4: Because a competitor has published more comprehensive, helpful content that now outranks ours. Why?
  6. Answer 5: Because our content strategy has not adapted to meet the evolving needs and search intent of our target audience. This process peels back the layers of symptoms to reveal the root cause, which is a strategic issue with content, not just a tactical sales problem.

Step 3: Rebuild Your Approach from a New Foundation Once you have broken the problem down to its fundamental truths, the final step is to reconstruct a solution from these new building blocks, free from the constraints of your original assumptions.

• Focus on Function: Begin by stating the core function you are trying to achieve. Ignore the form of previous solutions. In the sales example, the function is not "to run more ads" but "to provide the most valuable information to our target audience to attract and convert them."
• Brainstorm from Scratch: Working from your newly established first principles, generate novel solutions. How can you achieve the desired function in the most direct and effective way? This is the stage for creativity and "out-of-the-box" thinking.
• Combine and Synthesize: Look for opportunities to combine ideas and components from different domains, just as the snowmobile was conceived by combining parts from a bicycle, a tank, and a boat.

Step 4: Implement, Test, and Iterate (The Role of Failure) A solution derived from first principles is, by its nature, a new theory about how to solve a problem. Like any scientific theory, it must be tested against reality.

• Frame as an Experiment: Treat the implementation of your new solution not as a final deployment, but as an experiment designed to test a hypothesis. This reframes the entire endeavor and manages expectations.
• Embrace Failure as Data: In this framework, failure is not an endpoint or a mark of defeat; it is a critical form of data collection. When an experiment fails, it provides invaluable information about how your reconstructed model deviates from reality. It is the feedback loop that allows you to refine your understanding of the first principles and iterate on your solution.
• Cultivate a "Fail-Fast, Learn-Fast" Culture: This contrasts sharply with an analogical system, where failure is often seen as a deviation to be punished. In a first-principles-driven system, the goal is to accelerate the rate of learning by accelerating the rate of (controlled) failure. This iterative process of building, testing, failing, and learning is what ultimately leads to a robust and revolutionary solution. The implementation and testing phase is not merely a follow-on activity; it is the crucial verification mechanism for the entire thinking process.

Section 6: The Innovator's Edge and Its Burdens: A Nuanced View

Adopting first principles thinking offers a profound competitive advantage, but it is not a panacea. It is a mentally demanding and often difficult process, fraught with its own unique challenges and risks. Acknowledging both the immense benefits and the significant burdens is essential for its successful application.

6.1 The Benefits: Why It's Worth the Effort

The reasons to undertake this cognitively expensive process are compelling, as they offer rewards that are often non-linear and transformative.

• Unlocking True Innovation: This is the most significant benefit. First principles thinking is the most reliable path from making incremental improvements on existing ideas to generating genuine, breakthrough solutions. It allows individuals and organizations to move from linear to non-linear results, creating entirely new categories or fundamentally reshaping existing ones.
• Developing a Defensible Moat: Solutions built from a unique understanding of fundamental truths are inherently difficult for competitors to copy. A competitor reasoning by analogy will only see the surface-level product or strategy; they will not understand the deep, first-principles reasoning that led to its creation, making their attempts to replicate it shallow and ineffective.
• Achieving Unparalleled Clarity and Efficiency: By stripping away the noise of convention, historical baggage, and flawed assumptions, this method allows a thinker to focus on the true root cause of a problem. This prevents wasted time, energy, and resources on addressing mere symptoms, leading to more direct and efficient strategies.
• Thinking for Yourself: Ultimately, reasoning from first principles is one of the best ways to learn how to think for yourself. It breaks the dependency on the ideas and frameworks of others, fostering intellectual independence and the confidence to tackle problems that have never been solved before.

6.2 The Burdens: The Challenges and Risks of Thinking from Scratch

Despite its power, first principles thinking is difficult and comes with significant risks that must be managed.

• High Cognitive Load: As Musk and others have noted, it takes far more mental energy and time to reason from first principles than to reason by analogy. It is a deliberate, slow, and analytical process that is not practical or necessary for every decision.
• The Expertise Paradox: This is perhaps the central challenge of applying the method effectively. On one hand, it requires deep domain expertise to correctly identify the true, fundamental principles of a complex field. A novice attempting to deconstruct a problem in particle physics or automotive engineering without sufficient knowledge is likely to arrive at naive and incorrect conclusions. On the other hand, that very expertise can be a trap, creating dogma and blind spots that prevent the expert from questioning the conventions of their own field. The solution to this paradox lies in cultivating a "beginner's mind" while possessing expert knowledge, or in building teams with diverse perspectives that can challenge the expert's ingrained assumptions.
• The Risk of Overconfidence: Successfully deconstructing a problem and arriving at a contrarian conclusion through what feels like impeccable logic can lead to a dangerous sense of overconfidence. This is especially risky if the analysis has missed a single, crucial piece of information that the "experts" knew all along. The history of innovation is littered with individuals who were certain they had reinvented the wheel, only to discover their reasoning was flawed.
• The "Wrong Set of True Principles" Failure: The most subtle and pernicious failure mode occurs when the reasoning process is logically sound and every base axiom used is, in fact, true. Failure can still occur if the thinker has selected the wrong set of true principles to build their argument upon. For example, one could build a perfectly logical business model based on the true principles of user engagement and viral growth, only to find it fails because it ignored the more relevant (and equally true) principles of unit economics. The elegance of a logical argument is no substitute for its utility in the real world. This highlights a critical point: the ultimate arbiter of a first-principles analysis is not its internal logical consistency, but its effectiveness when tested against reality.

Conclusion: Answering Your Challenge

First principles thinking is more than a problem-solving technique; it is a disciplined and rigorous mindset for engaging with reality. It represents the fundamental difference between following a map created by others and learning to read the terrain to draw your own. The former is a process of analogy, efficient and reliable on well-trodden paths. The latter is a process of deconstruction and discovery, demanding but essential for navigating uncharted territory and finding new destinations.
The case studies of SpaceX and Tesla are not just stories of entrepreneurial success; they are powerful demonstrations of this mental algorithm in action. At SpaceX, deconstructing the cost of a rocket to its raw materials revealed that 98% of the price was not a physical necessity but a human-created inefficiency, paving the way for the revolution of reusability. At Tesla, the same process exposed the gap between the market price of batteries and their fundamental material cost, unlocking the path to the mass-market electric vehicle. Now, with the "unboxed" manufacturing concept, this thinking is being applied to the factory itself, treating the century-old assembly line as just another assumption to be questioned and rebuilt from the ground up.
This brings us to the ultimate application of this framework: using it to address your own most significant challenges. The prompt for deeper learning asks: “What are the fundamental truths behind my biggest challenge today, and how can I rebuild my strategy from scratch like Elon Musk would?”
To answer this question is to begin the first principles process yourself.
Start by isolating your biggest challenge—be it a business goal, a career path, or a personal ambition. Then, apply the first step of the framework: identify and list every single assumption you hold about it. What are the "rules" you believe are unbreakable? What is the conventional wisdom you have accepted without question?

• "To have a secure career, I must follow a traditional corporate path."
• "My industry has always operated this way, so it must continue to do so."
• "I don't have enough capital/time/experience to pursue my real goal."
• "This problem is too complex to be solved."

These are the analogies and dogmas that define the boundaries of your current thinking. The next step is to take each one and subject it to the rigorous questioning of the Socratic method or the Five Whys. How do you know it's true? What is the evidence? What if the opposite were true? Deconstruct these beliefs until you are left only with what you can prove to be a fundamental, unshakeable truth.
From that new, solid foundation of truth, you can begin to rebuild. You can construct a new strategy, a new path, a new solution—one that is not constrained by the inherited limitations of others, but is based on what is actually possible.
The process is difficult. It requires more mental energy than simply following the crowd. It demands intellectual honesty and the courage to discard long-held beliefs. But it is this very process that separates incremental improvement from non-linear breakthroughs. The first step to thinking like an innovator is not to conjure a brilliant idea out of thin air, but to have the courage to fundamentally question what you already believe to be true. In doing so, you can begin to see the world not just as it is, but as it could be.

@ eb0157af:77ab6c55

Connecticut halts all public investment in digital assets while other U.S. states move toward strategic bitcoin reserves.

Connecticut has taken a firm stance against digital assets by approving legislation that categorically prohibits all levels of state and local government from investing in Bitcoin and other cryptocurrencies.

On June 10, the Connecticut General Assembly published the final text of bill H.B. 7082, which has now become Public Act No. 25-66. The legislation was passed unanimously by both the House and the Senate, signaling bipartisan agreement on the need to keep public finances away from the cryptocurrency market.

The new law establishes an outright ban on government entities purchasing, holding, or investing in Bitcoin and other cryptocurrencies. It also prohibits the creation of any “virtual currency reserve” and the acceptance of crypto payments.

In addition to restrictions on the public sector, the State’s legislation introduces consumer protection measures for private individuals. Crypto businesses operating as Money Service Businesses will now be required to disclose all material risks associated with cryptocurrencies through “clear, conspicuous and legible writing in the English language.”

Another provision addresses the protection of minors: the new law mandates legal guardian verification for all users under the age of 18.

While Connecticut adopts a restrictive position toward digital assets, several other U.S. states are moving in the opposite direction. New Hampshire became the first state to pass a bill for a strategic bitcoin reserve, followed by Arizona.

The post Connecticut says no to Bitcoin: law approved banning state crypto reserves appeared first on Atlas21.

@ 9ca447d2:fbf5a36d

The Blockchain Group, Europe’s first publicly listed bitcoin treasury company, has received the green light from its shareholders to raise more than €10 billion (approximately $11 billion) to buy more bitcoin.

This is one of the biggest bitcoin treasury plays in Europe as the company wants to speed up its bitcoin accumulation and become a major institutional buyer.

At the Annual General Meeting held on June 10, 39% of the voting rights represented by shareholders voted in favor of the financing plan, with over 95% of the votes cast in favor.

The approval gives the board of directors broad financial powers to issue shares and other securities to raise capital, either with or without preferential subscription rights.

This will allow the company to raise funds quickly in public or private markets to buy bitcoin when the time is right.

CEO Jean-Philippe Casadepax-Soulet said:

“I would like to thank our shareholders for the trust they have placed in us with the approval of these new financial authorizations, that will enable us to accelerate our Bitcoin Treasury strategy, focused on increasing the number of bitcoins per share on a fully diluted basis over time.”

The Blockchain Group’s strategy is to increase the number of bitcoin per share. This means that the company aims to buy more bitcoin without diluting existing shareholders’ ownership, and provide exposure to a growing hard-asset reserve within the company’s equity.

According to Bitcoin Treasuries, the company already holds 1,471 BTC, worth around €160 million.

Earlier this month, it added 624 BTC, worth around €69 million, to its treasury. These are just the beginning of a much bigger accumulation effort funded by the recent shareholder-approved capital increase.

Alongside ordinary shares, the financial powers granted to the board include the ability to issue preferred shares, warrants and convertible bonds. This gives the company the tools to optimize funding costs and respond to market demand.

This is on top of the €300 million at-the-market (ATM) facility announced earlier with asset manager TOBAM, where the company can issue new shares at market price. TOBAM is the sole subscriber under this ATM and can buy up to 39% of the company if the facility is fully used.

In addition to the capital raise, shareholders elected Alexandre Laizet as a board member and appointed him Deputy CEO in charge of the Bitcoin strategy. Laizet’s 6-year term will end in 2030, which shows the long-term vision for digital assets.

The appointment highlights the importance of bitcoin within the company’s overall structure which also includes subsidiaries in data intelligence, AI consulting and decentralized technology.

@ 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

@ 70c48e4b:00ce3ccb

Hello all :)

Something pretty exciting just happened in the world of decentralized tech.

A new social network project called Nostria successfully wrapped up its pre-seed funding round. It raised the funds through Angor, a crowdfunding platform built on Bitcoin and Nostr that aligns perfectly with the project’s decentralized mission.This post is all about what Nostria is doing, why it matters, and how Angor made it all possible.

What is Nostria?

nostr:npub16x7nxvehx0wvgy0sa6ynkw9c2ghuph3z0ll5t8veq3xwm8n9tqds6ka44x is a social network app that’s built to make the Nostr protocol easy to use. If you're not familiar with Nostr, it's an open protocol for decentralized social networking. It gives users more control and privacy, without relying on big platforms.

Nostria makes all that feel less like a tech experiment and more like a real social network. The app is simple, elegant, and beginner-friendly. It is available across iOS, Android, and web so you can jump in from anywhere.

Think of it as the easiest way to start using Nostr without needing to understand all the technical stuff under the hood.

https://www.nostria.app/assets/screenshots/nostria-01.jpg

The Problem Nostria is Solving:

One of the challenges Nostr faces right now is scaling. The network relies on relays to pass messages around, but many of these are centralized and getting overloaded. That creates serious bottlenecks and makes the whole experience less reliable. Just to give you an idea:

• Damus relay has around 646,000 users
• Nos relay has 601,000 users
• Snort sits at 417,000 users

When so many users depend on just a few relays, it puts a huge strain on the system and limits how far the network can grow.

Nostria’s Clever Fix

Nostria introduces a smarter way to scale Nostr without losing its decentralized core. Instead of relying on a few overloaded relays, it uses:

• Regionally deployed Discovery Relays – Think of these as local hubs placed in different parts of the world. When users connect, they are matched with a nearby relay, which keeps things faster and spreads the traffic out so no single relay gets overwhelmed.

• Pooled User Relays – Instead of each person depending on just one relay, users are connected through a shared pool. This means messages are sent and received more efficiently, especially when more people join the network.

All of this happens behind the scenes. The app keeps things simple and intuitive, with automation that handles the complexity for you. Whether you're posting, reading, or connecting with others, the experience stays smooth.

Nostria has bold ambitions. Here’s what they’re going for:

• A goal of 1 million daily active users
• Competing with platforms like Bluesky, Mastodon, and even X (formerly Twitter)
• A long-term plan to support both free and premium services to drive adoption

As of now, the Nostr network as a whole has:

• 15,000 daily active users
• 42.7 million total users
• 552 million total events

So the market is already there. It just needs the right tools to grow.

https://www.nostria.app/assets/screenshots/nostria-02.jpg

Meet the Team

Nostria is led by nostr:npub1zl3g38a6qypp6py2z07shggg45cu8qex992xpss7d8zrl28mu52s4cjajh, a software engineer with deep experience in distributed systems. He has been involved with the Nostr protocol since its early days in 2021 and is deeply passionate about decentralization and open-source tech.

https://www.nostria.app/assets/team/sondre.jpg

He’s joined by nostr:npub1e0krp2gr3l5nfd2jw2cydh68adxjpmcqdhs2e0jxkrqd4crwt4dslwrk0k, a thoughtful full-stack developer focused on simplicity and sovereignty, and nostr:npub10c4sn723akd7fqegfe6xntpq43p86vnyvv7j2ryaq8jzvhyea4pq72c5ul, a junior dev who’s already contributed to open source and is finishing up her studies.

https://www.nostria.app/assets/team/kosta.jpg https://www.nostria.app/assets/team/lu.jpg

The Funding Round

To bring Nostria to life, the team aimed to raise $30,000 during their pre-seed round. This funding would help them:

• Complete their MVP (Minimum Viable Product)
• Deploy global infrastructure
• Start building their user base
• Get ready for a full Seed round in late 2025

How Angor Helped?

Angor is a decentralized crowdfunding platform built on Bitcoin and the Nostr protocol. It’s designed exactly for projects like this. The team at Nostria launched their campaign on Angor between May 12 and May 31, and it was a success.

What made the campaign stand out?

1. The whole process was decentralized and transparent.
2. Backers could fund the project directly, without intermediaries.
3. Nostria aligned perfectly with Angor’s vision of empowering projects that push decentralization forward.

The campaign served as both a fundraiser and a real-world example of how decentralized infrastructure can power decentralized ideas. And it worked.

Inside the Funding Terms

As part of this funding round, Nostria offered contributors a post-money SAFE (Simple Agreement for Future Equity). This is a modern, flexible way for startups to raise money early without the complexity of traditional equity rounds.

In simple terms:

•Investors contributed funds now, and in return, they will receive equity in Nostria during a future priced equity round. When Nostria raises its next round, most likely a Seed round, then those SAFE contributions will convert into actual shares.

