Cake Wallet is an open-source, privacy-oriented multi-currency wallet available on Android, iOS, macOS, Windows (beta) and Linux.

[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

*   This release introduces Payjoin v2 functionality to Bitcoin wallets on Cake, along with several UI/UX improvements and bug fixes.
*   The [Payjoin v2 protocol](https://payjoin.org/) 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](https://x.com/bitgould) and Jaad from the[@payjoindevkit](https://x.com/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](https://xcancel.com/sethforprivacy/status/1924815548543541711) Seth For Privacy, VP at Cake Wallet.

![Cake Wallet v4.28: Payjoin v2 Support](https://www.nobsbitcoin.com/content/images/2025/05/cakewalletv4040.jpg)

**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

![Cake Wallet v4.28: Payjoin v2 Support](https://www.nobsbitcoin.com/content/images/2025/05/image-9.png)

*   [Bull Bitcoin Wallet v0.4.0](https://www.nobsbitcoin.com/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](https://github.com/SatoshiPortal/bullbitcoin-mobile).

[![Cake Wallet v4.28: Payjoin v2 Support](https://www.nobsbitcoin.com/content/images/2025/05/image-11.png)](https://xcancel.com/francispouliot_/status/1924958880804589739)

*   Cake Wallet was [one of the first wallets](https://www.nobsbitcoin.com/cake-wallet-v4-18-0/) to introduce [Silent Payments](https://silentpayments.xyz/) 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.

[![Cake Wallet v4.28: Payjoin v2 Support](https://www.nobsbitcoin.com/content/images/2025/05/image-10.png)](https://xcancel.com/sethforprivacy/status/1924770756828831867)

What's new
----------

*   [**Payjoin v2**](https://payjoin.org/docs/how-it-works/payjoin-v2-bip-77/) 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](https://github.com/bitcoin/bips/pull/1483) using the `payjoin` crate in Payjoin Dev Kit [here](https://payjoin.org/docs/tutorials/receive-payjoin-v2).

[**Announcement**](https://njump.me/nevent1qqs2k8yn2s8eres7gzcnhkj36easy939jz3nddrm7wv7gkdvg93tjhcpz4mhxue69uhhyetvv9ujumt0wd68ytnsw43qyg8uq7ecmfs397lxe48qjwc90jldzzrfyuz3s9nn7vk46s82m6k5my4r5zne)
[**Blog Post**](https://blog.cakewallet.com/bitcoin-privacy-takes-a-leap-forward-cake-wallet-introduces-payjoin-v2/) / [Archive](http://archive.today/RpdxK)
[**GitHub Repo**](https://github.com/cake-tech/cake_wallet/releases/tag/v4.28.0)


Notedeck is a modern, multiplatform Nostr client built with Rust. It provides a feature-rich experience for interacting with the Nostr protocol on both desktop and Android platforms.

[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

*   "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](https://njump.me/nevent1qqs2dseuw3d4sqkyt97pzq3vg5ncx6zv2fk6ummejf88ezesa2exkrc8y4zm9) 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](https://njump.me/nevent1qqs2dseuw3d4sqkyt97pzq3vg5ncx6zv2fk6ummejf88ezesa2exkrcpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxgq3q8m76awca3y37hkvuneavuw6pjj4525fw90necxmadrvjg0sdy6qsncyhyu)."

[![Damus Notedeck v0.4.0 Beta: Zaps, Dave AI Assistant, Android Improvements](https://www.nobsbitcoin.com/content/images/2025/05/image-3.png)](https://njump.me/nevent1qqswjgzrrcmhn3e98y5xrar5t9tq78sgt09e38783fnxqerucff3ppczyqewrqnkx4zsaweutf739s0cu7et29zrntqs5elw70vlm8zudr3y26au00v)

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.

![Damus Notedeck v0.4.0 Beta: Zaps, Dave AI Assistant, Android Improvements](https://www.nobsbitcoin.com/content/images/2025/05/notedeckv041.jpg)

[**Announcement**](https://njump.me/nevent1qqs2dseuw3d4sqkyt97pzq3vg5ncx6zv2fk6ummejf88ezesa2exkrcpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxgq3q8m76awca3y37hkvuneavuw6pjj4525fw90necxmadrvjg0sdy6qsncyhyu) / [Archive](https://archive.is/AQNsV#selection-171.0-171.165)
[**GitHub Repo**](https://github.com/damus-io/notedeck/releases)
[Website](https://damus.io/notedeck/)


Bitcoin Safe is a secure, user-friendly Bitcoin savings wallet for all users. It comes with step-by-step setup guides, support for all major hardware signers, transaction visualization, and built-in multisig collaboration tools. Compact Block Filters for enhanced privacy are in development.

[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

*   Version 1.3 of [Bitcoin Safe](https://github.com/andreasgriffin/bitcoin-safe/releases/tag/1.3.0) 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](https://bitcoinops.org/en/topics/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](https://archive.is/o/x8jSG/https://bitcoin-safe.org/) this should be OK," [writes](https://njump.me/naddr1qqgrwwf4xcmnjcf4xvunvd3sxqungqgwwaehxw309ahx7uewd3hkctczyqrtex4hcpkt428mjzy75vn8xc6qgulu2jmh4c0qjdmxkuzz03y02qcyqqq823ccjtzhj) the project's developer _Andreas Griffin._

*   Learn more about the current and upcoming features of Bitcoin Safe wallet [here](https://njump.me/naddr1qqgrwwf4xcmnjcf4xvunvd3sxqungqgwwaehxw309ahx7uewd3hkctczyqrtex4hcpkt428mjzy75vn8xc6qgulu2jmh4c0qjdmxkuzz03y02qcyqqq823ccjtzhj).

What's new in v1.3
------------------

*   **Redesign** of Chart, Quick Receive, Icons, and Mempool Preview (by [@design-rrr](https://github.com/design-rrr)).
*   **Interactive chart.** Clicking on it now jumps to transaction, and selected transactions are now highlighted.

![Bitcoin Safe v1.3.0: Interactive Chart, CPFP, Testnet4 Support](https://www.nobsbitcoin.com/content/images/2025/05/interactive-chart.gif)

*   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.

![Bitcoin Safe v1.3.0: Interactive Chart, CPFP, Testnet4 Support](https://www.nobsbitcoin.com/content/images/2025/05/bitcoin-safe-v13.jpg)

[**Announcement**](https://njump.me/nevent1qqs2dn0z03as87764zy9fg5sdzkh45paajj6pagp5rjwd6well7xnjqppamhxue69uhkummnw3ezumt0d5qs6amnwvaz7tmwdaejumr0dspzqstewfpmn5wewcuupn7wctnxxtk3tz882krc8p4623t9qxa48lalhl3872) / [Archive](http://archive.today/QjYVe)
[**Blog Post**](https://njump.me/naddr1qqgrwwf4xcmnjcf4xvunvd3sxqungqgwwaehxw309ahx7uewd3hkctczyqrtex4hcpkt428mjzy75vn8xc6qgulu2jmh4c0qjdmxkuzz03y02qcyqqq823ccjtzhj) / [Archive](https://archive.is/x8jSG)
[**GitHub Repo**](https://github.com/andreasgriffin/bitcoin-safe)
[Website](https://bitcoin-safe.org/en/)


Samourai Dojo is an end-to-end bitcoin wallet backing server for powering Samourai Wallet and other light clients.

*   This version introduces the [Soroban](https://www.nobsbitcoin.com/whirlpool-dencetralization-stage-1/) 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.

[![Samourai Dojo v1.27.0: Soroban Network, PandoTx, API Key Management](https://www.nobsbitcoin.com/content/images/2025/05/image-13.png)](https://xcancel.com/PavelTheCoder/status/1925673526255665415)

*   Additionally, Dojo admins can now manage API keys in DMT with labels, status, and expiration, ideal for community Dojo providers like [Dojobay](https://dojobay.pw/). 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](https://xcancel.com/PavelTheCoder/status/1925609421746389035) 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.

![Samourai Dojo v1.27.0: Soroban Network, PandoTx, API Key Management](https://www.nobsbitcoin.com/content/images/2025/05/image-14.png)

[#FREESAMOURAI](https://freesamourai.com/)

![Samourai Dojo v1.27.0: Soroban Network, PandoTx, API Key Management](https://www.nobsbitcoin.com/content/images/2025/05/dojo-v127.jpg)

Learn how to set up and use your own Bitcoin privacy node with Dojo [here](https://www.youtube.com/watch?v=ULZoPMCYPfk).

[**Announcement**](https://xcancel.com/PavelTheCoder/status/1925609410757378206) / [Archive](http://archive.today/xT2sG)
[**GitHub Repo**](https://github.com/Dojo-Open-Source-Project/samourai-dojo/releases/tag/v1.27.0)


Private equity is targeting retirement accounts, Bitcoin mining could unlock 2+ gigawatts of stranded gas value, and AI will create a premium market for human-only film productions.