•The SAFE includes a valuation cap, which sets a maximum company valuation for conversion. This guarantees that early backers receive shares at a better rate than future investors. While the exact cap isn't publicly listed, this feature ensures early supporters are rewarded for their trust.

•There is no interest or maturity date, which is a major benefit over traditional convertible notes. There’s no ticking clock or repayment obligation. Investors simply wait until the next funding event.

•The SAFE also features a Most Favored Nation (MFN) clause. This ensures that if the company issues another SAFE later with better terms, early investors will automatically receive the same improved terms. It’s designed to keep things transparent and equitable.

•Jurisdiction and legal terms: While the full legal text isn’t included in the note, SAFEs typically specify the legal jurisdiction governing the agreement. Nostria’s approach suggests a commitment to following standard legal frameworks, further underlining their seriousness and professionalism.

You can read Nostria’s public SAFE summary here: nostr:npub16x7nxvehx0wvgy0sa6ynkw9c2ghuph3z0ll5t8veq3xwm8n9tqds6ka44x

And you can view the full campaign hosted on Angor here: https://hub.angor.io/project/angor1qwdgxjuzhjykgpn5q8p3l2q9vyrgqdlrkfp5sjr

By sharing these details openly, the team added a strong layer of transparency and trust to the entire campaign. It is a clear signal that they are building something serious and thoughtful, with long-term commitment and care instead of shortcuts.

What’s Next?

With the funding secured, Nostria is sprinting ahead. The roadmap includes:

• June: Deploying media and relay servers
• July: Adding premium features and full cross-platform support
• August: Growing the user base and preparing for the next funding round

If all goes well, Nostria is on track to become one of the most accessible and user-friendly Nostr based platforms out there. With a clear roadmap and a team focused on long-term decentralization, the journey is just getting started...

Got an idea of your own? You can launch your project on Angor, just like Nostria did, and start your own funding round with the support of a like-minded community.

Thanks for reading. See y’all next week with another story from the world of open, decentralized innovation. Ciao

@ 8bad92c3:ca714aa5

MicroStrategy's Debt-Financed Bitcoin Strategy Will Force a Reckoning Within 18 Months - Jessy Gilger

Jessy Gilger from Unchained Capital warned about the sustainability of MicroStrategy's model and its derivatives like MSTY. He predicts that as more companies adopt Bitcoin treasury strategies, "the P&L will matter more as the balance sheet gets commoditized." Within the next 18 months, he expects the current arbitrage opportunities that MicroStrategy exploits will diminish as Bitcoin reaches higher liquidity levels and more competitors enter the space.

His most concerning prediction involves MSTY specifically, which currently offers distributions annualized at 120% - far exceeding the 16-22% he calculates as reasonable from covered call strategies. "If a whale wants out of MSTY in size... they could sell those derivative positions into an illiquid market where there's no bid," potentially causing a 95% collapse similar to what happened with gold mining ETFs during COVID. He advises investors to consider "private pools" for options strategies rather than pooled products where "you're in the pool with everyone else" and subject to forced liquidations.

Pensions Will Drive the Next Major Bitcoin Adoption Wave in 2026-2027 - Adam Back

Adam Back sees institutional adoption accelerating dramatically as pension funds begin allocating to Bitcoin. "The institutional cover of some of the bigger entities that people would reference... you don't get fired for following BlackRock's recommendation," he explained. With BlackRock now suggesting 2% portfolio allocations and the infrastructure finally in place through Blockstream's new Gannett Trust Company, the barriers for institutional adoption are falling rapidly.

Back predicts this will create a "snowball" effect as pension funds realize Bitcoin can help address their massive unfunded liabilities. He noted that financial institutions offering Bitcoin products are "slow movers" with "policies and training materials and guidance that they got to get through," but once activated, the scale will dwarf current retail and ETF flows. The combination of pension fund allocations, continued nation-state adoption, and the mathematical scarcity of Bitcoin leads him to view even $100,000 as "cheap" given where the market is headed.

Traditional Bond Markets Will Collapse as Bitcoin Becomes the Escape Hatch - Sean Bill

Sean Bill sees a massive shift coming as bond markets deteriorate globally. "You peel back the onion. So who benefits from financial repression, right. And inflating your way out of assets," he explained. With Japanese bond yields blowing out and U.S. 30-year yields jumping 10 basis points in a single day, Bill predicts we're witnessing the early stages of a sovereign debt crisis that will drive unprecedented flows into Bitcoin.

He pointed to Japan's MetaPlanet as a preview of what's coming: "The whole bond market of Japan just flowed into a hotel company." As pension funds and institutions realize they can't meet obligations through traditional fixed income, Bitcoin will become the only viable alternative. Bill believes this transition will accelerate once fiduciaries understand Bitcoin's role as "pristine collateral" that can help them "chip away at those unfunded liabilities." His experience getting Santa Clara County's pension into Bitcoin in 2021 showed him firsthand how a 1-3% allocation at $17,000 could have "wiped out the unfunded liability" as Bitcoin approached $100,000.

Adam Back & Sean Bill Podcast Here

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Blockspace conducts cutting-edge proprietary research for investors.

New Bitcoin Mining Pool Flips Industry Model: "Plebs Eat First" Could Threaten Corporate Dominance

UTXO Management's explosive report forecasts unprecedented institutional demand that could absorb 20% of Bitcoin's circulating supply by 2026. Bitcoin ETFs shattered records with $36.2 billion in year-one inflows, crushing every commodity ETF launch—and they're projected to hit $100 billion annually by 2027.

The real story? ETFs are just the appetizer. Five massive catalysts are converging: wealth platforms eyeing $120 billion from a modest 0.5% allocation across $60 trillion AUM; corporations following MicroStrategy's playbook now holding 803,143 BTC; potential U.S. Strategic Reserve of 1 million BTC; 13 states with active Bitcoin reserve bills; and the rise of BTCfi yield strategies offering 2-15% returns.

The game-changer: these aren't day traders. CFOs, treasurers, and governments are structurally locked buyers seeking BTC-denominated yields, not quick profits. With FASB mark-to-market accounting removing impairment headaches and regulatory clarity accelerating globally, institutions face a stark reality—allocate now or chase exposure at dramatically higher prices.

This isn't another cycle. It's the institutional colonization of Bitcoin.

Link to Full Article

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

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

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

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@ e5de992e:4a95ef85

Stop Chasing Goals, Start Building Systems: The Mindset Shift That Unlocks Sustainable Success

We’ve all been there. Fired up with a new resolution, a bold ambition, a tantalizing goal shimmering on the horizon. "I want to get 1,000 new customers." "I'm going to lose 20 pounds." "This is the year I finally write that novel." We pour our energy into the chase, fueled by visions of a triumphant finish line. But more often than not, this pursuit leads to a familiar cycle of burnout, frustration, and the dispiriting feeling of falling short.
What if the finish line is the problem? What if the relentless focus on a fixed outcome is the very thing holding us back?
This is the core of a powerful mindset shift championed by thinkers like Scott Adams, the creator of Dilbert, and embodied in the relentless innovation of entrepreneurs like Jeff Bezos and Elon Musk. The alternative? Think in systems, not goals. This approach liberates you from the all-or-nothing pressure of a single target and instead focuses on building repeatable processes that generate progress, foster resilience, and compound results over time.
Instead of the goal to “get 1,000 customers,” you design a system: “Publish one valuable blog post every day to drive inbound leads.” The former is a destination; the latter is a continuous engine. And in the long game of life and business, it’s the quality of your engine that matters most.

The Hidden Pitfalls of a "Goals-Only" Mindset

At first glance, shunning goals feels counterintuitive. They provide direction, after all. But as James Clear, bestselling author of Atomic Habits, points out, a myopic focus on goals has several inherent flaws:

• Winners and Losers Share the Same Goals: Every Olympian wants to win gold. Every startup founder wants to be a unicorn. If successful and unsuccessful people share the same goals, then the goal itself cannot be the differentiating factor. The true differentiator is the consistent system of training, practice, and improvement that the winner implements.
• Goals Are a Fleeting Moment of Change: Imagine you’ve worked for months to clean a cluttered room. You achieve the goal, and for a moment, it’s a triumph. But if you haven’t changed the underlying system of accumulating and not tidying, the clutter will inevitably return. As Clear says, "You do not rise to the level of your goals. You fall to the level of your systems."
• Goals Restrict Your Happiness: The goal-oriented mindset operates on a "deferred happiness" model: "I'll be happy when I reach my sales target." or "I'll be satisfied when I get that promotion." This creates a perpetual state of pre-success failure. By contrast, a systems-based approach allows for satisfaction every time you execute your system. You wrote your daily blog post? That's a win. You did your 30 minutes of exercise? A victory. You're no longer waiting for permission to feel good about your efforts.
• Goals Can Undermine Long-Term Progress: What happens after you cross the finish line? For many marathon runners, the weeks after the race are a void, as the singular goal that drove them is now gone. A system, however, is infinite. A system of "being a person who runs regularly" has no end date. It encourages continuous engagement and improvement, long after a specific milestone is passed.

The Unrivaled Power of Systems: Consistency, Adaptability, and Compounding Progress

So, what does it mean to "think in systems"? A system is a process, a habit, a routine that you control and that you can perform consistently. It's the architecture of your ambition.
Scott Adams famously articulated this distinction on his blog. He didn’t have a goal to become a syndicated cartoonist. Instead, he built a system: he would draw and write every single day. This system, this relentless practice, not only honed his skills but also generated a constant stream of output that dramatically increased his odds of success. "Goals are for losers," he provocatively wrote. "Systems are for winners."
The beauty of this approach lies in its key benefits:

• It Reduces Burnout: Chasing a distant, high-stakes goal is mentally and emotionally taxing. Every day you haven't achieved it can feel like a failure. A system, however, focuses your energy on the immediate, controllable present. Did you follow your process today? If so, you succeeded. This reframing is a powerful antidote to burnout.
• It Creates Sustainable Habits: Systems are the fertile ground from which habits grow. By focusing on a daily or weekly process—writing 500 words, making 10 sales calls, meditating for 10 minutes—you are laying down the neurological pathways for these actions to become automatic. The system is the scaffolding for the habit.
• It Increases Adaptability and Long-Term Results: A rigid goal can shatter in the face of unexpected change. What if the market shifts and your initial customer acquisition target becomes irrelevant? A person fixated on the goal might be lost. A person with a system of "consistently creating valuable content and engaging with my community" can pivot. Their engine is still running, and they can direct its power toward new opportunities. This adaptability is crucial for long-term relevance and success.

Systems Thinking in Action: Lessons from the Titans of Industry

This isn't just a theory for personal development; it's the operating manual for some of the most successful enterprises in modern history.
Jeff Bezos and the Amazon Machine: Amazon is a breathtaking collection of interlocking systems. A prime example is the "Day 1" philosophy. Bezos has long advocated that Amazon must always operate with the urgency, customer-centricity, and inventive spirit of a startup on its very first day. This isn't a goal; it's a cultural system designed to ward off the complacency that often comes with success. From the "two-pizza teams" designed to keep innovation agile to the institutionalized practice of "working backwards" from a customer's needs, Amazon is a testament to the power of systemic thinking.
Elon Musk and First Principles: When Elon Musk set out to build rockets, he didn't have the goal of "making cheaper rockets." He employed a system of thinking known as "first principles." Instead of accepting the high cost of existing rockets, he asked, "What are the fundamental material components of a rocket?" By breaking down the problem to its physical truths and rebuilding from there, SpaceX was able to create a far more efficient and cost-effective system of manufacturing and launch. This first-principles approach is Musk's system for tackling seemingly insurmountable problems, and he has applied it across his ventures, from Tesla's battery technology to Neuralink's brain-computer interfaces.

Your Turn: How to Redesign Your Goals into Powerful Systems

The shift from goals to systems is a practical one that you can begin implementing today. The key is to reframe your desired outcome as a consistent process that you can control.
Here’s a look at how to transform common goals into robust systems:

| Instead of this Goal... | Build this System... | | :---- | :---- | | "Get 1,000 customers." | "Publish one valuable blog post every weekday to drive inbound leads and spend 30 minutes daily engaging with potential customers on social media." | | "Lose 20 pounds." | "Focus on eating whole foods for every meal and engage in 30 minutes of enjoyable physical activity five times a week." | | "Write a bestselling novel." | "Write 500 words every morning before checking email and read one book in my genre every two weeks." | | "Become fluent in Spanish." | "Complete one lesson on a language app every day during my commute and have a 15-minute conversation with a language partner twice a week." | | "Raise $1 million in funding." | "Identify and reach out to five potential investors every single day and refine my pitch deck for one hour each week based on feedback." |

Now, it's time for you to reflect. Look at the ambitions currently driving you. Ask yourself:
“How can I redesign my current goals into daily or weekly systems that deliver value regardless of the outcome?”
By shifting your focus from the distant prize to the daily process, you are not giving up on your ambitions. On the contrary, you are building a more reliable, resilient, and ultimately more powerful path to achieving them. You are trading the anxiety of the chase for the quiet confidence of the craftsman. You are playing the long game.
Stop waiting for the finish line to feel successful. Build a system, execute it with consistency, and start winning today.

@ 866e0139:6a9334e5

Autor: Tina Marie. 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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Solange wir mit uns selbst im Krieg stehen, bleibt der Ruf nach Weltfrieden hohl.\ Ein Text über Selbstoptimierung, innere Leere – und die Möglichkeit, Frieden dort zu beginnen,\ wo wir ihn am wenigsten suchen: im eigenen Körper.

Es beginnt oft leise.\ Mit dem Wunsch, mehr aus sich zu machen.\ Dich zu entwickeln, Dich zu verbessern, das Beste aus Deinem Leben herauszuholen.

Manche nennen es Wachstum.\ Doch oft wird daraus etwas anderes:\ Ein ständiger Druck, ein inneres Getriebensein.\ Ein subtiler Krieg gegen alles, was noch nicht „gut genug“ ist.

Vielleicht kennst Du das auch:\ Du funktionierst, erreichst viel, bist stark.\ Aber tief innen wächst eine Leere.\ Eine Erschöpfung, die nicht vom Tun kommt –\ sondern vom dauerhaften Versuch, Dich selbst zu übertreffen.

„Wer nach außen schaut, träumt. Wer nach innen blickt, erwacht.“\ – C.G. Jung

Was wäre, wenn Du gar nicht „mehr“ sein musst?\ Wenn in der Akzeptanz dessen, was jetzt in Dir lebt, bereits alles enthalten ist?\ Was, wenn Frieden genau dort beginnt,\ wo Du aufhörst, Dich selbst ständig neu zu optimieren?

„Du kannst nicht tief in Dein Herz hinabtauchen,\ wenn Du versuchst, das Wasser mit Gewalt klar zu machen.“\ – Virginia Woolf

Wir leben in einer Welt, die das Laute feiert –\ die Schnelligkeit, die Disziplin, den Aufstieg.\ Aber was geht dabei verloren?

Wie oft passen wir uns an –\ an Bilder, an Formate, an Erwartungen,\ bis wir kaum noch wissen, was in uns wirklich lebt?

Statt authentischer Individualität\ formt sich ein konformer Einheitsbrei:\ angepasst, glatt, kontrolliert – aber leer.

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Perfektion ist eine Illusion.\ Sie wird genährt durch Ideale, die nie wirklich unsere waren.\ Was wir sehen, sind Körper, die nach den Maßgaben digitaler Vorbilder geformt wurden –\ glattgezogen, modelliert, mit immer gleichen Proportionen, gleichen Posen,\ gleichen Michelin-Männchen-Lippen.\ Einheitsästhetik statt Echtheit.

Und wir fragen uns:\ Was macht uns wirklich reich?\ Was erfüllt uns – jenseits von Normkörpern, Klickzahlen und Anerkennung im Außen?

Wann hast Du zuletzt gespürt,\ dass Du nicht schöner, sondern nur echter sein musst?

Die Lehren von Neville Goddard erinnern daran:\ Was wir in uns tragen – an Bildern, Gefühlen, innerer Wahrheit – formt unsere Realität.\ Frieden entsteht nicht im Außen.\ Er entsteht in uns –\ wenn wir aufhören, uns zu überfordern,\ und beginnen, uns zu halten.

„Glauben ist fühlbares Wissen aus der Tiefe des Seins.“\ – Neville Goddard

Vielleicht ist die wichtigste Friedensarbeit heute nicht laut.\ Nicht strategisch. Nicht politisch.\ Sondern verkörpert.\ Spürbar.\ Verwurzelt im Menschsein.

„Der wahre Friede beginnt, wenn wir aufhören, gegen uns selbst zu kämpfen.“\ – unbekannt

Ein Mensch, der sich selbst nicht länger bekämpft,\ verändert die Welt.\ Nicht durch Argumente, sondern durch seine stille Gegenwart.\ Durch das, was mitschwingt, wenn jemand in sich selbst angekommen ist.

Vielleicht fliegt genau deshalb eines Tages eine Taube los.\ Nicht als Bild, sondern als natürliche Folge von gelebtem Frieden.\ Mit einem Olivenzweig im Schnabel –\ nicht getragen aus Pflicht, sondern aus Kraft.\ Ein leiser Flug, der sichtbar macht,\ was möglich wird,\ wenn wir in uns selbst aufhören, Krieg zu führen.

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Tina Marie begleitet Menschen auf dem Weg aus dem inneren Kampf.\ Nach mehreren Ausbildungen – unter anderem als High Performance Coach (nach Brendon Burchard) und als Heroic Optimize Coach (nach Brian Johnson) – erkannte sie,\ dass das Streben nach Perfektion oft mehr erschöpft als befreit.\ Heute arbeitet sie mit Körperbewusstsein, innerer Präsenzarbeit und den Lehren Neville Goddards – als Einladung, Frieden zu verkörpern. Tina1031\@protonmail.com

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@ 39cc53c9:27168656

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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.

@ 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

@ 39cc53c9:27168656

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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.

@ 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.

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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.

@ e0a24c5c:fa44b1e7

Am 13. Juni 2025 hat der offene Krieg Israels gegen den Iran begonnen, ein Krieg, der, wie schon der Krieg in Gaza, dazu führen dürfte, dass unsere Politik die Unterstützung Israels verstärkt zur deutschen Staatsräson erklären und Israel (mittels neuer "Sondervermögen"?) jetzt nochmals verstärkt mit Waffen beliefern wird.

Die Unterstützung Israels zur deutschen Staatsräson zu erklären, ist eine – historisch zwar verständliche – heute aber radikal auch Israel zerstörende und extrem verfassungswidrige und rassistische Position. Weil sie finster die Nicht-Unterstützung der Palästinenser, bzw. die stillschweigende Gewährung der Vernichtung der Bevölkerung in Gaza im Schlagschatten führt.

Die Würde des Menschen ist unantastbar! Und der Schutz von Würde und Leben des Menschen ist die einzig legitime deutsche Staatsräson – unabhängig davon, ob dieser Mensch Jude, Palästinenser, Ukrainer, Russe, Chinese oder sonst wer ist.

In Deutschland wird durch die einseitige Positionierung auf die "Unterstützung Israels" ein Bürgerkrieg herauf beschworen. Antisemitismus und Terrorgefahr in Deutschland werden extrem verstärk. Und in Israel wird schon durch den maßlosen Rachefeldzug in Gaza und jetzt durch den entfachten Krieg mit dem Iran, aufs tiefste jede Möglichkeit für eine friedliche Koexistenz im palästinensisch-arabischen Raum zerstört.

Einen Freund zu unterstützen heißt nicht, ihm die Mittel zu menschenverachtenden Rachefeldzügen und zur moralischen und physischen Selbstzerstörung zu liefern, sondern ihn – im Sinne des Grundgesetzes Artikel 1, Absatz 2 – selbst in Krisensituationen auf den Weg von Achtung und Schutz der unveräußerlichen Menschenrechte zu verpflichten.

Außenpolitik im Sinne des Grundgesetzes kann nur Politik zum Schutz der Menschenwürde und nicht Politik für oder gegen Staaten, für oder gegen Religionsgemeinschaften, für oder gegen Völker und Volksgruppen, für oder gegen Rassen und so weiter sein.

Dass sich die Deutsche Politik in keinerlei Weise mehr an das Grundgesetz gebunden fühlt,

- weder bezüglich Israels

- noch auch bezüglich Russlands (wo es ebenfalls nicht um den Schutz von Menschenrechten, sondern - auf Kosten der Ukraine (!) - um einen Regime-Change in Russland und um Rüstungsgeschäfte geht),

- erst recht auch hier nicht mehr im Inland (wo die Freiheitsrechte nicht mehr als unmittelbar geltendes Recht und als unantastbare Grundlage der gesamten Politik gelten, sondern nur noch - in alter Feudalmanier - gnadenvoll von oben an "systemtreue" Bürger als Belohnung für parteigenehmes Verhalten ausgeliehen werden) …

kurz: dass die deutsche Politik sämtliche positiven Errungenschaften Deutschlands nach dem zweiten Weltkrieg aushöhlt und zerstört, sowohl die moralisch-politischen als auch die wirtschaftlichen, geistigen, kulturellen und sozialen, ist deutliches Zeichen ihres Zusammenbruchs und nimmt ihr jegliche Legitimation.

Wir DÜRFEN da als Volk nicht einfach zusehen!

Da wir als Volk geknebelt und aus den politischen Entscheidungen völlig herausgehalten sind, bleibt uns nur der Weg, die Politik im Sinne eines "Great Reset von unten" selber in die Hand zu nehmen.

Der Weg dazu wird auf www.unsere-verfassung.de gewiesen

@ 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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I've been thinking about how to improve my seed backup in a cheap and cool way, mostly for fun. Until now, I had the seed written on a piece of paper in a desk drawer, and I wanted something more durable and fire-proof.

Show me the final result!

After searching online, I found two options I liked the most: the Cryptosteel Capsule and the Trezor Keep. These products are nice but quite expensive, and I didn't want to spend that much on my seed backup. Privacy is also important, and sharing details like a shipping address makes me uncomfortable. This concern has grown since the Ledger incident^1. A $5 wrench attack^2 seems too cheap, even if you only hold a few sats.

Upon seeing the design of Cryptosteel, I considered creating something similar at home. Although it may not be as cool as their device, it could offer almost the same in terms of robustness and durability.

Step 1: Get the materials and tools

When choosing the materials, you will want to go with stainless steel. It is durable, resistant to fire, water, and corrosion, very robust, and does not rust. Also, its price point is just right; it's not the cheapest, but it's cheap for the value you get.

I went to a material store and bought:

• Two bolts
• Two hex nuts and head nuts for the bolts
• A bag of 30 washers

All items were made of stainless steel. The total price was around €6. This is enough for making two seed backups.

You will also need:

• A set of metal letter stamps (I bought a 2mm-size letter kit since my washers were small, 6mm in diameter)
  • You can find these in local stores or online marketplaces. The set I bought cost me €13.
• A good hammer
• A solid surface to stamp on

Total spent: 19€ for two backups

Step 2: Stamp and store

Once you have all the materials, you can start stamping your words. There are many videos on the internet that use fancy 3D-printed tools to get the letters nicely aligned, but I went with the free-hand option. The results were pretty decent.

I only stamped the first 4 letters for each word since the BIP-39 wordlist allows for this. Because my stamping kit did not include numbers, I used alphabet letters to define the order. This way, if all the washers were to fall off, I could still reassemble the seed correctly.

The final result

So this is the final result. I added two smaller washers as protection and also put the top washer reversed so the letters are not visible:

Compared to the Cryptosteel or the Trezor Keep, its size is much more compact. This makes for an easier-to-hide backup, in case you ever need to hide it inside your human body.

Some ideas

Tamper-evident seal

To enhance the security this backup, you can consider using a tamper-evident seal. This can be easily achieved by printing a unique image or using a specific day's newspaper page (just note somewhere what day it was).

Apply a thin layer of glue to the washer's surface and place the seal over it. If someone attempts to access the seed, they will be forced to destroy the seal, which will serve as an evident sign of tampering.

This simple measure will provide an additional layer of protection and allow you to quickly identify any unauthorized access attempts.

Note that this method is not resistant to outright theft. The tamper-evident seal won't stop a determined thief but it will prevent them from accessing your seed without leaving any trace.

Redundancy

Make sure to add redundancy. Make several copies of this cheap backup, and store them in separate locations.

Unique wordset

Another layer of security could be to implement your own custom mnemonic dictionary. However, this approach has the risk of permanently losing access to your funds if not implemented correctly.

If done properly, you could potentially end up with a highly secure backup, as no one else would be able to derive the seed phrase from it. To create your custom dictionary, assign a unique number from 1 to 2048 to a word of your choice. Maybe you could use a book, and index the first 2048 unique words that appear. Make sure to store this book and even get a couple copies of it (digitally and phisically).

This self-curated set of words will serve as your personal BIP-39 dictionary. When you need to translate between your custom dictionary and the official BIP-39 wordlist, simply use the index number to find the corresponding word in either list.

Never write the idex or words on your computer (Do not use Ctr+F)

@ 39cc53c9:27168656

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kycnot.me features a somewhat hidden tool that some users may not be aware of. Every month, an automated job crawls every listed service's Terms of Service (ToS) and FAQ pages and conducts an AI-driven analysis, generating a comprehensive overview that highlights key points related to KYC and user privacy.

Here's an example: Changenow's Tos Review

Why?

ToS pages typically contain a lot of complicated text. Since the first versions of kycnot.me, I have tried to provide users a comprehensive overview of what can be found in such documents. This automated method keeps the information up-to-date every month, which was one of the main challenges with manual updates.

A significant part of the time I invest in investigating a service for kycnot.me involves reading the ToS and looking for any clauses that might indicate aggressive KYC practices or privacy concerns. For the past four years, I performed this task manually. However, with advancements in language models, this process can now be somewhat automated. I still manually review the ToS for a quick check and regularly verify the AI’s findings. However, over the past three months, this automated method has proven to be quite reliable.

Having a quick ToS overview section allows users to avoid reading the entire ToS page. Instead, you can quickly read the important points that are grouped, summarized, and referenced, making it easier and faster to understand the key information.

Limitations

This method has a key limitation: JS-generated pages. For this reason, I was using Playwright in my crawler implementation. I plan to make a release addressing this issue in the future. There are also sites that don't have ToS/FAQ pages, but these sites already include a warning in that section.

Another issue is false positives. Although not very common, sometimes the AI might incorrectly interpret something harmless as harmful. Such errors become apparent upon reading; it's clear when something marked as bad should not be categorized as such. I manually review these cases regularly, checking for anything that seems off and then removing any inaccuracies.

Overall, the automation provides great results.

How?

There have been several iterations of this tool. Initially, I started with GPT-3.5, but the results were not good in any way. It made up many things, and important thigs were lost on large ToS pages. I then switched to GPT-4 Turbo, but it was expensive. Eventually, I settled on Claude 3 Sonnet, which provides a quality compromise between GPT-3.5 and GPT-4 Turbo at a more reasonable price, while allowing a generous 200K token context window.

I designed a prompt, which is open source^1, that has been tweaked many times and will surely be adjusted further in the future.

For the ToS scraping part, I initially wrote a scraper API using Playwright^2, but I replaced it with Jina AI Reader^3, which works quite well and is designed for this task.

Non-conflictive ToS

All services have a dropdown in the ToS section called "Non-conflictive ToS Reviews." These are the reviews that the AI flagged as not needing a user warning. I still provide these because I think they may be interesting to read.

Feedback and contributing

You can give me feedback on this tool, or share any inaccuraties by either opening an issue on Codeberg^4 or by contacting me ^5.

You can contribute with pull requests, which are always welcome, or you can support this project with any of the listed ways.

@ 39cc53c9:27168656

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These reviews are sponsored, yet the sponsorship does not influence the outcome of the evaluations. 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. Reviews are in collaboration with Orangefren.

The review

Swapter.io is an all-purpose instant exchange. They entered the scene in the depths of the bear market about 2 years ago in June of 2022.

| Pros | Cons | | --------------- | ---------------------------------- | | Low fees | Shotgun KYC with opaque triggers | | Large liquidity | Relies on 3rd party liquidity | | Works over Tor | Front-end not synced with back-end | | Pretty UI | |

Rating: ★★★☆☆ Service Website: swapter.io

⚠️ There is an ongoing issue with this service: read more on Reddit.

Test Trades

During our testing we performed a trade from XMR to LTC, and then back to XMR.

Our first trade had the ID of: mpUitpGemhN8jjNAjQuo6EvQ. We were promised 0.8 LTC for sending 0.5 XMR, before we sent the Monero. When the Monero arrived we were sent 0.799 LTC.

On the return journey we performed trade with ID: yaCRb5pYcRKAZcBqg0AzEGYg. This time we were promised 0.4815 XMR for sending 0.799 LTC. After Litecoin arrived we were sent 0.4765 XMR.

As such we saw a discrepancy of ~0.1% in the first trade and ~1% in the second trade. Considering those trades were floating we determine the estimates presented in the UI to be highly accurate and honest.

Of course Swapter could've been imposing a large fee on their estimates, but we checked their estimates against CoinGecko and found the difference to be equivalent to a fee of just over 0.5%. Perfectly in line with other swapping services.

Trading

Swapter supports BTC, LTC, XMR and well over a thousand other coins. Sadly they don't support the Lightning Network. For the myriad of currencies they deal with they provide massive upper limits. You could exchange tens, or even hundreds, of thousands of dollars worth of cryptocurrency in a single trade (although we wouldn't recommend it).

The flip side to this is that Swapter relies on 3rd party liquidity. Aside from the large liqudity this also benefits the user insofar as it allows for very low fees. However, it also comes with a negative - the 3rd party gets to see all your trades. Unfortunately Swapter opted not to share where they source their liquidity in their Privacy Policy or Terms of Service.

KYC & AML policies

Swapter reserves the right to require its users to provide their full name, their date of birth, their address and government-issued ID. A practice known as "shotgun KYC". This should not happen often - in our testing it never did - however it's not clear when exactly it could happen. The AML & KYC policy provided on Swapter's website simply states they will put your trade on hold if their "risk scoring system [deems it] as suspicious".

Worse yet, if they determine that "any of the information [the] customer provided is incorrect, false, outdated, or incomplete" then Swapter may decide to terminate all of the services they provide to the user. What exactly would happen to their funds in such a case remains unclear.

The only clarity we get is that the Swapter policy outlines a designated 3rd party that will verify the information provided by the user. The third party's name is Sum & Substance Ltd, also simply known as samsub and available at sumsub.com

It's understandable that some exchanges will decide on a policy of this sort, especially when they rely on external liquidity, but we would prefer more clarity be given. When exactly is a trade suspicious?

Tor

We were pleased to discover Swapter works over Tor. However, they do not provide a Tor mirror, nor do they work without JavaScript. Additionally, we found that some small features, such as the live chat, did not work over Tor. Fortunately, other means of contacting their support are still available.

UI

We have found the Swapter UI to be very modern, straightforward and simple to use. It's available in 4 languages (English, French, Dutch and Russian), although we're unable to vouch for the quality of some of those, the ones that we used seemed perfectly serviceable.

Our only issue with the UI was that it claims the funds have been sent following the trade, when in reality it seems to take the backend a minute or so to actually broadcast the transaction.

Getting in touch

Swapter's team has a chat on their website, a support email address and a support Telegram. Their social media presence in most active on Telegram and X (formerly Twitter).

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.

@ 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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Silent.link is an anonymous eSIM provider. They offer pay-as-you-go roaming in 160+ countries.

Pros

• Anonymous
• Private payment options
• High performance
• Global availability

Cons

• Need to select the right networks sometimes
• Latency
• Data and incoming SMS & call only

Rating

★★★★★

Service website

Silent.link

---

eSIMs replace traditional, physical SIM cards, if you have a fairly new phone, odds are it supports them. Since most people change their mobile carrier very rarely, the most common use case for these new eSIMs is their use in travel. Although their use as a piece of a larger OPSEC puzzle to improve privacy when using the internet from your phone is increasingly popular too.

Silent.link is not the only eSIM provider out there. Yet, they’re so unique that even Twitter’s (now X) founder Jack Dorsey recommends them.

Let’s start off with a quick explanation of how Silent.link works and what pay-as-you-go means. Most other eSIM providers will sell you packages of GBs with an expiration date. For instance imagine you’re visiting France then going to the UK after a few months. With other providers you might buy a 10GB in France package valid for 7 days, then after some months a 10GB in the UK package also valid for 7 days. You likely won’t use up the full package in either country and the remaining capacity will be voided as the package expires.