### Private Equity Will Flow Into 401(k)s Within Days, Creating Exit Liquidity for Billionaires - Rudy Havenstein

![This Week's Top Predictions](https://www.tftc.io/content/images/2025/08/terribletrader_massive_industrial_warehouse_interior_filled_w_b04de416-996a-43d3-a5d7-a2b9e598ecec_2.png)

The executive order allowing private equity into retirement accounts represents "the bell being rung" according to Dave Collum and Rudy Havenstein. This move will enable private equity firms to offload their "dog shit that's not worth anything" into 401(k)s, creating what Rudy calls "exit liquidity for the billionaires." The timing is critical - private equity firms are already creating continuation funds to move assets from older funds into new ones, essentially running a Ponzi scheme to maintain the illusion of returns.

This development signals desperation in the private equity space, where firms need fresh capital from retail investors to sustain their model. As Dave notes, "funds of funds" create a situation where investors get hit with "two and twenties squared," crushing returns through layered fees. The prediction is that Ma and Pa Kettle's retirement savings will soon be funding these opaque, illiquid investments that have historically underperformed public markets while enriching fund managers.

### Bitcoin Mining Will Unlock 2+ Gigawatts of Stranded Natural Gas Value in the U.S. - Chris Alfano

Currently, only 0.5% to 1% of U.S. natural gas production is being flared, representing over two gigawatts of potential electrical generation capacity for Bitcoin mining. Chris Alfano predicts this entire market will be captured as oil and gas companies realize they can earn $13.50 per MCF mining Bitcoin versus the $1 or less they receive selling to pipelines in oversupplied markets like West Texas. The addressable market is even larger when including wells that are shut in due to uneconomic gas prices and pipeline-connected gas earning negative returns. 360 Energy is already proving this model works, with top 20 oil producers using Bitcoin mining to unlock millions in additional oil revenue by solving their gas disposal problems.

The prediction extends beyond the U.S. - the Middle East market is "four or five times larger," and South America presents similar opportunities. As more oil and gas companies recognize Bitcoin mining as a solution to their stranded gas problems rather than just a speculative investment, this gigawatt-scale deployment will accelerate over the next 24 months.

### AI-Backed Films Will Create a New "Shooting on Film" Premium for Human-Only Productions - Ali Webb

Within the next few years, entirely human-produced films will command a premium similar to how shooting on actual film is valued today versus digital, predicts Ali Webb of Forager. As AI tools become standard in production workflows, audiences will increasingly seek out and pay more for content created without any AI assistance. This shift is already beginning - major studios are using AI for everything from customer research to visual effects, creating a homogenized product that lacks authentic human creativity.

The prediction is that a new market will emerge for "certified human" productions, funded through innovative models like Forager's Bitcoin-backed bonds that separate artistic creation from investor pressure. Just as some directors today insist on shooting on film for its authentic look despite the extra cost and complexity, future filmmakers will market their work as "AI-free" to differentiate from the flood of AI-generated content. This premium tier will preserve traditional filmmaking crafts while the mainstream industry races toward cheaper, faster AI production methods.

* * *

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/04/X-1.png)](https://newsletter.blockspacemedia.com/?ref=tftc.io)

Blockspace conducts cutting-edge proprietary research for investors.

Bitcoin Mining Gets Its iPhone Moment: Block's Proto Rig Delivers 15-20% Fleet Upgrade Savings
==============================================================================================

Block's Proto division just shook up the $4-5 billion ASIC manufacturing duopoly with Rig, a 14.1 J/TH miner featuring the industry's first swappable hashboard design. The 800 TH/s unit addresses bitcoin miners' biggest pain point: being forced to buy entirely new machines for each upgrade cycle.

"Legacy hardware is not optimized for a lot of existing infrastructure," explains Proto Hardware Lead Thomas Templeton. The modular 9-hashboard design promises 15-20% savings on fleet refreshes while extending unit lifespans to 10 years—a game-changer for an industry where equipment typically becomes obsolete in 2-3 years.

Industry veterans are taking notice. "Nice to see a supplier actually listen to feedback from industry!" praised Upstream Data Founder Steve Barbour, highlighting the unit's power density and maintainability. JPMorgan analysts called it "compelling" with "near best-in-class efficiency."

Core Scientific is already hashing with their 15 EH/s order at their Dalton, Georgia facility, with bulk shipments expected in H2 2025. Proto also launched Fleet, an open-source management tool, signaling their commitment to miner-friendly innovation. This could finally force Bitmain and MicroBT to abandon their planned obsolescence model.

[_Link to Full Article_](https://blockspace.media/insight/blocks-proto-unveils-rig-a-14-1-j-th-asic-miner-with-swappable-hashboards/?ref=tftc.io)

Subscribe to them here (seriously, you should): [https://newsletter.blockspacemedia.com/](https://newsletter.blockspacemedia.com/?ref=tftc.io)

* * *

_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](https://ten31.vc/invest?ref=tftc.io)_._

* * *

_Get this newsletter sent to your inbox daily:_ [_https://www.tftc.io/bitcoin-brief/_](https://www.tftc.io/bitcoin-brief/)

_STACK SATS hat:_ [https://tftcmerch.io/](https://tftcmerch.io/?ref=tftc.io)

_Subscribe to our YouTube channels and follow us on Nostr and X:_

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

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


White Paper Studio uses Bitcoin-backed financing to give investors steady returns while enabling indie filmmakers to create original stories free from compromise.

Key Takeaways
-------------

![TFTC - How a MicroStrategy CopyCat is Using Bitcoin to Disrupt this $86B Industry | Ali Webb & Carlos Flores](https://www.tftc.io/content/images/2025/08/Ali-Webb-and-Carlos-Flores.jpg)

Carlos and Ali, founders of Forager and White Paper Studio, are using a Bitcoin-backed financing model to solve indie filmmakers’ biggest challenge, access to capital, while protecting creative independence. Inspired by Michael Saylor’s treasury strategy, they allocate a portion of raised funds into Bitcoin, using its growth over multi-year terms to repay investors 5–10% in dollars, attracting capital that wouldn’t normally touch film. This model shields artists from investor influence, supports original storytelling in an industry dominated by safe bets and sequels, and promotes transparency by making treasury and repayment performance public. They see AI as a useful tool for concepting but believe human creativity remains irreplaceable, envisioning a future where fully human-made films become a premium choice, funded by smarter, Bitcoin-enabled capital.

Best Quotes
-----------

_“Putting Bitcoin on our balance sheet… is the one thing that’s actually preserving our hard work in the long run.”_

_“We are in charge of repaying the investor with our Bitcoin strategy and you guys can just focus on the art… They have no say over the creative.”_

_“Our early investors didn’t even care so much about the films… They could just park it here and get a better yield.”_

_“There’s less funds going around for risky original IP… It feels like a race to the bottom.”_

_“There’s no children’s movies these days that actually have real people… It’s all animated stuff.”_

_“There was a cool trend of betting on artists with great vision… That kind of risk-taking doesn’t exist as much anymore.”_

_“It’s a great tool… but it’s not a magic bullet.”_

_“An entirely human production in the future might be like shooting on film now… something authentic and special.”_

Conclusion
----------

White Paper Studio’s Bitcoin-backed funding model could quietly transform independent film financing, offering investors steady returns while freeing creators from the commercial constraints of traditional funding. By combining financial resilience, creative autonomy, and transparency, it challenges Hollywood’s risk-averse culture and supports the revival of bold, original storytelling. In a time of AI disruption and shrinking budgets, it shows how Bitcoin can preserve and empower human creativity, potentially sparking a renewed era of risk-taking and authenticity in cinema.

Timestamps
----------

0:00 - Intro
0:36 - The story of Forager
8:11 - Small world for Marty
10:48 - Whtppr and the indie film capital problem
19:04 - Bitkey & Opportunity Cost
20:43 - Mechanics of the bitcoin fund
27:36 - Defining success for Whtppr
30:25 - Unchained
31:12 - Bringing back what’s been lost
42:12 - Upcoming short films
44:34 - AI content
56:46 - Wrapping