Silent.link’s pay-as-you-go is different. There are no geographic packages. There are no expiration dates. You simply have a balance denominated in USD and are charged as you use up the data according to the pricing of whichever local carrier you’re connecting via.

Preparing for the same trips from the example above you’d simply top-up your Silent.link balance with $10. Then you’d use Silent.link in France paying $1.33/GB, you’d only be charged for the exact amount used, then you’d go to the UK and pay $1.54/GB from the balance you had left over from France. It doesn’t matter how much time passes between the trips, because Silent.link balances don’t expire. If you have a balance left over you can use it on a future trip, or simply use it up in your home country.

---

Pros

Anonymity

Silent.link is anonymous. Most other eSIM providers require some form of identification. This can be a traditional, full KYC, procedure involving your ID or passport numbers or, as seemingly innocent, as verifying your phone number with your main carrier. Regardless, a link between the eSIM you bought online and your identity is established.

In some countries you’ll be able to pick up a traditional SIM (or the new eSIM) from a local carrier without undergoing this verification. This can still be a hassle though. You’ll need to look up the laws before travelling, you’ll need to find a local store selling them, you’ll need to decide how you’ll pay privately, etc. And that’s the best case, that’s assuming the country you want to get the SIM in allows you to buy one anonymously.

Private payment methods

Silent.link only accepts cryptocurrency and according to their stats, most payments are made with Bitcoin (either onchain or using the Lightning Network) or with Monero. As such paying anonymously is not a problem. The use a self-hosted instance of BTCPay Server to process payments and operate their own LN node. The entire checkout process can be completed over Tor.

---

Cons

Network selection

Although you can skip the hassle of buying a new eSIM every time you travel it’s a good idea to look up the pricing of different mobile networks in the country you’re going to. The differences can be trivial, but can also be 100x. If a specific mobile network offers a much better deal, you’ll probably want to dive into your phone’s settings to make sure it only connects to that network.

High prices for some regions

Second issue can be that, especially for poorer countries, Silent.link might not have the best prices. For instance if you travel to Angola you’ll end up paying $155.44/GB. But if you search around for other providers you’ll find eSIM that offer much lower prices for that same country.

Data & incoming SMS & calls only

These eSIMs are either data-only or only offer data and inbound sms and calls. You can’t use Silent.link eSIMs to send texts or make phone calls.

Latency

For most use-cases this shouldn’t matter, but the way roaming works is that when you’re abroad your data is first sent to your home country then sent out into the internet from there. For instance if you’re a Brit on holiday in Spain wherever you open up a website your phone communicates with the Spanish network who forwards the request to your home network in the UK and only there does the request start going towards the website you’re trying to load. The response takes the same path in reverse.

The home network for the Silent.link eSIMs is Poland. To take an extreme (antipodal) example, if you’re in Chile loading a Chilean website your request will go to Poland then back from Poland to the website’s server in Chile, then the response will go from Chile to Poland to you (in Chile). All those trips add latency. In our testing, done during the recent OrangeFren.com meetup in Istanbul, the difference was an additional 73ms. The bandwidth, however, was exceptional, easily surpassing 100 Mbps.

This latency issue isn’t unique to Silent.link, other eSIM providers usually suffer from it too, though their home network may be better suited for your latency needs. If you need the best latency we recommend a SIM from a local provider (or WiFi).

This proxy behaviour isn’t all negative however. It may potentially allow you to circumvent censorship or geoblocking if you’re trying to access resources available from Poland, but unavailable elsewhere.

Besides Istanbul one of the countries we also tested Silent.link in was Northern Cyprus. This territory is mostly unrecognized. It’s a country that, depending on who you ask, is or isn’t real. Despite this unresolved geopolitical status Silent.link performed without any issues.

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Installation

If you decide to give Silent.link a try, you'll need to select if you want a data-only plan or a plan with inbound SMS & calling, once you complete the payment simply scan the QR code on the order confirmation page with your phone. Make sure to save the url of that order confirmation page somewhere! You will need it to top up your eSIM and check your remaining balance.

Getting in touch

The preferred way of contacting Silent.link's support is using the website's built-in chat function. Alternative methods include X (formerly Twitter), Matrix and email.

Their support is online from 09:00 - 21:00 UTC although even when testing outside of those hours we got a reply within a minute.

NOTE: These reviews are sponsored, yet the sponsorship does not influence the outcome of the evaluations. 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.

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content

@ 39cc53c9:27168656

Read the original blog post

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.

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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!

@ 39cc53c9:27168656

Read the original blog post

Jump straight to the rules

Getting services and paying with cryptocurrencies comes with some risks that every user must understand. However, there are some simple steps you can take to reduce them.

The risks

Transactions are Irreversible

Cryptocurrency transactions are final and irreversible. Once you hit send, there's no chargeback option, no bank to call, and no dispute resolution (unless the recipient voluntarily returns your funds). This creates opportunities for bad actors to exploit.

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Shotgun KYC

One of the most predatory practices in the crypto space is Shotgun KYC (classified as level 3 on KYCnot.me). Here's how it typically unfolds:

1. You send your cryptocurrency to a service
2. After receiving your funds, they suddenly claim your coins are "dirty" or flagged
3. They hold your funds hostage, demanding extensive documentation
4. Even after compliance, they may continue requesting more information indefinitely until you can't no longer provide what they are requesting
5. Your funds remain frozen with no guarantee of release

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Transaction Scanning

Most crypto services use blockchain analysis to scan your coins' transaction history, assigning risk scores based on past associations. A low score doesn't mean you did anything wrong, you could have unknowingly received "tainted" coins from a simple P2P trade, inheriting a history that wasn't your fault.

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Other Concerns

• Limited Support: Many services operate with very small teams or even just a single person, offering minimal customer service. Even established services may ignore customer complaints or disputes.
• Exit Scams: A service that was apparently trustworthy and processing orders can disappear overnight, taking users' funds with them.
• No Regulatory Recourse: Very limited legal protections compared to traditional financial services

The rules

Rule #1: Batch Your Amounts

Avoid sending a large amount in a single transaction, instead, divide your trades into smaller batches. If something goes wrong with one batch, you haven't lost everything. Always remember that crypto transactions are final and irreversible.

Some services scam users selectively: they process smaller transactions normally to build trust, then freeze larger amounts when they detect high-value transfers.

Yes, batching means paying more fees, but it's almost always worth paying the extra rather than losing your entire amount to a scam or frozen trade.

A surprising number of people report losing significant funds in a single, large transaction. Start small, build confidence through successful transactions, and always maintain reasonable batch sizes even with "trusted" services.

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Rule #2: Record Everything

When problems arise, services tend to mysteriously "lose" records, delete order pages, or even deny entire conversations. Keeping good records become very valuable against fraud and negligence.

Take screenshots and save them until you are satisfied with the service:

• Ensure timestamps are visible when possible
• Capture full pages, not just portions
• Make sure the URL is always visible

You can also use websites like archive.is to take snapshots of each step of the process, or use the Single File browser extension to snapshot the entire site in a single html file. This extension will preserve exact page appearance, includes all embedded content and is easy to share and store. For email conversations, exporting the raw .eml file is best, as it retains all the original headers and metadata.

Make sure to keep all the blockchain evidence, such as transaction IDs and wallet addresses.

Remember: If it's not documented, it didn't happen in the eyes of dispute resolution. Make documentation a habit. This will grant you evidence for contacting support if there was an issue, and in the event of being scammed, effectively reporting the scam to the community.

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Rule #3: Do Your Own Research

A quick investigation before operating with a service can save you from costly mistakes and frozen funds.

For service reviews, a starting point can be KYCnot.me. It's also wise to check popular forums like BitcoinTalk, TrustPilot, or Reddit. To search on specific sites, you can use site keyword on any search engine, for example, this shows all mentions of "Bisq" on BitcoinTalk.

If you are about to use a service without existing reviews, you're taking a risk, but you could help others by documenting it. Write a detailed review and add supporting evidence to increase your credibility. Your feedback will help building a knowledge base that protects the community from bad actors and unreliable services. Leaving reviews on KYCnot.me is very easy and does not require any personal data.

Spend at least five minutes researching any new service before sending funds. This small time investment can reveal crucial information about reliability, processing times, and potential issues.

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Rule #4: Ask for AML Checks

Most services will offer you a free AML score check before sending your funds, but they rarely advertise this. If you're dealing with a service known for freezing funds, requesting a pre-transaction AML check can save you from having your cryptocurrency held hostage.

Simply contact the service's support before sending any funds and explain your situation:

"I'd like to use your service but want to avoid KYC. Can you perform an AML check on my transaction before I send the funds?"

This check should always be free, if they ask for payment, consider it a red flag.

Never send funds to a third party to get an AML check. To prepare for the check, it's best to consolidate the funds into a single address in your own wallet. Then, you only need to share that public address for the analysis. Your funds should never leave your possession.

DIY AML Checking Options

You can also run these checks yourself using services like AMLBot (paid service) or the free AML scanners available in Blockchair's dApps section. These tools analyze your transaction history and provide risk scores based on various algorithms.

However, different AML services use different algorithms and metrics, so you might get varying risk scores for the same transaction. As you see in the image above, one service would flag your coins as medium-risk while another considers them clean. So to be 100% sure, it is always better to ask the service you want to interact with for the pre-trade AML check rather than checking it yourself.

Taking a few minutes to request an AML check can prevent problems like the permanent loss of your funds. A service that respects your privacy will have no problem with this reasonable request.

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Rule #5: Seek fungibility

To protect yourself from arbitrary fund freezing and "dirty coin" accusations, simply use privacy coins whenever possible. While transparent blockchains expose your entire transaction history to scrutiny, privacy coins make these predatory scanning practices completely useless.

Traditional cryptocurrencies like Bitcoin and Ethereum operate on transparent blockchains where every transaction is publicly visible forever. This means not all coins are treated equally. A Bitcoin you received might be worth less than another Bitcoin simply because of its transaction history, even when you had nothing to do with that history.

Even if you try to break the history with mixers or coinjoins, you are leaving patterns that will also taint the coins. Once they are marked as "tainted" by blockchain analysis, that reputation follows them indefinitely, you can even be penalized for transactions that occurred years before you owned the cryptocurrency, creating an unfair system of inherited blame.

Monero's privacy-by-default architecture makes transaction scanning impossible. Legitimate services that respect user privacy usually welcome privacy coins. Services that discriminate against privacy coins often have ulterior motives.

Using privacy coins is often simpler because you don't need to worry about coin history or risk scores. So, any chance you get to use a privacy coin such as Monero, just do it.

Conclusion

Even by following all these rules, you're still assuming a certain level of risk. However, by following these simple safety measures, you will dramatically reduce your exposure to scams, fund freezes, and predatory practices. And, if a problem occurs, having good evidence is your best defense. Records like screenshots and transaction histories are essential for resolving disputes and reporting scams to protect others.

@ dfa02707:41ca50e3

Headlines

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

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

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

Source: FBI.

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

Use the tools

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

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

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

@ 9ca447d2:fbf5a36d

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

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

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

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

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

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

Dirty Coin debut ceremony at the Marché du Film

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

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

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

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

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

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

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

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

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

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

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

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

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

Dirty Coin at the Cannes Film Festival

Watch the Trailer + Access Press Materials

📂 EPK
🎬 Screener
🌍 Host a Screening

Follow the Movement

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

@ 044da344:073a8a0e

Im September starten wir an der Freien Akademie für Medien & Journalismus eine Veranstaltungsreihe im Vorderen Bayerischen Wald und laden alle ein, live dabei zu sein, wenn Menschen interviewt werden, die etwas zu sagen und spannende Geschichten zu erzählen haben. Nach etwa einer Stunde werden die Kameras ausgeschaltet, sodass genug Raum bleibt für Fragen, für das Kennenlernen, für den Austausch mit Gleichgesinnten.

Die ersten Gäste ab dem 8. September: Jürgen Fliege, Joana Cotar, Gerd Reuther und Gabriele Gysi. Es gibt eine zweite Gesprächsreihe, die am 13. Oktober mit Jörg Bernig startet. Die Aufzeichnungen beginnen jeweils um 18 Uhr in einer Gaststätte im Raum Sankt Englmar. Wer eine weitere Anreise hat: Die Gegend ist wunderschön, lädt zum Entspannen ein (Wandern, hervorragende Gastronomie, Unterkünfte für jeden Geldbeutel) und verfügt über alles, was das Urlauberherz begehrt. Organistorisches und Anmeldung

8. September 2025: Jürgen Fliege – Glaube, Kirche, Hoffnung

Eine Talkshow im Ersten, präsentiert von einem Pastor, der alles mitbringt, was man braucht, um Menschen zu gewinnen: Einen besseren Werbeträger hätte sich die evangelische Kirche nicht wünschen können. Jürgen Fliege war von 1994 bis 2005 Stammgast in den Wohnzimmern und ist trotzdem oder gerade deshalb schon damals immer wieder in Konflikt geraten mit Amtsträgern aller Art. Ab 2020 hat er sich in Sachen Corona öffentlich klar positioniert und dabei auch auf die Bibel verwiesen.

9. September 2025: Joana Cotar – Acht Jahre Bundestag. Wie weiter mit der Demokratie?

Ganz stimmt das mit den acht Jahren nicht: Die zweite Legislaturperiode ist vor der Zeit zu Ende gegangen. Joana Cotar wurde zweimal über die AfD-Landesliste in Hessen in den Bundestag gewählt, war dabei 2021 auch als Spitzenkandidatin im Gespräch und zwei Jahre im Bundesvorstand. Ende 2022 hat sie Partei und Fraktion verlassen, im Parlament aber weitergemacht und immer wieder den Finger in die Wunde gelegt, wenn es um das Parteiensystem ging oder um den Spielraum der Volksvertreter.

10. September 2025: Gerd Reuther – Tatort Vergangenheit

Gerd Reuther hat sich als Medizinaufklärer ohne Tabus einen Namen gemacht – ein Radiologe, der an drei Kliniken Chefarzt war, dann aber mit 55 aufgehört hat. Sein Buch „Der betrogene Patient“ war 2017 ein Bestseller. Danach hat er die Geschichte der Medizin gegen den Strich gebürstet („Heilung Nebensache“) und in „Hauptsache Panik“ die europäische Seuchengeschichte demontiert. Jetzt nimmt er sich unsere gesamte Geschichte vor und stellt von den Römern bis in die Neuzeit unser „Wissen“ über die Vergangenheit in Frage.

11. September 2025: Gabriele Gysi – Gibt es noch eine deutsche Frage?

Niemand kann das besser beantworten als diese Künstlerin, Spross einer Politikerfamilie und Zeitzeugin für alle drei deutschen Nachkriegsstaaten – für die DDR sowieso, nach ihrer Ausreise 1984 aber auch für die alte Bundesrepublik und dann natürlich für die neue, wo sie unter anderem Chefdramaturgin der Berliner Volksbühne war. Gabriele Gysi sagt: Solange wir keine gesamtdeutsche Geschichte haben, bleibt die große Frage offen.

Michael Meyen: Videos

Freie Akademie für Medien & Journalismus

Unterstützen

@ 9ca447d2:fbf5a36d

Paris, France – June 6, 2025 — Bitcoin payment gateway startup Flash, just announced a new partnership with the “Bitcoin Only Brewery”, marking the first-ever beverage company to leverage Lightning payments.

Flash enables Bitcoin Only Brewery to offer its “BOB” beer with, no-KYC (Know Your Customer) delivery across Europe, priced at 19,500 sats (~$18) for the 4-pack, shipping included.

The cans feature colorful Bitcoin artwork while the contents promise a hazy pale ale: “Each 33cl can contains a smooth, creamy mouthfeel, hazy appearance and refreshing Pale Ale at 5% ABV,” reads the product description.

Pierre Corbin, Co-Founder of Flash, commented:

“Currently, bitcoin is used more as a store of value but usage for payments is picking up. Thanks to new innovation on Lightning, bitcoin is ready to go mainstream for e-commerce sales.”

Flash, launched its 2.0 version in March 2025 with the goal to provide the easiest bitcoin payment gateway for businesses worldwide. The platform is non-custodial and can enable both digital and physical shops to accept bitcoin by connecting their own wallets to Flash.