Transcript
----------

(00:00) We took a lot of inspiration from Sailor. Our early investors, they didn't even care so much about the films. They were just kind of like, "Oh, I have mutual funds giving me this. I could just park it here and I get a better yield." It is causing the industry to contract. Putting Bitcoin on our balance sheet for a germ, it is the one thing that's actually preserving our hard work in the long run because we still need great films that are telling human stories that are made by people with people.
(00:26) Film is perhaps one of the riskiest business you can get into as an investor. Carlos and Alli, welcome to the show. Thanks for having me. Thank you, Marty. This is uh I'm I'm happy to be speaking with you guys cuz it's a budding theme on this show.
(00:50) very small theme but a budding one and one that excites me because I think it's a a signal that that Bitcoin is breaking out of the bubbles, the community bubbles that have existed in my 12 years following. It seems that what you guys are doing at Forager really validates Bitcoin being used as a tool by by anybody, not just cipher punks or people that care about sound money, but what you guys are doing at Forager in the world of entertainment.
(01:20) and Carlos, we were just talking before you we hit record that you heard my discussion with Johnny Vance um from Total Twins and Angel Studio and reached out and as I was also telling you I have a friend a very very close friend and we've been talking about this idea quite a bit the intersection of Bitcoin and entertainment in attempt to get better art into the world and let smaller um artists, content creators, whatever you want to define them as uh get their work into the world and actually give them a chance to compete with the the mega studios of the world.
(01:56) So before we jump into the the broader discussion of this intersection, why don't we start with a couple introductions just um how you guys got to where you are, what you're doing at Forager, and um what uh what got you to the to thinking about Bitcoin specifically? Sure.
(02:20) Um, Carl, I can give my intro then I'll let you take it. Um, so I went to film school. I majored in screenwriting and then I found my way to New York. I landed in advertising. So it was not where I expected to be after film school. You know, right out of film school, I'm thinking, okay, I'm going to go and I'm going to work for a studio.
(02:38) I'm going to be on set. I'm going to, you know, live the dream. And I found that being on set and everything that I had imagined about film making, once I did get my feet wet into some live action production for commercials was not super aligned with the way that I uh prefer to to live my life and to structure my life.
(03:06) I'm very routine oriented and I really enjoyed how how the tech side of postp production was evolving and could make so many more things possible than you know just what it is captured on set. Now so much respect for what happens on set. I just was not of that same you know mindset and stamina to be working those kinds of hours.
(03:30) Um, and so I found my way into the post-production side of advertising and um, worked as an EP at a couple of different post houses. And along the way, I met Carlos um, and we decided to start forager together after working together for some time and I was getting ready to move into the freelance world, which he had been occupying for um, his entire career up until that point um, before moving from New York to Portland.
(04:03) So that was what um gave the idea to start Forager as a remote collective of post-prouction artists. Uh we saw at the time that there was a real need to give a platform for individuals in the post space who were not represented by legacy post houses for any number of reasons. You know they enjoyed being freelance. They liked the autonomy, having their own brand, and they just needed that production support which I could bring um to the team and which we've built alongside the producers at Forager along the way.
(04:35) Um and different already different tech was available to us at that time at like Slack and and Frame.io that made it possible to collaborate in real time from anywhere. Um, so we launched Forager with this unique perspective on bringing together the best talent no matter where they were located. Um, so we're pioneers in that sense because it was still um different to say that we didn't have um a a brick and mortar place to go to for clients to go to to supervise.
(05:10) And then that was January 2019, a year later it became the norm during co for everyone to work remotely. So, a little bit ahead of the game there. Um, and we've taken everything we've learned from from building this um this network of great creative and um Charles will, you know, give his intro and how we started building Bitcoin into the picture as well along the way. Yeah. Uh, yeah.
(05:37) Essentially, exactly what Ali said. I think Bitcoin surprisingly entered our radar very early on almost by uh yeah almost by chance uh because uh we started the company 2019. the pandemic hit 2020 and we were down of course as everyone else for for a little bit and at that moment I was uh starting to just research you know what stocks to buy like any like every person back then and I stumbled upon Bitcoin in the at the moment just from like an interview that I saw on YouTube and um and yeah I bought it personally not knowing much just kind of like bought it personally as an opportunity Uh Alli and I are good friends. So I I
(06:23) talked Alli into buying some personally as well. Uh and we were so small and informal. We were like, you know, it why not buy it and put it on forers balance sheet. Uh and this was before uh even a sailor had appeared on uh on X. It was like I think June 2020 when we first bought and we were small. We just bought I think one to begin with.
(06:49) Um and yeah, then uh we we saw the whole strategy thing happening. We were like, "Oh, this is going to be a thing." So we we started buying more. Um still a humble treasury. Uh but um but yeah, of course, we rode the whole thing up to the 60K.
(07:08) Then we felt a little silly when, you know, it it went all the way down in the bare market. Uh but that was kind of like our uh introduction to Bitcoin. like we buy by by buying it almost naively at first not knowing much but then you see this thing going up. We learned what it was. We got orange filled in the process and uh and we thankfully held it for this whole time and it was only in um earlier this year where we were like dealing with some uh liquidity crunches that we were like you know we have built this treasury.
(07:40) we want to maintain it and uh and we thought what if we were to uh leverage that treasury in order to raise some funds so we can uh survive and like you know get through this uh rocky period and so we did that but we also announced to the wor


Ashigaru Whirlpool is a ZeroLink coinjoin implementation designed to sever all deterministic links between inputs and outputs, ensuring enhanced bitcoin transaction privacy.

[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

*   The Ashigaru Open Source Project has released [Ashigaru Whirlpool](https://ashigaru.rs/news/announcement-whirlpool/), a version of Samourai Wallet’s Whirlpool, allowing users to join Zerolink coinjoins for enhanced Bitcoin transaction privacy.

> "This has been a huge undertaking and effort for the Ashigaru Open Source Project over the last 6 months, having to get familiar and comfortable with the extensive code base across multiple repositories. It is for this reason our development on Ashigaru mobile has been quieter and slower during this period, and for this we hope our users may now understand our justification as to why," was stated in a blog post.

*   Ashigaru Whirlpool retains the core coinjoin cycle design by Samourai’s TDevD, ZeroLeak, and OXT’s LaurentMT, with various protocol enhancements added by the Ashigaru Open Source Project.
*   Alongside the coordinator code, the [project has launched](https://ashigaru.rs/news/release-terminal-v1-0-0/) a desktop client terminal application (available on Linux, macOS, and Windows), forked from [Sparrow Terminal](https://www.nobsbitcoin.com/sparrow-wallet-v1-7-0/).

[![Ashigaru Whirlpool and Terminal v1.0.0 Released](https://www.nobsbitcoin.com/content/images/2025/06/image-6.png)](news/release-terminal-v1-0-0/)

Source: [Ashigaru blog.](https://ashigaru.rs/news/release-terminal-v1-0-0/)

*   Ashigaru Terminal is a non-custodial Whirlpool client that lets users join chosen pools, enhance their transaction anonymity, and retain full control of funds during coinjoin cycles, without needing a personal Dojo server.

![Ashigaru Whirlpool and Terminal v1.0.0 Released](https://www.nobsbitcoin.com/content/images/2025/06/ashigarupool.jpg)

**NOTE:** _The_ [_Ashigaru.rs_](https://ashigaru.rs/) _website is the official home of the Ashigaru Open Source Project. The project does not maintain a presence on social media, and all second-hand information should be verified against the content on the official website._

What's new
----------

*   **Tor-Only Implementation**: Ashigaru Whirlpool operates exclusively over Tor, preventing clearnet connections to protect against IP address linking and wallet clustering by malicious coordinators.
*   **Tor identity isolation** is built in to prevent coordinators from linking session IDs across coinjoin stages, ensuring user network anonymity.
*   **Enhanced decentralization strategy:** The Tor-only setup eliminates DNS dependency and hides coordinator locations, supporting rapid deployment of new instances.

> "Our coordinator has been further modularized by eliminating the dependency of RPC connections to a local full node. The coordinator can therefore be connected to any Dojo full node over Tor, enabling faster deployment and recovery, minimal hardware resource requirements, and greater jurisdictional flexibility."

*   **Anti-Sybil Measures**: An Anti-Sybil fee, fixed at 5% of pool size, is charged for Tx0 broadcasts to enter pools, with a cap of 20 UTXOs per Tx0 for added Sybil resistance.
*   **Vulnerability Fixes**: RSA keys for Chaumian blinding are not sent to clients, mitigating potential input-output linking risks and building trust as a new development team.
*   **Output Restrictions**: Multisig addresses are barred as mix-to outputs in coinjoin cycles to maintain anonymity and compatibility with post-mix tools like Ashigaru mobile and Sparrow.
*   **Code Improvements**: Numerous under-the-hood fixes and optimizations have been made to Samourai’s forked codebase, including updated dependencies, enhanced performance, and architectural adjustments.
*   **Ashigaru Terminal**: Forked from Sparrow, Ashigaru Terminal defaults to .onion Electrum servers for privacy, with options for private server connections via Tor or clearnet.
    *   Only native SegWit Whirlpool account paths are supported for hot wallets, with mandatory BIP39 passphrases; unsupported wallet types include Legacy, Wrapped SegWit, Taproot, and multisig scripts.
    *   Tx0 fee estimation targets next-block confirmation, advising users to wait for lower rates if block space competition is high.

> "Remote and automatic update of Tor URLs for connecting to both Ashigaru Whirlpool and for transaction broadcast using our “Hanzaki” feature will be coming in a future release," was stated in a blog post.

Quick guide
-----------

*   Check out this [quick overview](https://k3tan.com/ashigaru-whirlpool/) by _k3tan_ to learn how to use the new Ashigaru Terminal:

> "My advice is to take a measured approach to this. This is new software and there may still be bugs. Start small, get comfortable, then level up progressively. Don't expect mixes straight away. It's important to be patient. Randomness of time intervals between mixes plays a role in obfuscating chainalysis. You should find using the interface overall quite responsive," [writes](https://k3tan.com/ashigaru-whirlpool/) k3tan.

*   Ashigaru Terminal is optimized for use with Sparrow Wallet, Ashigaru Mobile, and Samourai Wallet. These wallets support Whirlpool's unique account derivation paths and include spending tools tailored to maintain privacy during transactions from the pool.

[![Ashigaru Whirlpool and Terminal v1.0.0 Released](https://www.nobsbitcoin.com/content/images/2025/06/image-7.png)](https://xcancel.com/_k3tan/status/1937124159588556916)

[**Blog Post (Terminal)**](https://ashigaru.rs/news/release-terminal-v1-0-0/) / [Archive](https://archive.is/7Iv0W)
[**Blog Post (Whirlpool)**](https://ashigaru.rs/news/announcement-whirlpool/) / [Archive](http://archive.today/OIL7T)
[Gitea Repository (.onion link)](http://ashicodepbnpvslzsl2bz7l2pwrjvajgumgac423pp3y2deprbnzz7id.onion/Ashigaru)
[**K3tan's Guide**](https://k3tan.com/ashigaru-whirlpool/) / [Archive](https://archive.is/PZgO9)
[Website](https://ashigaru.rs/)


Marty's Bent
------------

![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/08/Screenshot-2025-08-17-at-11.48.05---AM.png)

![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/08/image.png)

![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/08/martybent_a_group_of_wall_street_fund_managers_out_to_a_fancy_l_d398d7c0-f870-4a61-83c8-a82967e1f9b0.png)

Global fund managers are still woefully underweight bitcoin exposure. A recent Bank of America survey, shared and dissected by Zerohedge over the weekend, found that only 9% of managers that responded have any exposure to bitcoin, with 75% reporting that they have zero exposure to the best performing asset of the last 16 years. The weighted average of exposure across the funds that were surveyed is 0.3% of their total assets. In comparison, 48% of the same cohort has an allocation to gold with a 2.2% weighted average allocation.

Read another way: you are still very early.

For some reason, large asset managers are completely missing the monetary revolution unfolding right before their eyes. I want to point out two things with this fact in mind; despite this, the bitcoin ETFs have had the most successful launch in ETF history by breaking speed to _x_ AUM records with ease, and comping the exposure to bitcoin these managers should have to gold is a mistake.

The first point highlights the fact that much of the price movement over the past year has actually been more retail driven than many expect. This time around it's just retail investors with brokerage accounts that were waiting for the proper vehicles to get exposure. Many ETF analysts have estimated that bitcoin ETF flows have been dominated by this type of investor, with up to 75% of the flows since these ETFs launched coming from this cohort. This makes sense when you consider the fact that many wealth managers still have non-solicitation rules in place, which means they can't actively market bitcoin ETFs to their clients, they can only allocate when a client demands it.

That is changing as we speak and you can bet your ass that a flood of managers will be hitting the pavement hard to sell products that get their clients exposure to the best performing asset of all time. It basically sells itself. The flows from this marketing campaign will likely be material.

On the second point, I think it is important to not anchor to the allocations of their total portfolios that the managers surveyed by Bank of America have to gold, or the fact that it was only 48% of managers surveyed. Since bitcoin is still in its monetization phase, more risk-averse managers will likely have a lower overall allocation because it's easier to make up for a lack of exposure with outsized performance, which bitcoin can provide against gold at this point of its lifecycle. Conversely, there will be managers who like risk and want to clobber their peers with out performance, so they could allocate more than their peers would deem appropriate. Lastly, gold has been around for thousands of years and is analog bitcoin. I think it is important to recognize that bitcoin is a digital beast that comes with different and superior properties to gold that can create a lot more value on top of the network.

Smart contracts, liquid collateral, payments infrastructure, and a tight connection with the energy sector, among many other things.

It will be interesting to see when these managers actually wake up and recognize that they need to begin taking bitcoin seriously. As we said last year, for the first 15-years of bitcoin's existence the associated career risk was with being allocated to it at all. We are now firmly living in a period where that career risk has flipped. If you're not allocated you will be called an idiot. Those who move sooner will be deemed less stupid than the laggards.

### Bitcoin's Path to Gold Parity: The Next Major Milestone

Tuur Demeester presents a compelling case for Bitcoin reaching gold parity at 11 kilograms per coin. He highlights how Bitcoin has been consolidating at the 1 kilogram level for nearly five years, following a historical pattern of breaking through psychological gold ratios - first at 1 ounce, then 100 grams, and now approaching the next major milestone. This isn't just about round numbers; it represents a fundamental shift in how markets value digital scarcity versus physical assets.

> "Gold parity could be the next magnet. It doesn't mean it's gonna stick there, but at least it'll be the psychological pull for this cycle." - [Tuur Demeester](https://x.com/TuurDemeester?ref=tftc.io)

The convergence of the $1 million price target with gold parity creates a powerful narrative. As Tuur emphasizes, Bitcoin's superior properties - instant global transferability, perfect divisibility, and programmable features - position it to eventually surpass gold's $13 trillion market cap. This psychological barrier represents the market's final admission that digital monetary technology has superseded precious metals.

Check out the [full podcast here](https://youtu.be/bi9iMEetMK4?ref=tftc.io) for more on treasury companies as collateral, stagflation's impact on real estate, and Bitcoin's extended cycle dynamics.

* * *

### Headlines of the Day

Vancouver Proposes Bitcoin Miners to Heat Pool - via [X](https://x.com/TFTC21/status/1957540402598469953?ref=tftc.io)

China Merchants Bank Launches 24/7 Bitcoin Trading - via [X](https://x.com/TFTC21/status/1957517462666375526?ref=tftc.io)

WiseLink Adopts Bitcoin Treasury Strategy - via [X](https://x.com/BitcoinNewsCom/status/1957509300034670839?ref=tftc.io)

Reborn Coffee Explores Bitcoin Treasury Integration - via [X](https://x.com/TFTC21/status/1957507462980116854?ref=tftc.io)

Volkswagen Singapore Accepts Bitcoin Payments - via [X](https://x.com/TFTC21/status/1957496146504679501?ref=tftc.io)

US Treasury Secretary Praises Stablecoins - via [X](https://x.com/WatcherGuru/status/1957492114960367891?ref=tftc.io)

* * *

How to Position for the Bitcoin Boom: 2025 Edition
--------------------------------------------------

Over 10,000 investors downloaded the original report calling for $120k when bitcoin was just $27k. With that price level now achieved, Tuur is back with the 2025 edition—refreshed for the bull run with new data and insights—**including Adamant Research’s latest price outlook**.

The bull run is heating up—now is the time to take it seriously.

You’ll also get exclusive access to an HD recording of Tuur Demeester’s new 30-minute video presentation, **_Charting Our Way Through Chaos_**, breaking down why this boom might be only just beginning—and what forces could push it to the next level.

[Read the first-ever mid-cycle report from Adamant Research](https://unchnd.co/45ssBVy?ref=tftc.io)

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/08/D1--9-.png)](https://unchnd.co/45ssBVy?ref=tftc.io)

[Download Here](https://unchnd.co/45ssBVy?ref=tftc.io)

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $200M 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](https://ten31.vc/invest?ref=tftc.io)_._

* * *

**Final thought...**

The "screw em" mentality is a good one to have.

* * *

_Download our free browser extension, **Opportunity Cost**:_ [https://www.opportunitycost.app/](https://www.opportunitycost.app/?ref=tftc.io) start thinking in SATS today.

_Get this newsletter sent to your inbox daily:_ [_https://www.tftc.io/bitcoin-brief/_](https://www.tftc.io/bitcoin-brief/)

_Subscribe to our YouTube channels and follow us on Nostr and X:_

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

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![Fund Managers Are Still Missing Bitcoin From The Sidelines](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


Rob Warren shows how Bitcoin’s proof-of-work, anchored in energy and decentralization, makes it unkillable and turns stranded energy into value.

Key Takeaways
-------------

![Center of Hash - Bitcoin EXPERT Reveals Why It’s Impossible to Hack Bitcoin | Rob Warren](https://www.tftc.io/content/images/2025/08/Rob-Warren.jpg)

Rob Warren, Head of Research and Education at Bitcoin Park, explains that Bitcoin’s security rests on proof-of-work mining, which issues new coins and validates transactions by converting energy into hashes. This anchors Bitcoin’s rules in physical reality, ensuring the 21 million cap and preventing manipulation. Mining thrives on “liability energy,” stranded, wasted, or underutilized power, making Bitcoin a unique buyer of last resort that strengthens grids and monetizes inefficiencies. While hardware manufacturing and mining pools remain centralized, with Bitmain, Whatsminer, Foundry, and Antpool dominating, ongoing efforts like open-source tools and alternative models point toward greater resilience. Ultimately, Bitcoin was not built to rival Visa but to be unkillable, its strength lies in decentralization, energy use, and the permissionless incentives that make it impossible to hack.

Best Quotes
-----------

“All Bitcoin that exists has come into existence through mining.”