By leveraging the scalability of the Lightning Network, Flash ensures instant, low-cost transactions, addressing on-chain Bitcoin bottlenecks like high fees and long wait times.

For businesses interested in adopting Bitcoin payments, Flash offers a straightforward onboarding process, low fees, and robust support for both digital and physical goods. To learn more, visit paywithflash.com.

Media Contact:
Pierre Corbin
Co-Founder, Flash
Email: press@paywithflash.com
Website: paywithflash.com

About Flash

Flash is the easiest Bitcoin payment gateway for businesses to accept payments. Supporting both digital and physical enterprises, Flash leverages the Lightning Network to enable fast, low-cost Bitcoin transactions. Launched in its 2.0 version in March 2025, Flash is at the forefront of driving Bitcoin adoption in e-commerce.

About Bitcoin Only Brewery

Bitcoin Only Brewery (@Drink_B0B) is a pioneering beverage company dedicated to the Bitcoin ethos, offering high-quality beers payable exclusively in Bitcoin. With a commitment to personal privacy, the brewery delivers across Europe with no-KYC requirements.

@ 7f6db517:a4931eda

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

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

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

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

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

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

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

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

@ a396e36e:ec991f1c

🎯 The Invisible Hands Behind Bitcoin: How Market Makers Quietly Control the Price If you’ve ever looked at the Bitcoin chart and thought, “This makes no sense” — you’re right. What looks like chaos is often orchestrated. While the crypto world celebrates decentralization and “free markets,” the reality is murkier. Behind many of Bitcoin’s wild swings are market makers, whales, and even exchanges themselves, subtly (or not so subtly) steering the price.

This isn’t a conspiracy theory. It’s a pattern. And it’s been happening for over a decade.

🧰 Classic Manipulation Tactics Let’s start with the usual suspects:

Spoofing: Fake buy or sell orders create false demand or panic. In 2017, an anonymous whale nicknamed Spoofy manipulated Bitfinex’s order books with massive spoof orders. No one knows who he was — but traders tracked his behavior for months.

Wash Trading: Exchanges faking volume by buying and selling to themselves. Bitwise reported in 2019 that 95% of crypto trading volume was fake. Yes, 95%.

Pump-and-Dump Schemes: Coordinated social hype, then a rug pull. Still common in altcoins, but BTC isn't immune.

Bear Raids: Dumping thousands of BTC to trigger cascading liquidations. In 2019, one 5,000 BTC market sell on Bitstamp led to $250M in liquidations on BitMEX.

Front-Running: Exchanges or insiders trading ahead of big orders — an invisible tax on every retail move.

🕳️ Down the Rabbit Hole: Advanced and Hidden Tactics What you don’t see is even worse.

Stop-Loss Hunting: Price pushed to obvious stop zones, liquidating small traders, then bouncing.

Long/Short Squeezes: Whales deliberately cause liquidation cascades by leveraging market structure.

Cross-Exchange Price Engineering: Manipulate BTC price on a small exchange that affects global indices.

Fake News & FUD Campaigns: Twitter rumors. Telegram raids. Even fake press releases.

Exchange Collusion or Insider Trading: Who polices the exchanges when they are the ones trading?

🐳 Case Studies That Should Scare You Mt. Gox Bots (2013): “Willy” and “Markus” bought BTC with fake money. Pushed price from $150 to $1,000.

Tether & Bitfinex (2017): Academic research shows newly printed USDT was used systematically to buy dips — possibly inflating BTC’s rally to $20k.

Upbit (Korea): Prosecuted for $226B in fake trades.

Operation Token Mirrors (2024): FBI sting revealed market makers offering wash-trading and pump services as a business.

🧠 This Isn’t Just Theory — Regulators Know It Too The SEC refused to approve a spot BTC ETF for years, citing manipulation risk.

The CFTC and DOJ have brought spoofing and wash trading cases — and are still investigating.

The EU’s MiCA law now treats crypto market abuse the same as securities fraud.

💣 And Retail? You're the Exit Liquidity While whales dump, retail buys the dip.

In both the Terra-LUNA crash (May 2022) and FTX collapse (Nov 2022), blockchain data showed whales exiting while small holders were buying. The net result? Whales got out. You got rekt.

Bitcoin’s volatility isn’t just “the market doing its thing.” Often, it’s someone making you believe it’s safe — until it isn’t.

🔍 The Good News: It’s Getting Harder to Hide Nasdaq’s SMARTS surveillance system is now used by major exchanges.

Proof-of-Reserves audits are more common post-FTX.

Whale alerts and on-chain tools let savvy traders track big moves.

EU regulations (MiCA) now criminalize manipulation across Europe.

But until enforcement is global and airtight, Bitcoin remains manipulable. The game is still tilted — and the house usually wins.

🧭 Final Thought: Don’t Be Naïve Bitcoin is powerful. It’s freedom tech. But its price is not pure. It’s not just a function of adoption and demand. It’s shaped, poked, prodded, and occasionally hijacked by entities with deeper pockets, faster bots, and better information than you.

Until transparency, regulation, and decentralization catch up, every trader should assume one thing:

The market is rigged — but sometimes you can still play the game.

@ 99556507:a6cf5c08

El paradigma del trabajador común aceptado en nuestra era es trabajar duro durante 40 años por un salario para tener derecho a una jubilación los últimos 20 o con suerte 25 años de vida.

Pero ¿es ésto lo más rentable? ¿Hay otras alternativas?

Vamos a ponernos en la piel de un asalariado o un autónomo que ha cotizado durante 30 años por la base máxima y está a una década todavía de poder jubilarse. ¿Le conviene trabajar esa década para tener derecho a la pensión estatal? ¿O es una estafa?

Hagamos números: La cotización máxima del autónomo o la del empresario a cuenta del trabajador hoy en día es de 1.472€/mes, 12 pagas al año, o 17.664€/año. En 10 años, y considerando una inflación del 4% anual, pagará 202.075€ en cotizaciones sociales.

El cotizante que haya pagado esto durante toda su vida laboral tiene derecho a la jubilación máxima, que hoy es de 3.267€/ mes, 14 pagas al año, o 45.746,40€/año. Si pensamos que la esperanza de vida en España es de 83 años y se tiene derecho a la jubilación a los 67, significa que un pensionista medio recibirá la pensión durante 16 años. Pero vamos a a hacer las cuentas para Matusalén, el pensionista pesadilla para el gobierno y las aseguradoras, que llegará a cumplir los 92 años, recibiendo la pensión durante 25 años.

Asumamos que el gobierno, que necesita imperiosamente los votos de los 7 millones de pensionistas, seguirá revalorizando las pensiones con el IPC oficial, es decir, a una media del 4% anual.

Matusalén se jubilará a los 67 y recibirá a lo largo de sus 25 años de pensionista la cantidad de 1.905.000€(1), de los cuales tendrá que pagar alrededor de un 28% de impuestos.

[(1) 45.746,40*(1-1,0425)/(1-1.04)] = 1.905.150

Es decir, Matusalén pagará 202.000€ en total a lo largo de 10 años para recibir 1.905.000€ distribuidos durante los siguientes 25. Parece un buen negocio, ¿no?

Pero, y si Matusalén, que es una persona cabal y ahorradora, ha ido haciendo una hucha durante sus 30 años de vida laboral a razón de 1000€ al mes, de manera que ahora ya dispone de esos 202.075€ necesarios para pagar sus cotizaciones hasta la edad de jubilación, y además le sobran 160.000€ para sus gastos la próxima década, a razón de 16.000€/año, que deberían de ser suficiente para vivir, puesto que esta cantidad es justo el salario mínimo interprofesional actual. ¿Le merece la pena seguir trabajando o puede plantearse dejar de hacerlo y usar esos ahorros para pagar sus cotizaciones de los siguientes 10 años, y tener derecho a la jubilación cuando cumpla 67 años?

O ya puestos a hacer cuentas, dado que tiene un capital disponible de 202.000€ en el banco, ¿podría pensar en alguna inversión alternativa que revalorizara su dinero de manera que mejorase las prestaciones de su jubilación (los 1.905.000€ calculados antes)?

Aquí es donde sale a jugar la fórmula del interés compuesto: Cf = Ci * (1+Rn), donde: Cf: capital final (queremos llegar a 1.905.000€) Ci: capital inicial (los 202.075€ de Matu) R: tasa de interés anual (CAGR) n: numero de años de la inversión (10)

¿Qué crecimiento anual compuesto (CAGR) necesitaría Matu para obtener el total de lo que nos daría su pensión tras 25 años, pero en tan solo 10 años, de manera que pudiera disponer de todo ese capital incluso antes de jubilarse? Haciendo las cuentas, R = (Cf/Ci-1)(1/n) = 23.09 %

Por si has llegado hasta aquí pero te has perdido por el camino, acabamos de concluir que una persona que invierta hoy 202.075€ en un producto que rente un 23,09% anual, obtendrá 1.905.000€ en 10 años, el equivalente a toda su jubilación.

Pues esto parece incluso mejor que la alternativa anterior, ¿no? Pero claro, hay que encontrar un producto que garantice esta rentabilidad sostenida durante una década. ¿Qué podría ser? A esta alturas, si sigues por aquí, ya habrás podido intuir por dónde van los tiros. Lo único que ha garantizado esta revalorización hasta la fecha es #bitcoin.

Éste el el cuadro del CAGR de Bitcoin tabulado por años. Se lee de la siguiente manera: A finales de 2024, la columna "CAGR 2024" da el CAGR (rendimiento anual compuesto) para la diferencia de años entre 2024 y el año de la cifra que estemos mirando. Por ejemplo, el CAGR a 31/12/2024 de una inversión realizada el 31/12/2023, es decir de 1 año, es del 276,92%. Si la inversión se realizó el 31/12/2016, el CAGR 8 años después, a final de 2024, es del 78,22% ANUAL

(Ver imagen 1)

El tío Matusalén está buscando algo que le dé un mínimo del 23,09% anual, ¿recordáis?. Pues da igual cuándo haya invertido y cuánto tiempo mantenga la inversión. BTC siempre supera ese umbral, por mucho.

"Ya Manolito, pero estás mirando rendimientos desde finales de 2024, cuando Bitcoin hizo un precio máximo histórico. Esto no asegura que haya ocurrido esto cada año, ¿no?"

El siguiente cuadro muestra los CAGR calculados a finales de cada año, los últimos 6 años. Las cifras El siguiente cuadro muestra los CAGR calculados a finales de cada año, los últimos 6 años. Las cifras en verde corresponden a los rendimientos de inversiones mantenidas 10 años. No podemos ir más para atrás porque Bitcoin acaba de cumplir 16 años. Las cifras en amarillo son inversiones mantenidas 5 años. El peor de los casos es elegir un período de 4 años para la inversión, y aún así el rendimiento medio en este intervalo de tiempo los últimos 6 períodos de 6 años es del 38,30%.

(ver imagen 2)

No es difícil comprobar que a 10 años vista, bitcoin siempre ha superado de largo la tasa de crecimiento del 23,09% necesaria para el caso de Matusalén.

*Consideraciones fiscales ** La pensión máxima devenga impuestos sobre la base de rentas del trabajo a razón del 28% anual, mientras que las inversiones tributan a un máximo del 26% sobre la base de las rentas de capital, suponiendo que se recupere todo el mismo año. Si se distribuyen los rendimientos plurianualmente, ese 26% puede reducirse entono al 21%, suponiendo otro 7% anual de ventaja neta sobre la pensión. En el caso particular de Matusalén, los 45.746,40€ anuales de su pensión tributarían íntegros al 28%, por lo que los 1.905.150 se quedarían netos en 823.435,20€ al cabo de 25 años. Si hubiese optado por invertir los 202.075€ en Bitcoin, y suponiendo que la rentabilidad obtenida es solo la necesaria para conseguir los 1.905.150€, tributaría al 26% sobre la ganancia si decide convertirlos en € de una vez, es decir, pagaría 26%(1.905.150-202.075)=442,800€, con lo que le quedarían netos 1.462.350€. Si decide por el contrario vender solo bitcoins cada año por valor de 45,746€, y suponiendo que mantienen el mismo valor en € durante los 25 años, pagaría el 21% sobre la plusvalía, es decir 357.645€ a lo largo de los 25 años por lo que le habrá quedado neto 1.547.504€.

Resumiendo: Renta neta con la pensión estatal tras 25 años: 823.435€ Renta neta con el plan de inversión en bitcoin, con rescate en una vez, el año 0: 1.462.350€ Renta neta con el plan de inversión en bitcoin, con rescate a lo largo de 25 años: 1.547.504€

Hay que recordar que todo el ejercicio está realizado para el mejor caso del pensionista estatal, que vivirá muy por encima de la media. Cualquier número de años inferior mejorará la rentabilidad del plan de bitcoin respecto al estatal.

Conclusión: Al bueno de Matu más le vale comprar bitcoins hoy mismo con ese dinero ahorrado. No solamente no necesitará una pensión sino que lo más probable es que sus ahorros valgan 5 veces más que lo que conseguiría de pensionista, pero 25 años antes.

@ 5d4b6c8d:8a1c1ee3

Today wasn't great from a ~HealthAndFitness perspective: poor sleep, junk food, no fast. At least I did get a decent amount of activity and take a cold shower.

How did other stackers fare on Father's Day?

https://stacker.news/items/1007373

@ a8d1560d:3fec7a08

THIS IS IMPORTANT!!!

After the wave of word-scrambling spam bots, a new and very problematic kind of spam has arrived in the Nostr. Whenever you post something now, you will get gay porn videos as an automated answer (No, being gay itself is not problematic!!!). To get rid of all the automated spam, remove the following relays from your inbox and outbox relay list: - nos.lol - relay.damus.io - nostr.oxtr.dev - relay.primal.net

As long as you have even one of these relays in your inbox and outbox lists, you and your followers will be spammed whenever posting something.

It is unknown if the bots only reply to kind 1 events or to all events.