“Bitcoin wasn’t designed to compete with Visa. It was designed to be unkillable.”

“It needs to be hard to make money… there has to be a cost associated with producing the money.”

“Bitcoin demands that you use real energy in the real world if you want to participate.”

“Energy is often a liability. For producers, Bitcoin is a buyer of last resort.”

“You don’t have to understand Bitcoin to mine it, but if you don’t, you risk killing the golden goose.”

“The economies of scale in Bitcoin mining don’t come from hashing, they come from energy strategy and efficiency.”

“Two pools controlling over 60% of the network is essentially two nodes running 60% of the network.”

“Maybe the golden age of mining pools is behind us.”

“Bitcoin’s design works because it enforces discipline through energy, creating a permissionless, censorship-resistant system no one can hack.”

Conclusion
----------

The episode makes clear that Bitcoin’s resilience comes from its grounding in physics: miners must expend electricity to secure the network, tying digital scarcity to real-world cost. This design ensures integrity, censorship resistance, and long-term survival, even as challenges of centralization persist. Far from wasteful, Bitcoin transforms excess and stranded energy into economic value while enabling new innovations like heat reuse. By aligning incentives through proof-of-work, Bitcoin remains fundamentally unkillable, a system where energy and decentralization make hacking impossible.

Timestamps
----------

0:00 - Rob's Background at Bitcoin Park
03:01 - Core Functions of Bitcoin Mining
05:19 - Why Energy Consumption Secures Bitcoin
10:16 - How Bitcoin Mining Machines Work
18:03 - Proof-of-Work vs Proof-of-Stake
25:35 - Permissionless Mining & Economic Incentives
31:16 - Energy as Liability, Miners as Solution
38:51 - Optimal Energy Sources for Mining
49:15 - Machine Efficiency & Depreciation Economics
53:38 - Economies of Scale in Bitcoin Mining
58:07 - Energy Efficiency Hardware Improvements
1:04:57 - Hardware Manufacturing Centralization Risks
1:11:07 - Pool Mining Centralization Risks
1:34:40 - Miners' Role in Promoting Decentralization
1:40:49 - Expert Recommendations for Further Learning

Transcript
----------

(00:05) Rob, welcome back to Bitcoin Park. It's good to be here again. Last time was the uh Texas Energy and Mining Summit. Well, feels like yesterday, but it does now now a couple months in the past. Yeah. And uh so we're joined today by Rob Warren, who is the head of research and education at Bitcoin Park. Talk a little bit about that role. Yeah.
(00:29) So, I I've worked predominantly in the mining industry and have have been really deep in really kind of generally the research and education side of things just cuz we've all been figuring stuff out in public as things do in Bitcoin and jumped on with Bitcoin Park essentially is the the the broadhead of research and education which gives me the opportunity to do exactly um exactly what I'm doing but in the context of now the whole Bitcoin space, which is fantastic because it's not just exposure to mining, but it's also introductions to folks that are, you know, working on the human rights side of Bitcoin, who are working on the
(01:05) technical side of Bitcoin, the payments, the custodies. So, it's it's really kind of a a whole new aspect of uh of work that's opened up, which I love. And in addition to work at Bitcoin Park, which were now members of the organization. That's right. Here in Austin, uh, happy members.
(01:30) You also wrote a book, The Bitcoin Miners Almanac. That's right. Yeah. And in my view, you know, we're friends, but also just in the discussions that we've had, you um have a well-rounded perspective of granularly, you know, how a Bitcoin mine works, what the inputs are, Bitcoin at its broadest sense as a money network, and um the combination of those for these early episodes of this podcast.
(01:59) you know, you were one of the one, two, and three people on my list to to record the first episodes to kind of lay some groundwork of not just going into Bitcoin mining 101, but painting a broad structure of the critical aspects of um how Bitcoin mining works, the energy components of it, why it's important to the system.
(02:24) And today I want to kind of dive deeper into the the energy side of what is actually happening, you know, in terms of why the energy is important to Bitcoin. Also some points around centralization. But before we get into those kind of deeper points, I want to hear you articulate because we've had conversations in the past about how there's there's bad analogies of what Bitcoin mining is or isn't. Mhm.
(02:53) One of which is that Bitcoin mining is a is a battery or Bitcoin's a battery. Um whether it's proof of power, but but just talk a little bit about, you know, from your perspective, the function of mining to the Bitcoin network and why it's important and what it is. Sure. Sure. Well, I mean, as as most things are, it's always good to go back to the source document and kind of understand how things were understood at the earliest days of Bitcoin. So functionally, Bitcoin mining does two things.
(03:23) It allows for the issuance of new Bitcoin. That that to us is called the block reward. So approximately every 10 minutes a block is found. You find a block, you are rewarded with something. You're rewarded with Bitcoin. That is a way to get Bitcoin into the world. You need a way to essentially distribute Bitcoin so that people can then have some utility.
(03:46) they can whether that's holding or spending or whatever they do with it. All Bitcoin that exists has come into existence through mining. The next thing that you need to do is you need to be able to transact with the asset. So you need to be able to actually send it to people and that's the second part of Bitcoin mining which is settlement.
(04:05) So, it's the ability to actually submit a signed transaction to the memp pool, have it included in a block, which then the miners are given a small reward for, which is the the fee that you pay to transact on the Bitcoin network. And fundamentally, that's the two things that Bitcoin mining does from a from an operational from a functional perspective in uh in Bitcoin.
(04:24) And it's where we stand today is really worlds apart from where we were in the days of the white paper. And it's almost unrecognizable to look at Bitcoin as of 2025 and try to compare it to what it was in in the earliest days, the 20 odds, right? For one, the biggest difference is that when we talk about what a node is, Satoshi refers to a node as a node that is actually doing mining. And where we stand today, functionally, that's extremely rare.
(04:59) Now, it's it's coming back and I'm sure we'll we'll hit on this when we talk about the decentralization point. But it's interesting how you you can learn a lot about the present by actually going to the original source documents, the white paper, and then understanding, okay, well, what's different and what's the same and how do we hold true to what was actually, you know, given to us in the white paper to make sure that we're really we're really um appropriately stewarding this thing, this Bitcoin thing as we build on it in the future.
(05:24) And so what is it about the mining function and specifically energy that you view or why is it critical to the system? Like why is this function critical to? So if they're if they're doing if if Bitcoin miners are functionally doing two things, validating currency transactions and validating the fixed supply of the currency, why and how is the mining function critical to that? But at a lower level, what is the function of energy and energy consumption within there? That's such a big question.
(06:06) It's such a big question and it's really interesting because when you when you look at the earliest conversations on something like the the Bitcoin talk forums where a lot of folks who are household names in Bitcoin are trying to figure out what is the extension or what is the natural growth path of Bitcoin.
(06:33) There are only very small glimpses into what the future of the mining sector would look like. There are some references to when I run my computer, it heats up my room. Um, there's references to the noise, you know, how how noisy your computer gets if you happen to be running your Bitcoin client and and it's mining and your computer is now wrapped up operating at 100% all the time.
(06:52) Um, but it was I'd argue that it's not really something that we have a fully fleshed out theory of. It's something that we're actually living through the history of right now. And fundamentally it all reduces to this this truth which is that to win a b


Tuur Demeester reveals why Bitcoin is evolving into the world’s default collateral and explains how much BTC investors may need to retire securely in an inflationary era.

Key Takeaways
-------------

![TFTC - Bitcoin Expert REVEALS The Exact Amount of BTC You Need to Retire | Tuur Demeester](https://www.tftc.io/content/images/2025/08/Tuur-Demeester.webp)

Tuur Demeester argues that Bitcoin is entering a new phase as pristine collateral, driving longer and less volatile cycles while drawing capital away from bonds, real estate, and gold. Inflation running 10–15%, deficits above Great Depression levels, and rising institutional adoption make Bitcoin both a hedge and a generational wealth vehicle. He recommends allocations ranging from 5% as “insurance” to 20–50% for those seeking early retirement, stressing discipline in holding through volatility and secure custody via multi-sig. With millennials priced out of housing and sovereign adoption rising, Bitcoin is steadily evolving into the cornerstone of a fairer, more resilient monetary order.

Best Quotes
-----------

“Bitcoin as pristine collateral really sees its day.”

“As an asset class matures, it should get less volatile over time and we should have longer cycles.”

“Real inflation rates are somewhere between 10 and 15% for the dollar.”

“Adding just a little bit of Bitcoin all of a sudden changes the behavior of your entire portfolio.”

“Think about an amount that no matter what, you can hold for five years, even if it crashes 80 or 90%.”

“It’s very easy to imagine another 4x from here, or even a 10x.”

“If you’re a millennial priced out of housing, why not rent and own Bitcoin instead?”

“One kilogram of gold has been Bitcoin’s resistance for years. Eleven kilograms is the next magnet.”

“With AI, social hacks are increasing by an order of magnitude. Multi-sig isn’t optional anymore.”

“Bitcoin retools monetary energy into a force for peace, scarce, incorruptible money that protects families across time.”

Conclusion
----------

Demeester’s analysis frames Bitcoin as more than a speculative asset, it is becoming the system’s default collateral and a practical hedge against fiat debasement. Whether used to preserve wealth, accelerate retirement, or provide financial freedom in nations under monetary stress, Bitcoin’s trajectory reflects growing institutional trust and individual adoption. With longer cycles, stronger fundamentals, and increasing global relevance, it is steadily transforming into the backbone of a new monetary era.

Timestamps
----------

0:00 - Intro
1:09 - Proto Rig and bull markets
5:33 - Tuur's new report
7:59 - On chain data
11:01 - Change in cycles and Mark Hart principles
17:05 - Bitkey & Opportunity Cost
18:44 - Pristine collateral
22:16 - Global macro
25:08 - Bitcoin/gold
31:25 - Unchained
32:11 - BTC treasury companies
41:25 - Bitcoin/commodities
49:57 - Real estate/commodities
54:12 - Banking consolidation & bitcoin backing
1:17:34 - Allocation strategies

Transcript
----------

(00:00) If you're thinking about reducing the age of retirement, you could consider 20 to 50% of your assets invested in Bitcoin. If you have more risk appetite, you can still stay in Bitcoin. You go to the treasury companies. It turns into a mania. And we had new treasury companies launching, buying stock in other treasury companies.
(00:18) And it's very easy to imagine another 4x from here or even a 10x. People are like, "No, Bitcoin couldn't be worth more than all the gold in the world." And of course, you and I think, well, of course it can. The money printing is not going away. It's probably likely to increase from here. Those are numbers higher than the Great Depression. You can see that we're in a bull market.
(00:33) If you look at what the whales are doing, they are moving some coins. As an asset class matures, it should get less volatile over time and we should have longer cycles. This is the cycle where Bitcoin has pristine collateral really sees its day. With the Bitcoin strategy companies, we're seeing that kind of on steroids.
(00:53) You used to be able to borrow $40 for every $100 worth of Micro Strategy stock. Now all of a sudden, you have to put up 20x overcolateralization. Now, if we have another crash, everybody is assuming bailouts, stagflation, that that's the decade that we're in. It's like a dead horse. Like, you can pump adrenaline into it all you want, but it's dead.
(01:14) How do you compete with Bitcoin, you know? It's just tur turo. Oh, how the tables have turned. You're sitting in a a seat that I dearly miss. Oh, yes. You're the one who's being grilled today. I don't I don't know if I could take a grilling today. It's been a long travel day. It's a good one. Yeah. And and I got Logan here in my corner, so he he's going to like slip me those uh those questions, the uncomfortable questions to ask.
(01:38) You you'll find that he's not very helpful in that regard. He's uh he he he just puts that I'm kidding, Logan. I'm kidding. Very helpful. If you have if you have hard-hitting questions for me that you want to pass to Tur, make sure you do it. He's he's already doing it in like sign language. We we got this thing going.
(01:56) H it's a great way to end a week. I'm happy that uh I know my flight was a little delayed. Uh as I was telling you, might as well tell the audience audience too. I'm getting back from Georgia where Blocks uh proto team, their proto mining team unveiled their Bitcoin mining rig called the rig and their fleet software.
(02:17) It was a really good event. really good day for Bitcoin I think as somebody's been in the mining industry and I think it's been a bullish week overall uh not only the proto mining event but we had Baltic Honeybadger conference where the ARC second layer protocol is being tested out um with the BTC pay server merchants went swimmingly. Wow, that's awesome. I've heard great things about ARC.
(02:42) So yeah, I'm I'm curious to learn more. Yeah. So, this is like on the tech side. Obviously, a lot of people are focused on Bitcoin treasury companies, what's happening on Capitol Hill, which I'm sure we'll touch on in this discussion, but just like set up this discussion, like I'm incredibly bullish, uh, particularly having seen what I saw this week in person and observing what was going on in other parts of the world.
(03:12) and not my bullish for the those reasons, but you've done something that you haven't done and you're how long you've been writing reports for Adamant. Did you start in 2012 or 2013? I I chose the adamant name back in early 2015. So, the first report was Yeah. like April 2015 or something. Okay. So, it's 10 years. Yep. Yep. and and historically whenever you've written a report, it's been in the depths of the bare market and you have a a very uh phenomenal way of releasing your reports right when the price seems to hit a hit a local bottom. Yeah, I start writing when I feel sick and I usually publish right around the
(03:49) time when I'm starting to feel better and uh that that's worked out well. um sick in the sense that I feel like I'm so bullish and that the the market is just so despondent and just doesn't care anymore and that that's usually the motivation. But yeah, so this time around it felt like I it is a little bit similar only in the sense that I think I still I disagree with the market.
(04:23) I'm just seeing a lot of people that are like, well, they're just not very bullish, you know, and I I'm like, what what's happening? Like you guys, retail is like nowhere to be seen. I think like I'm starting to feel like some friends and family like for the first time now that we're really at new all-time highs, but but that's not a exuberance uh indicator to me. That's just the beginning of public participation to me.
(04:49) So, felt like a good time to, you know, uh, revise the report cuz it's been 2 years since, uh, my last report, uh, which I think was like, what was it? April, April or May 2023. Mhm. I think it was like $27,000 Bitcoin. And the one of the one of the price targets was like, hey, we think this is going to go to 120,000 and beyond.
(05:12) So, now we hit 120. So, that also felt like a good time to to um yeah, just look at the report again and and reissue it. Uh it's not a complete rewrite, but the significant parts I I just, you know, I I like pulled out entire things and I I plugged in new parts that were just completely updated. Yeah.
(05:37) So, let's jump into it cuz I feel like I have the same feeling where even though we're what $7,000 give or take away from all-time highs which were hit earlier this week, people are somewhat bearish in my mind. I don't think I think uh despite the fact that Bitcoin is up massively over the last two years since you uh wrote the original version of this report, we're up 100% 103% in the last year.
(06:04) And if you go back to May 2023 when you wrote the first version, we were hovering around 26,000. So up almost 5x from there, a 6 6x uh 6 1/2x from there. So a 6 and a half return and yet people are still bearish which is fascinating um considering all the tailwinds that we have at our backs right now.
(06:34) But you wrote a 23page report um released it with adamant and unchained. And so what did you feel was most necessary to revise and remind people of at this point in the cycle? Yeah, the the revising I felt like the global macro picture has changed, you know, not fundamentally, but the numbers are different. Uh I think it's more clear where we're going. I think inflation is really ahead.
(07:01) It's already happening. I think we're real inflation rates are somewhere between 10 and 15% for the dollar. So it means like you know we have a every year it's losing 10 to 15% in value. Um and uh and and at the same time we have a lot more regulatory clarity. So we have a very kind of pro- Bitcoin administration which uh was not the case back when I wrote the report.
(07:27) Uh I don't think the ETFs had even dropped yet when No, they hadn't when uh the report was published. And then I think the nation state ado


Bitcoin’s 21 million supply secures value by enforcing scarcity, tying money to energy, and preventing inflation or tampering.

Key Takeaways
-------------

![Center of Hash - Why Bitcoin’s 21 Million Supply is Perfect | Phil Geiger](https://www.tftc.io/content/images/2025/08/Phil-Geiger.webp)

Bitcoin’s fixed supply of 21 million coins is the foundation of its value, tying digital scarcity to real-world energy use through proof-of-work. Mining isn’t wasteful, it enforces monetary integrity by ensuring issuance, transaction finality, and decentralization. The difficulty adjustment creates a self-regulating system that always maintains profit incentives, while shrinking subsidies transition security costs to transaction fees through a competitive fee market. Attempts to introduce inflation would destroy Bitcoin’s core value proposition, as its strength lies in neutrality, permissionless participation, and unchangeable scarcity.

Best Quotes
-----------

“Wall Street thinks it’s dipping a toe into Bitcoin, but really it’s crossing the event horizon into a black hole.”

“Bitcoin is the very first form of money that is absolutely scarce with a fixed supply of 21 million. Nobody can create more Bitcoin.”

“Mining isn’t its own industry, it’s a tool for energy producers, like a demand-response battery that monetizes excess power.”

“The only external resource Bitcoin requires is electricity. Security scales linearly with value through the difficulty adjustment.”

“A good form of money has to be neutral. With Bitcoin, as long as you have energy and internet, you can participate without asking permission.”

“Block space is scarce by design. The bidding process for transactions ensures a fee market will always exist.”

“Inflation can never be a solution. The entire reason Bitcoin has value is because its supply is fixed at 21 million.”

“Centralization isn’t binary, it’s a spectrum. Bitcoin must decentralize in every way possible: users, nodes, miners, and ownership distribution.”

“If there’s ever a fork or bug, rational actors will always choose the version that preserves the fixed supply. That’s the social consensus.”

“Decades of economic theory debated what good money should be. Bitcoin makes it a market test, opt in voluntarily, and the consensus is clear.”