@ 502ab02a:a2860397

ไม่มีใครเถียงว่าภาพคลาสสิกของอาหารเช้าชาวอเมริกันยุคหนึ่งคือ “ซีเรียลในชามนม” วางอยู่บนโต๊ะไม้ที่มีแดดยามเช้าส่องผ่านหน้าต่างพร้อมรอยยิ้มเด็กชายหญิงในชุดนอนสะอาดสะอ้าน แต่น้อยคนนักจะรู้ว่าเบื้องหลังภาพนี้ไม่ได้มาจากความน่ารักของครอบครัว หากแต่คือผลพวงของ “สงคราม การตลาด และรัฐ” ที่จับมือกันผลักดัน “นม” ให้กลายเป็นของขาดไม่ได้ในมื้อเช้า ตั้งแต่ครอบครัวธรรมดาไปจนถึงโรงเรียนทั่วสหรัฐฯ

เรื่องมันเริ่มจริงจังในช่วงปลายศตวรรษที่ 19 เมื่อหมอ John Harvey Kellogg แห่ง Battle Creek Sanitarium คิดค้นอาหารเช้าไร้เนื้อสัตว์เพื่อคนไข้ตามความเชื่อของศาสนา Seventh-day Adventist ซึ่งย้ำว่าวิถีชีวิตที่ดีต้องสะอาดทั้งกายและใจ เขาจึงสร้างอาหารประเภทธัญพืบอบกรอบที่ภายหลังกลายเป็น "ซีเรียล" โดยมีน้องชาย Will Keith Kellogg เป็นคนเห็นโอกาสทำตลาดใหญ่ เติมน้ำตาลลงไปเพื่อให้รสชาติถูกใจมหาชน แล้วกลายเป็นแบรนด์ซีเรียล Kellogg’s ในปี 1906

ปัญหาก็คือ กินซีเรียลเปล่าๆ มันแห้งติดคอ เด็กๆ ไม่ปลื้ม แม่บ้านก็ไม่สะดวกจะต้มน้ำซุปมาราดทุกเช้า นั่นแหละคือจุดเปลี่ยนที่ทำให้ “นม” โผล่เข้ามาในภาพ เพราะมันเย็น สด และเทใส่ชามได้ง่ายในไม่กี่วินาที พอซีเรียลฮิต นมเลยพ่วงขึ้นรถไฟความนิยมไปด้วยโดยไม่ต้องออกแรงมาก เรียกได้ว่าซีเรียลคือประตูทองที่พานมเข้าไปนั่งอยู่บนโต๊ะอาหารเช้าของคนอเมริกันทุกบ้าน

แต่นั่นแค่จุดเริ่มต้น เพราะหลังจากนั้น สงครามโลกก็เข้ามาเปลี่ยนทุกอย่างอีกขั้น

ช่วงสงครามโลกครั้งที่หนึ่งและสอง รัฐบาลสหรัฐฯ ต้องการอาหารที่เก็บได้นาน มีพลังงานสูง และขนส่งง่ายเพื่อป้อนให้ทหารในแนวหน้า นมสดไม่ตอบโจทย์ แต่นมข้นหวานและนมผงกลับเป็นพระเอก ด้วยการสนับสนุนจากรัฐ ฟาร์มโคนมทั่วประเทศถูกกระตุ้นให้ผลิตนมจำนวนมหาศาล เกินความต้องการของคนในประเทศ โดยหวังว่าจะส่งออกไปเลี้ยงกองทัพทั่วโลก

ปัญหาคือ เมื่อสงครามจบ ฟาร์มวัวก็ยังอยู่ โรงรีดนมยังเปิด คนงานยังทำงาน แต่นมกลับล้นตลาด จะทุบทิ้งก็ไม่ได้ เพราะมันคือ “ธุรกิจที่รัฐสร้างขึ้นเอง” รัฐบาลเลยจำเป็นต้อง “สร้างความต้องการขึ้นมาใหม่” ด้วยกลยุทธ์ทางโภชนาการและการศึกษา

องค์การ USDA (กระทรวงเกษตร) และ National Dairy Council ถูกระดมทุนให้ทำวิจัยสนับสนุนว่านมคือสิ่งจำเป็นกับร่างกายมนุษย์ โดยเฉพาะเด็ก ผลลัพธ์ที่ออกมาก็มักจะสรุปในทำนองว่า “เด็กที่ดื่มนมสูง โตไว แข็งแรงกว่าคนที่ไม่ดื่ม” ทั้งที่ความจริง ไข่ไก่ก็ให้โปรตีนสูงกว่า และดูดซึมง่ายกว่าหลายเท่า แต่ไข่ไม่มีอุตสาหกรรมเบื้องหลังที่แข็งแกร่งเท่า “นม”

ในขณะเดียวกัน ระบบการศึกษาก็ถูกดึงเข้ามามีบทบาท โรงเรียนหลายแห่งเริ่มมี “โครงการดื่มนม” ที่รัฐจัดสรรงบประมาณให้ โดยบังคับใช้กับนักเรียนทั่วประเทศ พ่อแม่บางคนที่ไม่เคยให้นมลูกเลยในบ้าน ยังต้องยอมให้ลูกดื่มนมในโรงเรียน เพราะมันกลายเป็นมาตรฐานสาธารณสุขแห่งชาติ และภาพลักษณ์ของ “พ่อแม่ที่ดี” คือคนที่เลี้ยงลูกด้วยนมวัว

เมื่อรัฐผลักนมเข้ามาในชีวิตผู้คนจนลึกซึ้งขนาดนี้ ขั้นต่อไปคือการปลูกฝังทางวัฒนธรรม

เข้าสู่ยุค 1980s-1990s สมรภูมิการตลาดก็กลายเป็นแนวหน้าใหม่ของอุตสาหกรรมนม แคมเปญระดับตำนาน “Got Milk?” ถือกำเนิดขึ้นในปี 1993 โดย California Milk Processor Board ร่วมกับบริษัทโฆษณา Goodby Silverstein & Partners พวกเขาไม่ได้ขายแค่นม แต่ขาย “ภาพลักษณ์ของคนมีสุขภาพดีที่ดื่มนม” โฆษณาหลายตัวมีดารา นักกีฬา หรือคนดังยืนยิ้มพร้อมคราบนมที่ริมฝีปาก คำโปรยง่ายๆ แต่ฝังลึกในจิตใจคือ “Got Milk?”

มันไม่ได้แค่เปลี่ยนพฤติกรรมผู้บริโภค แต่สร้าง “จิตสำนึกทางโภชนาการแบบจอมปลอม” ขึ้นมาทั้งรุ่น ทุกคนเชื่อว่าการไม่มีนมในชีวิตเท่ากับขาดอะไรบางอย่างอย่างร้ายแรง

ในฝั่งซีเรียลเองก็ไม่ได้อยู่นิ่ง ผู้ผลิตพยายามขยายตลาดให้เข้าถึงเด็กๆ มากขึ้น ตั้งแต่กล่องลายการ์ตูน ไปจนถึงของเล่นแถมในกล่อง ทุกอย่างออกแบบให้ “ชวนเทนมลงซีเรียล” ได้ทุกเช้า แล้วแถมความหวาน ความกรุบกรอบ และความสะดวกสบายที่แม่บ้านสมัยนั้นต้องการ

นักประวัติศาสตร์อย่าง E. Melanie DuPuis เคยตั้งข้อสังเกตไว้อย่างคมคายในหนังสือ Nature’s Perfect Food: How Milk Became America’s Drink ว่าความสำเร็จของ “นม” ในสังคมอเมริกัน ไม่ใช่เพราะมันดีกว่าสิ่งอื่น แต่เพราะมันถูกผลักดันด้วยการเมือง นโยบายรัฐ และวัฒนธรรมที่บงการผ่านระบบอาหารอย่างแยบยล

การกินนมกับซีเรียลตอนเช้าจึงไม่ใช่เรื่องธรรมชาติ แต่มันคือ “ผลผลิตของการจัดการความเชื่อ” ที่ต่อเนื่องมานานกว่าร้อยปี เราไม่ได้เลือกดื่มนมเพราะร่างกายต้องการ แต่เพราะระบบที่ใหญ่กว่าเราบอกว่าต้องดื่ม แล้วทุกคนก็เชื่อไปตามนั้นโดยไม่เคยตั้งคำถาม

และนั่นแหละเฮียว่า คือความเก่งของ “Fiat Food” ที่ทำให้อะไรบางอย่างที่เคยเป็นแค่ของเหลวจากวัว อาหารธรรมดาชนิดหนึ่งที่ดื่มกินกันมาหลายพันปีตั้งแต่สมัยมนุษย์เริ่มเลี้ยงแพะ แกะ วัว อาหารที่ดีชนิดหนึ่ง กลับกลายเป็น “พระเอกของมื้อเช้า” เป็นสิ่งจำเป็นยิ่งยวด ถ้าไม่ได้ดื่มแล้วจะไม่แข็งแรง และอาจจะป่วยได้ เป็นการก้าวข้ามไปสู่อาหารเทพ โดยไม่ต้องแข่งขันด้วยรสชาติ หรือคุณค่าทางโภชนาการเลยแม้แต่นิดเดียว

จับประเด็นดีๆนะครับคนรักนมอย่าเพิ่งหัวร้อน ใครๆก็ชอบนม ผลิตภัณฑ์จากนมก็อร่อย ทั้งวิป ชีส เนย บลาบลาบลา ดังนั้น นม ไม่ใช่ไม่ดี นมมีดีพอที่จะเป็น just a good food ชนิดหนึ่ง เป็นสิ่งที่มีสารอาหารดีพอจะเลี้ยงให้ลูกของสัตว์นั้นๆแข็งแรงเติบโตมาสู้โลกใบนี้ได้ แต่นมไม่ใช่อาหารที่ขาดไม่ได้ หรือ ไม่ได้กินแล้วจะไม่แข็งแรง การตีกรอบความเชื่อนี้มาจากระบบ ที่ต้องการจะจำหน่ายนมให้มากตามการผลิตนม ที่สร้างมามากมาย ในช่วงสงครามตามประวัติศาสตร์ที่ปรากฎ

นมถูกเพิ่มมูลค่าขึ้นไปมากกว่าที่เป็นจริง จากรัฐ โดยไม่ได้มีพื้นฐานมาสนับสนุนมูลค่าโภชนาการได้เท่ากับมูลค่าที่เพิ่มขึ้นไป และถ้าเทียบกับอาหารอื่นอย่างไข่ ปลาตัวเล็กที่กินทั้งกระดูก ที่มีมูลค่าการตลาดน้อยกว่านมหลายเท่านั้น มันกลับมีมูลค่าโภชนาการไม่แตกต่างกันอย่างมีนัยยะสำคัญ จนพอที่จะสรุปให้ประโยคที่ว่า "หากไม่ดื่มนมจะไม่สูงไม่แข็งแรง" ให้เป็นจริงได้

ถ้าจะยกเหตุผลอื่นๆที่ไม่ได้อยู่ในกรอบ การเพิ่มมูลค่า ปริมาณสารอาหาร ความสะดวกสบาย ความชอบ นานาจิปาถะตามรสนิยม แต่ให้อยู่ในกรอบ ความเป็นอาหารเทพชั้นยอดที่ขาดไม่ได้เด็ดขาดแล้วนั้น คำถามก็คือ เราต้องกลัวการไม่ได้ดื่มนมเพราะจะไม่แข็งแรง หรือเปล่า

ใคร ทำให้เกิดความกลัวนั้น และความกลัวมักทำให้เกิดอะไร

นั่นคือแก่นของเรื่องนี้ครับ #pirateketo #กูต้องรู้มั๊ย #ม้วนหางสิลูก #siamstr

@ 86184109:de238b47

Greetings! If you're reading this, you might be asking yourself "how do I start hiding things?", or maybe you're asking something more akin to...

What is a geocache? What is Treasures?!

Geocaches

Excellent question, dear reader! Geocaching is a hobby that has been around since at least the 2000's, with its roots in the even older hobby of letterboxing. In short, geocaching is a type of real world 'treasure hunt', in which 'caches' are hidden for others to find. These caches may range from a small container with a log entry book, multiple caches with coordinates to the next location leading to a destination, or even something hidden behind an elaborate puzzle or riddle.

Traditional geocaches are typically containers hidden from prying eyes - usually off a park, hiking, or natural trail of some sort. The intent and fun of geocaching is to find these hidden caches, log your success in finding them (either digitally or through a log book), and perhaps even trading trinkets between yourself and the cache's container.

Treasures

Treasures is a decentralized geocaching application, which acts as a client-side interface for displaying user-submitted geocache listings to nostr relays. In short, users submit geocache listings (kind 37515 events) to the relays and Treasures acts as a software on your device to display these items.

If you're new to nostr, I'd suggest reading through this guide for a proper introduction to the topic.

Okay okay, how do I start hiding stuff?

Ah, the exciting part! At this stage, the two most important items are creating the geocache and finding a proper place to hide it.

Creating a geocache

There isn't too much to creating the geocache itself, but some small considerations are required.

Sizing

Geocaches typically come in the following sizes: * Micro - The size of a film roll canister or smaller. * Small - The size of a sandwich container or bento box. * Regular - The size of a shoebox, roughly. * Large - An ammo box, treasure chest, small cooler, or similar.

For starting out, I would suggest a small container to keep things simple.

Container material

Geocaches can exist in many forms, ranging from a small tube, a fake rock, a snap-lid box, or even a literal treasure chest. However, in most cases, you are looking for a container that can weather the elements. Something that can survive a bit of wilderness, especially external moisture.

For a container, I would suggest anything that has a snap or 'locking' seal, as well as some type of rubber o-ring seal on the lid.

Your local stores may vary, but here are few examples of containers that would meet this criteria: * MTM Survivor Dry Box with O-Ring Seal * Cabela's Ammo Can Field Box * Snapware Plastic Food Storage Containers * Target Twist & Store Food Storage Containers

All of these items (with the exception of the last, which uses a twist seal) matches the above criteria. They also share another important criteria - green, muted, and translucent coloring.

Container color

You're hiding something, likely within nature or near it, so blending into the environment is a key variable here. Try to find containers that are a natural green or brown, or even simply translucent. Avoid colors that would contrast against the environment, such as bright pastels, neons, primary colors, and so on.

Container contents

So now you've selected your container; it's durable and will be very hard to find, but... what do you put in it?

The log entry

A geocache's contents, at minimum, should include a log entry book (or paper) so that the finder can record their record of being there.

Treasures includes an additional item you can place within your geocache - a scannable QR code:

This optional QR code, if scanned, allows you to post a verified log entry. This allows the finder to provide a simple cryptographic proof of being at the cache location. Verified logs have a neat 'verified' badge next to the entry:

A finder can still post a normal log entry, of course. They just won't have the cool, shiny badge next to it.

Other trinkets

A log entry is often more than enough to satisfy the conditions of a successful geocache treasure hunt, but you are also welcome to include additional items and prizes for the finder to enjoy.

Geocache contents can also include cool memorabilia, coins, trading cards, badges, toys, or any other item that might make for a good trade. In this scenario, the finder is encouraged to trade an existing item within the cache with something that they treasure as well, something that would be an awesome find for the next person.

For example, one of the coolest things I found in a geocache was a foil trading card:

Now that you have an idea of how to build a cache, let's move on to the other important half - where to hide it.

Hiding a Geocache

Most of the fun in a geocache is the act of finding it, and finding a great hiding location is an crucial part of building that experience.

Difficulty and Terrain

The complexity of finding a geocache is scored on a 1-5 scale by difficulty (D) and terrain (T); these are the mental and physical obstacles to finding the cache. These challenges can range from walking up to a location and immediately finding the cache, to requiring some tricky puzzle solving, or potentially having to physically travel a great distance and through potentially-hazardous terrain to find the geocache's location.

For this guide, we will focus on hiding a simple geocache with a difficulty and terrain rating of 1-2. The location may require some walking and potential cleverness to find the geocache.

Picking a good location

The basics

A "good location" is likely subjective, but for this guide, it means "a mostly-accessible area in a forested park or trail that doesn't receive a ton of foot traffic".

You will want to find somewhere that is not dangerous or difficult to reach, but is also not a place that people would go normally. Such examples may include:

• A small clearing adjacent to the main path.
• A slim walk path that clearly detours from a primary walking path in a park, but is still possible to navigate through.
• An area that requires a bit of walking to get to normally, but is often not sought after by park or trail goers.

Leave No Trace

You should be mindful of the location you pick, ensuring that the path and action of finding the cache follows Leave No Trace principles. Specifically, that you aren't causing harm to the nature around you via actions such as littering or damaging the wildlife.

Such examples would include: * Avoiding putting disposable wrappers or throwaway material in your geocache container. * Using a container with a snap or locking mechanism to keep the geocache contents from being potentially littered. * Picking locations that do not require trampling on or destroying existing flora to reach the geocache location. * Picking locations with clear, established, and stable paths.

Hiding spots

"Where do I actually hide this thing?", you might be asking about now. Well, if you've found a good spot, then this part requires some imagination. Try to find a place that your cache won't be easily seen by others.

Some common examples might include: * Behind a large tree that faces a trail. * Within a shrub or bush. * Behind tall grass or a fence that is normally not visible when walking past the area.

Safety considerations

As with any hobby that involves leaving your house, there is always an innate risk of danger or injury. That being said, you should hide your geocache in a place that will not further incur such risks for those trying to find it.

These guidelines are somewhat outlined already above, but the key things to look out for are: * Stable ground - make sure that the path to reach your geocache follows level ground with no drastic shifts in elevation. * Part of an existing park, nature trail, or hiking trail - your geocache should be possible to find by starting with an established location, such as the entrance of a park. * Keep your cache within public property - your geocache should be somewhere that everyone is allowed to be.

Posting your geocache to Treasures

Now comes the easier part, hopefully! To create your geocache listing on Treasures, log in with your nostr private key (or sign up to obtain one on Treasures if you're new), then go to the Create page.

This page will walk you through the key details of your geocache listing, such as the title, description, hints, difficulty and terrain scores, the container size, and additional images you may or may not wish to add to your listing.

Upon submitting your listing, the following will occur:

• An event will be published to the nostr relay(s).
• The optional QR code will be generated for your listing. (Download it now, as it's not possible to generate the same QR code twice!)

...and that's it! Your geocache listing is now present to the public - congrats. :)

Additional Considerations

• Double-check the location you're using for your cache. Is it accurate? Is it in within 10~ ft of the destination (or starting point) of your cache location?
• If you don't want to bring the QR code back to your geocache container later, you can create the cache listing in advance - just mark it as a 'hidden from public view' to keep the cache unlisted in the UI.
  • The relay event is still public, and you can still share the link for those that might need to review it, but it won't appear in listings for anyone using Treasures directly.
• Take some good pictures of the surrounding location! These are good ways to provide context and hints to those looking for your geocache.
  • Images are blurred by default to avoid spoilers, so feel free to provide anything that might be helpful for those who might need assistance.

Conclusion

Thank you for taking the time to read through everything! I may update this guide as new or helpful information comes up, but I hope that this information serves you well as you start your treasure hiding adventure.

If you have any questions, you can find me at @chad@chadwick.site on Ditto.

Good luck, and may the winds of adventure carry you forward!

@ dfa02707:41ca50e3

News

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

Source: b10c's blog.

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

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

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

Source: block.xyz

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

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

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

Source: Bitwise.

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

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

@ dfa02707:41ca50e3

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

@ 9ca447d2:fbf5a36d

Bitcoin Core Github page announced yesterday that Core Developers have merged pull request #32406, removing support for “-datacarrier” argument for Bitcoin Core software in their next release, expected to be published in October.

Pull request #32406 has been merged — Github

This is the latest development regarding the initiative brought forth by Bitcoin Core developer Peter Todd, which has caused intense debate among Bitcoiners, now known as the “spam wars”.

The disagreement is over a change to Bitcoin Core’s transaction relay policy that removes the OP_RETURN data limit, which some see as a threat to Bitcoin’s very purpose, while others see it as a necessary step to preserve decentralization and censorship resistance.

OP_RETURN is an arbitrary piece of data that can be amended to a bitcoin transaction, and used to be limited to 80 bytes. Users have found ways to go around this limit already and have uploaded larger data to the Bitcoin blockchain, including photos, audio, and even entire computer games.

Bitcoin Core allows for extra arguments when running the application, one of which is the “-datacarrier” argument, which tells the application to not accept transactions including larger OP_RETURN data into its mempool.

Now this argument is marked as “deprecated”, meaning it is not supported or developed anymore, and is expected to be completely removed in future versions.

This will make accepting Bitcoin transactions that contain non-financial data mandatory for anyone running future versions of the Core software.

Prior to the merging of the mentioned pull request on the morning of Monday June 9, a joint statement from 31 Bitcoin Core devs was released on June 6, reheating the already controversial debate in the Bitcoin community.

In the June 6 statement, Bitcoin Core devs explained how they think Bitcoin nodes should handle transactions that include non-financial data, like digital art or messages. This type of data has become more common with Ordinals and inscriptions.

Related: Discussions Heat Up Among Bitcoin Devs Over OP_RETURN Proposal

Core developers said they are not endorsing non-financial use of Bitcoin, but also won’t stop it. Their main point is that Bitcoin’s strength is in being open and censorship-resistant. They wrote:

“This is not endorsing or condoning non-financial data usage, but accepting that as a censorship-resistant system, Bitcoin can and will be used for use cases not everyone agrees on.”

They say it’s up to users and node operators to decide what kind of Bitcoin software they run. Bitcoin Core won’t block transactions that have economic demand and will be mined.

“Being free to run any software is the network’s primary safeguard against coercion,” the statement added.

The policy change goes back to a May 8th upgrade (announced by Core contributor and Engineer at Blockstream, Greg Sanders), where devs removed the long-standing 80-byte limit on OP_RETURN output size.

This limit was meant to discourage non-payment data usage, but devs say it no longer serves that purpose.

“Retiring a deterrent that no longer deters” makes sense, they argue, because people have already found ways to add large data to the blockchain.

They also point out that removing the cap may help miners and users more than it hurts. They claim the new approach helps predict which transactions will be mined, speeds up block propagation and helps miners find fee-paying transactions.

“Knowingly refusing to relay transactions that miners would include in blocks anyway forces users into alternate communication channels,” they explained, warning this could harm decentralization.

The response has been mixed.

The announcement of the merge received 64 upvotes and 93 downvotes from reviewers, showing the community is mostly against this action. Comments explaining their dissatisfaction with the merge also received the support of the majority.

Reviewers who voted ACK (acknowledgment and agreement) were downvoted, and the comments voting NACK (disagreement) received more upvotes.

Comments regarding the recent merge — Bitcoin Core Github page

Critics say it opens the door to blockchain spam, higher fees and more bloat on the blockchain with non-financial content. They say Bitcoin should stick to its original purpose as a “peer-to-peer electronic cash system”.

Samson Mow, CEO of JAN3, was one of the most vocal critics. He said the devs are removing the barriers that protect the network from spam.

“Bitcoin Core devs have been changing the network gradually to enable spam,” Mow said. “It’s disingenuous to just say ‘It is what it is now, too bad’.”

Bitcoin dev Luke Dashjr also criticized the move, saying it undermines Bitcoin’s core function. He called the devs’ goals “basically all wrong” and said expecting spam to be mined is “defeatism”.

Luke Dashjr on X

One user said: “It’s Bit”Coin” not Bit”Bucket” or Bit”Store” or whatever general purpose data store you have in mind. It’s a peer to peer electronic cash system”.

Another user chimed in, warning it could increase costs, reduce efficiency and even hurt long-term scalability.

Their argument is simple: if nonfinancial data is allowed to be stored on the blockchain, it will increase its size over time, storing useless data, and it will hurt decentralization, as fewer individuals will be able to host the entire blockchain on their computers.

They argue allowing people to store whatever they want on the blockchain because transactions shouldn’t be censored, will lead to hurting bitcoin in the long run. Many even argue no additional information should be allowed on the blockchain at all.

But not everyone is unhappy.

Some like Jameson Lopp, co-founder of Bitcoin wallet provider Casa, praised the devs for being transparent and consistent.

“Core Devs are a group saying we can’t force anyone to run code they don’t like,” Lopp said. “Here is our thinking on relay policy and network health.”

Lopp believes a joint statement helps the public understand what the devs stand for.

Supporters also say in a truly decentralized system, devs shouldn’t be gatekeepers. Instead users and miners should be able to decide what goes on the blockchain.

With opinions so divided, the future of Bitcoin may be more contentious. Some predict a fork to create a version of Bitcoin that only deals with monetary use. Others expect new wallet and node software that lets users choose to filter out large data or allow it.

Despite the controversy, the devs are standing by their decision. “While we recognize that this view isn’t held universally,” they said. “it is our sincere belief that it is in the best interest of Bitcoin and its users.”

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• 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

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

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

What's new

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

Announcement / Archive
GitHub Repo
Website

@ 9ca447d2:fbf5a36d

While most Bitcoin companies chase quick wins with flashy marketing and complex trading features, Coinfinity is taking a different path. The Austria-based company has built their entire business model around something most brokers treat as an afterthought: education.

Founded on the principle that Bitcoin adoption requires understanding, not just access, Coinfinity offers something great in the Bitcoin space: a broker that actually wants you to take your bitcoin off their platform.

Their Bitcoin Blinks educational series provides a self-custody-first approach, and Austrian economics foundation make them stand out in a crowded field of crypto casinos.

Coinfinity’s HQ in Graz, Austria

At the heart of this educational mission is Fab, Coinfinity’s Head of Bitcoin Education, whose journey to Bitcoin mirrors that of many who’ve found their way to Austrian economics through pure instinct.

“I always had the feeling that something in the world just doesn’t add up,” he told Bitcoin News when he sat down with us. “Something’s wrong, I don’t know what, but I felt like the foundation of our society isn’t quite fair, I just never knew what it was.”

Sound familiar?

That hunch eventually led him down a rabbit hole of geopolitics, monetary systems, and finally to Andreas Antonopoulos videos on YouTube.

“I basically disappeared from life for about a week, just watching those videos,” Fab recalled. But it wasn’t until he read The Bitcoin Standard that everything clicked.

“I remember it like it was yesterday, I closed the book and thought ‘Holy s***, now I get it.’ That was the moment. From then on, I was Bitcoin-only.”

Many of the best Bitcoin books are in English and translating them is important

Now as Head of Bitcoin Education at Coinfinity and co-founder of Aprycot Media (a German publishing house focused exclusively on Bitcoin), Fab spends his days helping others find that same spark.

And unlike most “crypto” companies, Coinfinity’s strategy isn’t driven by marketing gimmicks or token launches, it’s driven by teaching.

“Our goal is to create educational content that’s so easy to understand that people love sharing it,” Fab explained. “When they share it, they connect with us. Once they start understanding Bitcoin, they choose us to buy it.”

Most companies buy Google ads. Coinfinity builds minds. With their Bitcoin Blinks, 42 short, clear lessons covering everything from subjective value to seed phrases, they’re offering what most brokers won’t: context. Meaning. Philosophy.

“It became quite popular, and we think it’s way more effective for our brand than just buying ads,” Fab said.

And they don’t stop there. When it comes to custody, Coinfinity takes a radically different approach than most Bitcoin brokers.

“When you buy bitcoin from us, you always take custody, either in our in-app wallet where you control the seed, or your own hardware wallet,” Fab emphasized. “Even our lightning feature works the same way you always buy into your own wallet.”

That’s not just a slogan. It’s a core value of the company that runs so deep they’re willing to sacrifice user experience for it. “We never custody your bitcoin,” Fab said. “It’s one of the core values that you custody them yourself.”

Even as fees rise and UTXO management gets harder, Coinfinity stays committed to self-custody. They are open to optional custodial tools in the future, but always paired with education, and always encouraging users to take their bitcoin off-platform when the time is right.

“If we ever offer custodial services, it would only be to help users stack small amounts until they reach a meaningful UTXO size,” Fab explained.

The plan would involve accumulating smaller purchases monthly or weekly until users hit a threshold, maybe a million sats, then withdrawing to self-custody. “We don’t want to play games with your bitcoin. We don’t want to lend it out or earn interest on it.”

Coinfinity emphasizes on self-custody and education, even in its app

The challenge is real though. When new users first encounter Bitcoin, the technical barriers can be overwhelming. “Often causes problems with people just getting into Bitcoin who don’t understand what self custody is” Fab notes.

That’s why they built their in-app wallet, to smooth the onboarding while maintaining their self-custody values. “The in-app wallet was our first step toward optimizing user experience without compromising our core value of bringing bitcoin into self-custody,” he said.

“One of our taglines is ‘bringing Bitcoin to the people’ and we literally mean that. We want to bring bitcoin to them, not keep it from them.”

Another promising thing the company is doing in their operations is using AI to create more content, faster. Podcast scripts, educational summaries, internal tools, Fab’s even feeding Austrian economics PDFs into models to keep the tone on-brand and Bitcoin-only.

“We’re using these tools in our business development and marketing teams to generate more output with the same number of people,” he said. But the future looks even more exciting.

“Maybe one day we’ll have a tutor in the app where you can do a video call and ask ‘What is a Bitcoin address?’ and it will talk back to you naturally, going deeper as you ask more questions,” Fab explained. “That’s absolutely possible.”

The technology isn’t quite there yet for mainstream deployment in their app, but Fab is optimistic. “I’m sure that in the future, this won’t just be used for improving our internal workflow, but for enhancing the content itself,” he said.

It’s not a pipe dream. The tech is already close. The only thing missing is more Bitcoin-native data and companies like Coinfinity are quietly building that layer.

One of the favorite parts of these interviews is asking the builders in the space what they would ask Satoshi if given one question. When I asked Fab what he’d ask Bitcoin’s creator, he didn’t hesitate:

“Did you purposely build Bitcoin based on Austrian economics, or did it just happen by accident?

“All this monetization theory, Bitcoin being a store of value first, is this something you actually thought was possible and had in mind? Or was it just a lucky shot that accidentally gave us the best monetary properties?”

Because if Satoshi had built Bitcoin with a 2% inflation rate, like some other projects, it might’ve worked. But it wouldn’t have lasted.

“He could have made it with 2% tail emission, it still would have been decentralized. But then today, someone might introduce a coin with a fixed supply that could kill Bitcoin,” Fab noted.

Fab suspects the fixed supply wasn’t an accident. And thank God for that.

What’s remarkable about Coinfinity isn’t just their Austrian approach or their self-custody obsession, it’s how they’re proving that education-first Bitcoin companies can compete with the flashy crypto casinos dominating the space.

Coinfinity doesn’t serve U.S. customers. They’re focused on Europe, operating within EU regulations. But what they’re building, honest Bitcoin education, smart tools, and a relentless push for financial sovereignty, matters everywhere.

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

• Upcoming updates for Bitcoin Safe include Compact Block Filters.

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

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

What's new in v1.3

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

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

Announcement / Archive
Blog Post / Archive
GitHub Repo
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This update brings key enhancements for clarity and usability:

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

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

Learn how to get started with Sparrow wallet:

Release notes (v2.2.0)

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

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

What's new in v2.2.1

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

Announcement / Archive
GitHub Repo

@ 9ca447d2:fbf5a36d

BlackRock’s iShares Bitcoin Trust (IBIT) has become the fastest exchange-traded fund (ETF) to ever reach $70 billion in assets under management (AUM).

The fund, which launched in January 2024, hit this milestone in just 341 trading days—five times faster than the previous record-holder, the SPDR Gold Shares ETF (GLD), which took 1,691 days to reach the same mark.

IBIT now holds over 662,000 BTC — iShares

Bloomberg ETF analyst Eric Balchunas tweeted on June 9, “IBIT just blew through $70 billion and is now the fastest ETF to ever hit that mark in only 341 days.” This is a big deal and shows bitcoin is going mainstream.

IBIT has beaten fastest growing ETFs in history — Eric Balchunas on X

The fund’s rapid growth means institutional investors are embracing bitcoin at scale.

The fund has $71.9 billion in AUM and holds over 662,000 bitcoin. This makes BlackRock the largest institutional bitcoin holder in the world. To put that in perspective, the fund holds more bitcoin than Binance or Michael Saylor’s Strategy.

“IBIT’s growth is unprecedented,” said Bloomberg analyst James Seyffart. “It’s the fastest ETF to reach most milestones, faster than any other ETF in any asset class.”

BlackRock’s bitcoin ETF isn’t just big. It’s also greatly outperforming other spot bitcoin ETFs launched at the same time. BlackRock’s brand and global client base gave the fund instant credibility.

Many institutional investors want a regulated and convenient way to get into bitcoin without holding the asset directly, and this fund has made it easy for them to invest.

Robert Mitchnick, BlackRock’s head of digital assets, told Yahoo Finance that bitcoin’s rising status as an inflation hedge and alternative store of value is driving IBIT’s popularity.

He explained bitcoin is becoming an inflation hedge and alternative store of value and that’s what’s driving the growth.

Eric Balchunas also noted that when BlackRock filed for IBIT, bitcoin was at $30,000 and there was still skepticism after the FTX blowup. Now that bitcoin is at $110,000, it is “seen as legitimate for other big investors.”

Institutional demand for bitcoin has never been stronger, with IBIT making up nearly 20% of all bitcoin held by public companies, private firms, governments, exchanges and decentralized finance platforms.

That dominance may soon be challenged as public companies prepare to buy more bitcoin and shake up the current supply distribution.

Matthew Sigel, VanEck’s head of digital assets research, shared data that six public companies plan to raise, or have raised, up to $76 billion to buy bitcoin. That’s more than half of the spot Bitcoin ETF industry’s current AUM, so there’s clearly interest beyond ETFs.

On the broader market, IBIT’s rise coincided with bitcoin’s price surge to new highs above $110,000. The inflows reflect investors’ confidence in Bitcoin’s future and desire for regulated exposure through traditional products.

It’s worth mentioning that IBIT also had over $1 billion in volume on its first day of trading. It’s now the largest ETF in BlackRock’s lineup, even bigger than gold funds and other popular ETFs tracking international equities.

@ 9ca447d2:fbf5a36d

In a move that diverges from many other U.S. states, Connecticut has passed a new law that bars state and local governments from investing in bitcoin or any other digital currency.

The bill, HB7082, passed unanimously in both the House and Senate with zero opposing votes.

The law, officially titled “An Act Concerning the Regulation of Virtual Currency and State Investments,” was signed into law recently and is causing a stir in the Bitcoin and financial communities.

HB7082 prohibits the state of Connecticut and its political subdivisions from accepting, holding or investing in digital currencies. This includes bitcoin, ethereum and other digital assets. It also bars the state from creating a bitcoin reserve, a concept being explored by other states.