Conclusion
----------

The discussion reinforces that Bitcoin’s power lies in its immutability: 21 million is non-negotiable. Energy expenditure secures the network, decentralization distributes trust, and economic incentives ensure survival without inflation or external intervention. While risks like mining pool centralization exist, Bitcoin’s permissionless structure and market-driven consensus provide resilience. Ultimately, Bitcoin succeeds because it replaces trust in institutions with incorruptible rules, aligning all participants around one unshakable principle: absolute scarcity.

Timestamps
----------

0:00 - Paper Bitcoin Summer & Wall Street's Bitcoin Black Hole
3:28 - Bitcoin as Shock Therapy for Zombie Markets
5:14 - Introduction to Bitcoin's Economic Incentives
8:30 - Why Bitcoin's Energy Use Solves Money Printing
10:43 - Energy Demand from Block Processing & Coin Issuance
16:12 - Permissionless Energy Sales to Bitcoin Network
21:54 - The Always-Profitable Mining Mechanism
27:03 - Difficulty Adjustment & Self-Regulating Markets
32:29 - Bitcoin's Closed System Independence
40:27 - From Mining Subsidy to Transaction Fee Market
46:15 - Block Space Scarcity Creates Fee Competition
53:29 - Why Inflation Can Never Fix Bitcoin

Transcript
----------

(00:04) Bill Gyer. Paper Bitcoin summer. Summer of Phil. Which one is it? Well, every summer is summer of Phil. So, this summer I think is paper Bitcoin summer. Um, I'm I'm enjoying it quite a bit. I think it's a really unique time in Bitcoin, the Bitcoinification of Wall Street, if you will.
(00:29) It's not my my favorite topic in the world is the financialization all that, but it is pretty wild to me to see the explosion of paper Bitcoin summer. Yeah, I should have known. Yeah, I wrote the piece Bitcoin is the great defantization that there there would be some financialization of of Bitcoin before fiat ends and then true defancialization happens. But I wouldn't say I was wrong about that.
(00:56) That's just, you know, after Pierre wrote speculative attack in 2014, we should have we should have known that this was inevitable. And uh maybe that wasn't going to take this form, but it's also perfectly logical. So, I love it. Wall Street and all the kind of financial markets around the world, they feel or they feel like they're they're dipping their toe into Bitcoin right now, but Bitcoin is a black hole.
(01:15) And so, actually, they're kind of crossing the event horizon uh without even realizing it. So, I'm I'm a huge fan of all of these different products, but yeah, I think it is it is a a short time period where Bitcoin is going to be rapidly financializing before, you know, to your point, to your paper, things rapidly defancialize.
(01:33) Yeah. I I love that it's d drawing people in like Jim Chanos and that there's probably a bunch of people in Tradfi that are looking at it saying that ah this is all a scam and and what they don't realize is that the bottomless pit of fiat and the arbitragees in the fiat world is actually what's creating it.
(01:57) Um so you know if that capital was going to go to somewhere better to go to Bitcoin than some zombie company that was going to be extended just by the fiat system. Absolutely. And I was looking at a chart uh I think it was Crucius's chart of you know Bitcoin at uh $2 trillion as an asset class and then uh the different financial markets that are you know 100x the size of Bitcoin and somebody plotted all of the different uh Michael Sailor you know preferred stock products that he's launching and how it taps into these different markets. Uh and I think that's really fascinating. It's Yeah, it's just Wall Street, you know, getting
(02:31) sucked into the Bitcoin black hole. They think they're in charge, but, you know, we'll see. Yeah, it was it was interesting. I listened there was a podcast that Michael Sailor did where he was in person. the like I don't I didn't recognize guys who were interviewing him but when he he basically gave a 30inut explanation of how they they they basically unintentionally stumbled into this whole dynamic and that it was also and he connected the ideas of why Bitcoin's volatility was particularly attractive to these markets
(03:04) and and that um that it really wasn't a grand, you know, it wasn't an idea that he had when he started getting, you know, interested in Bitcoin and got orange spilled. It was something that they issued a convertible bond and then through that process realized that there was this whole arbitrage opportunity to suck in and tap more capital. So, totally.
(03:27) And I think what Bitcoin is doing right now to a lot of markets around the world, and I think you've spoken about it, you've written about this, a lot of markets are kind of zombie markets, right? they're they're running out of steam and that's why the money printing has to just continually happen because it's just like they can't they can't get the growth that they need and Bitcoin is like a shock to the system, right? It's like an EKG, right? If the if the patient is is flatlining and dying like as soon as you give a little Bitcoin exposure to a market, you see like rapid uh rapid adoption and and
(03:59) you know, not even adoption, but just like attention, short sellers, people going long, like all kinds of focus just goes right there to Bitcoin. I think it's really cool. Yeah. And that that's one thing that he also talks about with that the short sellers serve a purpose for him that they will then be buyers of his stock when they need him to be buyers of the stock.
(04:25) And so I think that uh and and that will be what we you know not that specifically but talking about the incentives of Bitcoin that create all that frenzy that ultimately create the demand for is what we we'll talk about today. And appreciate you coming on the show. This is episode four. The the first episode will actually be released next week.
(04:43) So by the time this one comes out people have gotten to listen to a few. But this this podcast is focused on mining and energy and all and the convergence of Bitcoin. and the money side of it. And the the first few episodes were were talking about mining in kind of a broad sense. The last episode we went deep on a specific strategy um in the mining ecosystem, specifically upstream natural gas, mining off of upstream natural gas.
(05:11) You're not a Bitcoin miner, are you? I'm not. You're not. I've I've done it just uh as a hobby just on a computer just to to try it out, see how it works. But unfortunately, I I rationalize myself out of becoming a Bitcoin miner. And maybe we can talk about that today. I did the same. Um but you're what you at least in my opinion what I would consider you as an expert in the economic incentives.
(05:35) Neither of us are economists, but we understand the economics of Bitcoin very well. And I think that one of the things that is easily lost in the Bitcoin mining sphere, particularly for people who are legacy energy professionals that see Bitcoin solving problems in the energy sphere, that those make sense.
(06:06) But then when they zoom out and then relook at Bitcoin and what is creating all of this demand for power, they then get reloc. So I think um and this won't be the only discussion on the incentives of Bitcoin, but I think uh or not, I think you had written an article back when we were still both at Unchained. I also think that you were my my first hire at Unchained potentially. Yeah. I mean I I I got the job, you know, in 2019.
(06:32) I just DM'd you on Twitter. I think I actually had heard you on either it was either what Bitcoin did or TFTC uh and just reached out to you and that rest is history. Yeah, we we were very close to hiring somebody else and the


Chris Alfano shows how Bitcoin mining monetizes stranded gas, reduces flaring, and enables more oil production.

Key Takeaways
-------------

![Center of Hash - Bitcoin Offtake Unlocks Oil Production | Chris Alfano](https://www.tftc.io/content/images/2025/08/Chris-Alfano.jpg)

Chris Alfano, CEO of 360 Energy, explains how Bitcoin mining has become a powerful tool for oil producers to monetize stranded natural gas, reduce flaring, and unlock additional oil production. What began as a vertically integrated mining venture evolved into a services business that deploys gas-to-Bitcoin infrastructure for upstream producers. In regions like the Permian Basin, where oversupply and poor pipeline contracts push gas prices to near zero or negative, Bitcoin mining offers a far more lucrative outlet, up to $13.50 per MCF compared to $1–3 on the pipeline. For large companies, the main value lies in keeping oil flowing without violating flaring restrictions, while smaller independents may chase Bitcoin economics directly. By offering flexibility, optionality, and higher margins, mining is reframing how natural gas assets are valued in the U.S. and beyond.

Best Quotes
-----------

“We realized that Bitcoin mining isn’t just a means to an end for oil and gas, it’s the other way around.”

“Henry Hub might pay $3.50 an MCF, but mining Bitcoin at the wellhead is $13.50 an MCF.”

“If a pipeline shuts down, producers can be stranded overnight. Our systems give them optionality.”

“For a big producer, it’s not really about the Bitcoin economics. They’ll pay us rent to capture gas, because without us, they’d have to shut in a million dollars a day of oil production.”

“Bitcoin mining is solving real-world problems. You can’t put an AI data center in the middle of an oil field and power it with stranded gas.”

“Only about half a percent of U.S. gas is flared, but that alone is two gigawatts of mining capacity.”

Conclusion
----------

This episode illustrates how Bitcoin mining is becoming integral to energy markets, not as a replacement but as a solution to inefficiencies in oil and gas. By transforming waste gas into productive energy, it reduces emissions, sustains oil production, and generates higher returns than conventional sales. Alfano’s approach positions 360 Energy less as a mining company and more as an oilfield services provider using Bitcoin as a tool, showing that mining’s future lies in solving industrial problems while making Bitcoin’s network more resilient and distributed.