The law goes further by imposing strict rules on digital asset businesses operating in the state. These rules enforce anti-money laundering (AML) compliance and parental consent verification for digital asset users under 18.

It also requires 1:1 reserve requirements for bitcoin custodians.

Businesses that handle Bitcoin transactions must now provide users with clear information about risks and fees and provide receipts with full transaction details.

No business can let a minor use a money-sharing app without first getting proof of consent from a parent or guardian.

Lawmakers in Connecticut say it’s about protecting public funds and minimizing financial risk. They say Connecticut’s new law bars state investments in bitcoin to protect its financial assets from market risk.

Supporters argue that the high volatility of bitcoin makes it a risky investment for public money like pension funds and state reserves.

The law also looks to bring bitcoin businesses under tighter control, to make them follow the same rules as the traditional financial system.

While Connecticut is cracking down on digital assets, other states are going the other way.

States like Texas, New Hampshire and Arizona have already passed laws or proposed bills to create a bitcoin reserve, which allows public funds to be invested in bitcoin.

Texas has even described bitcoin as a “forward-thinking investment opportunity” and a long-term store of value.

The new law has caused mixed reactions in the financial world. Some think it’s too cautious, others think it’s part of a bigger plan.

Matt Hougan, CIO of Bitwise, responded with sarcasm, “The hedge fund managers got so upset they couldn’t beat Bitcoin…”

Matt Hougan on X

Some states like Florida, South Dakota and Oklahoma have either killed or vetoed Bitcoin bills this year. Others like Louisiana are still exploring the tech. Louisiana just announced it would create a special committee to study AI, blockchain and digital assets.

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

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

How to started with Payjoin in Cake Wallet:

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

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

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

What's new

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

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

Announcement
Blog Post / Archive
GitHub Repo

@ dfa02707:41ca50e3

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

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

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

What's new

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

Other changes

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

#FREESAMOURAI

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

Announcement / Archive
GitHub Repo

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• 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

@ 9ca447d2:fbf5a36d

When Richard Scotford moved to Costa Rica in 2018, he had no idea he would become a key figure in a thriving Bitcoin economy.

A longtime Bitcoin holder who initially saw it through the lens of speculation, Scotford’s journey led him to embrace Bitcoin’s deeper purpose and spearhead Bitcoin Jungle — a grassroots movement bringing real-world Bitcoin adoption to Costa Rica.

Bitcoin circular economies create holistic value for Bitcoiners

Bitcoin Jungle is inspired by Bitcoin Beach in El Salvador but uniquely adapted to Costa Rica’s economic landscape. Unlike El Salvador, where Bitcoin was positioned as a tool for financial inclusion, Costa Rica already has a fairly stable banking system.

The real issue? The friction of moving money. Expats, business owners, and tourists struggle with high fees, banking red tape, and slow transactions. Bitcoin helped solve a lot of these problems.

The Birth of Bitcoin Jungle

Scotford and his team launched Bitcoin Jungle in late 2021 with a simple goal: get bitcoin into people’s hands and make it usable. However, there was one challenge — he had no technical background.

Determined to create a circular bitcoin economy, Scotford networked aggressively. He attended the first Adopting Bitcoin conference in El Salvador, approaching strangers with his vision:

“I was just walking around trying to find people who could help me make this economy, going up to random people saying ‘Hey, what can you do? We’re trying to make a circular economy in Costa Rica, can you help us?’ They all thought I was crazy.”

The breakthrough came when he turned to Bitcoin Twitter. Nicolas Burtey from Galoy encouraged him to create a wallet, and developer Lee Salminen forked the Bitcoin Beach wallet for their project. 

“Within two weeks of Adopting Bitcoin, Lee forked the Galoy Bitcoin Beach wallet, which took Galoy by surprise. Even though they made their wallet to be forked if necessary, I don’t think they were expecting people to do it so fast and, I’d like to say, so well. They were like, ‘Okay, cool, who are these guys doing this?’”

Finally Bitcoin Jungle had its own working wallet, surprising even the Galoy team with the speed of execution.

Grassroots Adoption: One Vendor at a Time

How do you build a bitcoin economy from scratch? Scotford’s answer was simple: start at the farmers’ markets.

“We were like, okay, we’re going to get all the bespoke niche market sellers who are in this area. We have all these beautiful farmers markets, and we decided to approach these people first,” Scotford explained.

His team took a strategic approach, targeting market gatekeepers first.

“If you want to talk to every individual person, it’s really difficult. But if you can talk to the person who is the owner of the market, and then they can introduce you to their market stores, you’re already halfway there.”

Going stall by stall, they pitched Bitcoin’s advantages — no bank fees and better payment options. But adoption didn’t happen overnight, so Bitcoin Jungle initially offered a safety net — vendors could cash out at the end of the day.

“We would say to the vendors, ‘Look, accept bitcoin, and at the end of the day, if you don’t want to keep the bitcoin, we’ll buy it off you,’” Scotford recalled.

“When we first started, maybe 30–40% of the vendors were cashing up every day or at the weekends. Lee would be walking around with big fistfuls of money, cashing out vendors.”

But over time, something shifted — they started keeping their bitcoin.

“Eventually, the vendors started to learn themselves that, ‘Oh, actually it’s better to keep it.’ They would then pay for their tables in the markets using bitcoin. They thought, ‘Well, I don’t want to keep this bitcoin, I don’t really know what to do with it, but I can pay for my table.’ So there, the circular economy starts to happen.”

Today, Bitcoin Jungle runs with minimal intervention, and Scotford takes pride in their reliability.

“When you come here to Costa Rica, what we really pride ourselves on is that if someone says they accept bitcoin, 99% of the time, they will. And if they’re part of Bitcoin Jungle, they will 100% accept bitcoin and you will have a fluid experience with it.”

By mid-summer 2024 over 380 locations in Costa Rica accepted bitcoin

The Bitcoin Jungle Wallet and Real Usage

Bitcoin Jungle is an open-source community project built on the Bitcoin Lightning Network.

Acting as a community bank, the project processes a large number of transactions daily. To encourage proper security practices, Scotford’s team alerts their peers, reminding users to move their bitcoin to cold storage.

“If you’ve got too much bitcoin on your wallet, we send you a message telling you to move it to cold storage,” he explained. For larger businesses, they even offer hands-on assistance to secure funds properly.

Unlike the HODL-only philosophy that many Bitcoiners advocate, Bitcoin Jungle encourages spending.

“Michael Saylor says don’t spend your bitcoin. We say the opposite,” Scotford laughed. “We’re the antithesis of that. You need to spend it.”

Bitcoin Jungle’s Unique Approach to Costa Rica

Bitcoin Jungle isn’t just another Bitcoin adoption effort; it’s tailored to Costa Rica’s economy. The wallet operates in Costa Rican colónes, making transactions feel familiar to residents while ensuring tourists and expats can still interact easily.

The team has also introduced low-fee bitcoin ATMs, point-of-sale integrations, and partnerships that allow users to pay in bitcoin while the recipient receives local currency.

A major breakthrough came when Francis Pouliot from Bull Bitcoin joined forces with Bitcoin Jungle, bringing his expertise in banking infrastructure to the project.

This collaboration enabled seamless bitcoin payments that integrate directly with Costa Rica’s financial system, allowing users to pay anyone, even businesses that don’t directly accept bitcoin, while the recipient receives funds in colónes or dollars.

“I can go to a hardware store, order steel for my new basketball court, pay in bitcoin, and the store gets dollars,” Scotford said. “For a non-tech guy like me, it’s magical.”

Why Aren’t There More Bitcoin Jungles?

Scotford sees an opportunity for more localized bitcoin economies.

“There should be a Bitcoin Harbor, a Bitcoin Mountain, a Bitcoin Driveway,” he joked. “But instead of waiting for permission or corporate funding, people need to take action themselves.”

He emphasizes that building a circular bitcoin economy doesn’t require deep pockets. “I probably gave away $600 worth of bitcoin when we started — just $3 here, $4 there — to get people using it.”

The Future of Bitcoin Jungle

Bitcoin Jungle continues to grow, recently hosting events like the Bitcoin Freedom Festival and integrating bitcoin into community projects, including a school where tuition can be paid in bitcoin.

“The institutions have come in, but the grassroots projects haven’t caught up,” Scotford observed. “It’s time for people to stop sitting on their hands and start building.”

Bitcoin is permissionless, no one has to wait for approval to start using it. Bitcoin Jungle proves that with vision and persistence, anyone can build a thriving Bitcoin economy, one market stall at a time.

Get the latest from Bitcoin Jungle: follow them on X

@ 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. 💝♥️♥️

@ 9ca447d2:fbf5a36d

Coinbase is launching its first-ever credit card — the Coinbase One Card — with up to 4% back in bitcoin on everyday purchases.

The announcement was made at the 2025 State of Crypto Summit in New York and marks a big step towards making bitcoin more accessible and rewarding for everyday use.

The card is being released in partnership with American Express and will roll out in the U.S. this fall. It’s only available to Coinbase One members, the company’s growing subscription service.

“Whether you’re buying groceries or booking a trip, the Coinbase One Card lets you earn rewards in Bitcoin — making everyday spending more rewarding than ever,” Coinbase said in a blog post.

The Coinbase One Card lets you earn 2-4% back in bitcoin, depending on how much you have in assets on the Coinbase platform. All cardholders will start at 2%, but those with more assets can unlock higher cashback rates.

The card also has a metal design with text from Bitcoin’s original Genesis Block engraved on it, representing its connection to the birth of the scarce digital asset.

Coinbase One Card

The bitcoin rewards are a first for Coinbase, which previously only released a prepaid debit card with Visa in 2020. The new card is a shift from traditional digital asset trading tools to everyday financial products that integrate with the blockchain.

The card is on the American Express Network, which provides access to travel protections, exclusive offers, personalized experiences and the secure infrastructure of one of the most trusted brands in payments.

Will Stredwick, SVP of Global Network Services at American Express said:

“We see real potential in the combination of Coinbase and crypto with the powerful backing of American Express, and what the card offers is an excellent mix of what customers are looking for right now.”

Luke Gebb, Executive Vice President of Amex Digital Labs added that Amex is committed to “practical, compliant applications” of the blockchain and Bitcoin technology.

The Coinbase One Card is issued by First Electronic Bank and offered through a partnership with fintech company Cardless. A waitlist is open now on Coinbase’s website and more info will be shared as the fall launch approaches.

To use the card, you need to be enrolled in Coinbase One, a subscription program launched in 2023. There are now two options:

• Standard Coinbase One: $29.99/month, with zero trading fees, priority customer support and enhanced staking rewards.
• Coinbase One Basic: $4.99/month or $49.99/year, to make it more affordable. Basic members also get the card and the same bitcoin rewards.

Both tiers get up to 4% bitcoin back, zero-fee trading on eligible assets (up to $500/month for Basic), and 4.5% APY on the first $10,000 in USDC holdings.

“Our customers are graduating from just creating [accounts] to now using Coinbase as a primary financial account,” said Max Branzburg, Coinbase’s VP of Product.

The Coinbase One Card launch comes as more digital asset platforms are entering the credit and debit card space. Rivals like Gemini have launched cards with similar cashback features and payments giants like Mastercard are exploring bitcoin integrations.

@ 9ca447d2:fbf5a36d

Digital assets entrepreneur Anthony Pompliano is about to make a big move into bitcoin, with plans to raise $750 million through a public investment vehicle called ProCapBTC.

The company will buy bitcoin and make the digital asset more accessible to institutional and traditional investors.

According to the Financial Times, Pompliano will be CEO of ProCapBTC, a Bitcoin-focused company that will go public by merging with Columbus Circle Capital 1, a special purpose acquisition company (SPAC) backed by Cohen & Company, a publicly traded investment bank.

The plan is to raise $500 million in equity and $250 million in convertible debt. If successful, ProCapBTC could be one of the largest corporate buyers of bitcoin, potentially putting it in the top 10 holders of the digital currency.

This is not a fund with a little bitcoin exposure — it’s a company centered around the asset.

The deal is still in negotiations but sources close to the matter say it could be announced as soon as next week. If so, ProCapBTC will merge with Columbus Circle Capital 1, get public market access and be able to raise further capital for bitcoin purchases.

Columbus Circle Capital 1 went public and completed a $250 million IPO in May 2025 and was formed to acquire or merge with high-growth companies.

It’s sponsored by Cohen & Company Capital Markets, a division of Cohen & Company, which is listed on the New York Stock Exchange.

Cohen & Company has been getting more involved in the Bitcoin space. The firm has offered advisory, tax and audit services to digital asset companies, including NFT marketplaces, decentralized finance projects and token issuers.

Its backing gives the ProCapBTC initiative credibility in both traditional finance and digital assets.

Anthony Pompliano, known as “Pomp” in the digital assets community, is a well-known Bitcoin advocate, investor and podcast host. He co-founded Morgan Creek Digital Assets and also leads Pomp Investments, a firm focused on digital assets and fintech.

This isn’t Pompliano’s first SPAC. He led ProCap Acquisition, a fintech-focused SPAC that raised $250 million through a Nasdaq IPO in April.

Pompliano has been saying for years that bitcoin should be included in strategic reserves for governments and corporations. He thinks bitcoin will keep going up until governments stop printing money.

With ProCapBTC he’s putting his money where his mouth is — but this time through a big, public vehicle to buy bitcoin.

ProCapBTC is launching at a time of renewed interest in bitcoin, with governments and numerous companies announcing the creation of bitcoin reserves.

President Donald Trump being pro-Bitcoin is a big deal. His administration’s lighter regulatory approach has encouraged more companies to go public and expand in the space.

This is a new way for investors to get exposure to bitcoin without buying and holding the actual asset. A public company solely focused on bitcoin could be attractive to institutional investors with stricter investment guidelines.

@ 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

@ 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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@ 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? :)

@ 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.

@ 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.

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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.

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

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

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JPMorgan Chase, the largest bank in the U.S. and one of the most powerful institutions in global finance, is going deeper into Bitcoin. The bank is reportedly going to allow wealthy clients to use shares of Bitcoin ETFs—specifically BlackRock’s iShares Bitcoin Trust (IBIT) — as collateral for loans.

This is a big move from the Wall Street giant and a sign of how traditional finance is changing the way it treats bitcoin.

According to a Bloomberg report, JPMorgan will let trading and wealth-management clients borrow money using digital asset ETFs like IBIT as collateral—the same way clients might use stocks, real estate or even cars.

The bank will also factor clients’ digital asset holdings into calculations of net worth and liquidity. So now, bitcoin will be treated like real estate or company shares when assessing a client’s loan repayment ability.

This is set to launch in the coming weeks and will start with IBIT which has over $70 billion in assets. IBIT is now the largest spot bitcoin ETF in the world and has far outpaced competitors like Fidelity’s FBTC.

Previously JPMorgan only allowed bitcoin ETFs as collateral on a case-by-case basis, Bloomberg reports. This decision will now make it available to all wealth-management clients.

JPMorgan’s new Bitcoin-friendly strategy comes despite its CEO Jamie Dimon’s long-time skepticism of Bitcoin. For years, Dimon has been one of the most vocal critics of Bitcoin, calling it a tool for criminals and comparing it to a “pet rock.”

But in a change of heart, Dimon recently said the bank would allow clients to buy bitcoin. At JPMorgan’s annual Investor Day, he said, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.”

Related: JPMorgan Chase to Allow Clients to Buy Bitcoin, Says CEO Jamie Dimon

While Dimon remains personally unconvinced about the long-term value of bitcoin, the bank seems to be moving forward with embracing bitcoin, a move Bitcoin advocates believe is rooted in fear of missing out on possible profits and losing market share.

JPMorgan is following the trend on Wall Street. Other big financial players like Fidelity, Grayscale, and Standard Chartered have launched services for clients to invest or trade bitcoin.

The approval of Bitcoin ETFs by the U.S. SEC in 2024 has opened the door to millions of investors who were hesitant to enter the Bitcoin space.

Institutional interest is surging as the political landscape is also opening doors for digital assets. Under President Donald Trump’s administration, several Bitcoin-friendly policy changes have been introduced.

In April 2025, the Federal Reserve withdrew past guidance that discouraged banks from working with digital asset companies. Soon after, the US Office of the Comptroller of the Currency confirmed banks could hold customer’s bitcoin in custody.

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