Timestamps
----------

00:00 - Chris Alfano's Background and 360 Energy Strategy
02:18 - From SaaS to Bitcoin Mining: The 2020 Rabbit Hole Journey
05:56 - Evolution from Self-Mining to Oil Field Services Business
08:40 - US Natural Gas Markets and Regional Opportunities
14:52 - Gas Pricing Differentials: Henry Hub vs Waha Dynamics
23:48 - Stranded Gas vs Pipeline-Connected Mining Opportunities
29:32 - Three Value Props: Environmental, Oil, and Economic
33:13 - Case Study: Unlocking Stranded Oil Wells in Texas Gulf
37:20 - Bitcoin Economics vs Liability Reduction Models
43:13 - Mining Infrastructure: Generators, Data Centers, Servers
52:26 - Managing Bitcoin and Natural Gas Price Volatility
01:00:55 - Site Evaluation: Decline Curves and Operational Complexity
01:07:17 - Explaining Bitcoin Sustainability to Energy Customers
01:17:36 - Bitcoin Mining Philosophy and Ecosystem Role
01:24:39 - Strategic Focus and Future Growth Plans

Transcript
----------

(00:05) Chris Alana, welcome to the center of hash. Parker Lewis, it's great to be here. Yeah. Um, before we get into the the topic of the day, we we co-work here out of uh Bitcoin Park. It's mid July in the Texas summer. How's the summer been? It's been hot, good, rainy.
(00:30) you know, we've uh done some family trips and stuff like that. So, tried to get out of it. We're heading to California end of this week. So, upstream mining isn't impacted by the 4CP here in Texas. No natural gas mining. No grid, no 4CP, no curtailment. SMU footballs on the horizon. Uh on the horizon and Ryzen, they say you uh you were at Happy Valley for that. I was disastrous.
(00:56) That was a uh not our best not our best effort. Cool experience though. Our expectations is high this expectations are high. Coach is uh saying big things. He's uh good to target for other schools. So got to keep him happy at SMU. But you know, good transfer giving giving Texas a run for the money as best team in Texas.
(01:19) I'll be uh very pleased if we make it to another playoff. That might not happen again in quite some time, but that's what I said last year with Will Cole when we were sitting here in the summer looking at the team. But, you know, we should be better this year than we were last year. So, very pumped. Well, uh hopefully hash price is higher and come football season in a month.
(01:38) That would be nice. Got to get the uh ordinal people back selling uh their JPEGs. That's controversial. We'll talk about that towards the end, but um we we'll use that as a segue into um the topic of the day. So, in the in in the first couple episodes, we've discussed mining at a very broad high level, and today we're going to go deep on a specific energy strategy and mining strategy.
(02:06) Um Chris is the co-founder and CEO of 360 Energy. Um, Chris, just give a little bit about your background and what 360 does and kind of what defines your strategy. Yeah. Yeah. So 360 energy right before 360 uh I went to SMU if it wasn't obvious before um studied finance and economics there and started a company 2016 with a hedge fund manager in Dallas uh called Keyman Intelligence and uh built that company for four years.
(02:45) Sold that company in 2020 and started 360 and uh what did that company do that we did uh SAS solutions for private credit hedge funds. So we would uh standardize a bunch of the reporting data from you know these these CLOs's have 300 positions in private credit. Um so a bunch of companies that aren't publicly traded don't adhere to GAP and so uh what we would do is aggregate all the data that all of those portfolio positions would report.
(03:15) So like their financials um sims credit agreements everything like that. We'd aggregate that all into uh uh our platform and we'd standardize it. Um, so customers of ours, like other hedge funds, CLOS's would have access to the platform. They'd log in, they'd be able to see all their borrowers uh be able to see kind of standard financial data uh across um their whole portfolio, right? If uh different borrowers report in different ways and even same borrowers quarter to quarter.
(03:44) So yeah, it was just a tool to make analysts more efficient at actually analyzing, kind of get them out of the monkey labor of having to spread financials and figure out where pieces of information were. So it's just kind of like a a database with standardization for uh everything to do with their portfolio positions.
(04:04) And how'd you get from there to 360? Well, sold the company. um moved down to Austin, was out of a job at that point, kind of figuring out what I wanted to do next. Co happened. So, I'm a Bitcoin class of 2020 going down the rabbit hole at that point, kind of right after the company. Um, and obviously fell in love with Bitcoin for many of the same reasons everyone else does.
(04:28) And being a finance guy, being a tech guy, uh, really made a lot of sense in my mind. So, wanted to start another company. was kind of sick of doing software stuff. Um,orked around Austin. Uh, met a great guy named Mike Hamilton. Kind of told me all about this Bitcoin mining thing. Um, sounded really cool.
(04:46) And so kind of started going down the Bitcoin mining rabbit hole. Uh, as anyone does, you try to figure out, okay, you know, I can basically plug in a Bitcoin miner anywhere, but how do I do it, you know, cheaply for a long term, uh, to kind of protect the downside, protect the margin, all that stuff.
(05:05) So, um, for us that was looking at grid, looking at solar, looking at many different, you know, potential options to power our miners. Kind of settled on natural gas as something that's very abundant in Texas and something that's relatively cheap. Uh, we wanted to take it a step further and and actually vertically integrate the natural gas into the Bitcoin mining as a way of kind of controlling that future, having, you know, decade at a single location, having complete operational control.
(05:31) And so, uh, built a team with Sean Milmo, my co-founder, and a few other guys, um, that had a lot more oil and gas background than I did to, uh, stand up 360 Energy. And at that time, uh, the the company's objective was self mining through the ownership and operation of the natural gas assets. So, we went out and bought some uh, old producing uh, gas wells in the Barnett Shale, right outside of Fort Worth, just 20 minutes north of of downtown Fort Worth. And that's really how we got our start.
(06:02) Um, so took over those wells, put our first Bitcoin mine out there in late 21. Um, and started, you know, mining, uh, at probably the worst possible time to be mining and buying infrastructure and stuff like that. And, um, but yeah, that was that was really what it was all about was, you know, how do we bind these old relatively unattractive natural gas assets to traditional oil and gas people? um and turn that into something much more profitable, much more valuable through Bitcoin mining.
(06:33) Uh two questions. What what initially So you mentioned in 2020, what made you go down the Bitcoin rabbit hole just quickly? And then second, um you started out vertically integrated owning the assets, but that's evolved a bit. Yes. Okay. Yeah. I mean, the rabbit hole was a function of time um and a function of just kind of the macroeconomic conditions in the US, right? Uh knowing enough to know uh a ton of money printing is probably not good. Um and seeing all the free money that was going out there, uh was concerning. And so,
(07:14) and also, you know, I'


Marty's Bent
------------

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-1.png)

via [StockMarket.News](https://x.com/_Investinq/status/1958554460566806750?ref=tftc.io)

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/martybent_a_well_dressed_man_driving_past_data_centers_in_the_d_31472b71-a9ee-4b2a-8705-c3c1f0f6ef40.png)

While everyone and their mother is focused on Jackson Hole in anticipation of Federal Reserve Chairman Jerome Powell's speech later this morning I want to draw your attention to the chart above. The financial system is more levered than it has ever been at the same time that the pressure on Jerome Powell and the Fed to lower interest rates and inflation is starting to rear its head again.

If I'm being honest, I'm not sure exactly how to read this. My intuition says that leverage is high because of the stealth stimulus that has been entering the market over the course of the last few years via the Treasury hammering issuance on the short end of the yield curve. Yes, in nominal terms margin debt is at an all time high, but if you look at it in real terms it is still below 2021 levels. Though, it is quickly approaching those levels.

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-2.png)

via [StockMarket.News](https://x.com/_Investinq/status/1958554530322264345?ref=tftc.io)

The question lingering in my mind is whether or not we see a melt up in financial assets and leverage alongside with it, or will gravity come into play at some point in the short to medium-term and force a material correction? When you consider the Trump administration's focus on AI - it has been explicitly identified as a national security issue that necessitates a "win at all costs" response, coupled with the strong desire to keep the Republican majority in the House and the Senate in next year's mid-term elections, the prospect of a melt up scenario seems somewhat likely. One thing is certain, the Trump administration is certainly going to try.

When they do inevitably try, we will see if we are truly moving into new territory because all of the indicators that signal a market top are getting very red and very loud. Just take a look at cyclically-adjusted P/E ratios.

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-3.png)

via Simon White, Bloomberg

Regardless of what ultimately happens, this is fundamentally bullish for bitcoin in the medium to long-term. If we get the melt up scenario, bitcoin will benefit massively as individuals, investors, institutions and idiots alike seek safe haven in hard assets. If gravity comes into play, bitcoin is likely to correct a bit before the dust settles. At which point, many people will be starkly reminded of the insanity of the incumbent financial and monetary systems yet again and a new wave of bitcoin adopters will enter the market. Joining the steadfast hodlers who understand what they own.

Stay vigilant out there, freaks.

### Bitcoin's Energy Consumption is Not Waste

Phil Geiger makes a compelling case on Parker Lewis's Center of Hash that Bitcoin's energy consumption serves a vital purpose - it's the first monetary system to solve the problem of money printing through absolute scarcity. As Phil explains, Bitcoin's 21 million supply cap represents humanity's first truly fixed monetary supply, making it fundamentally different from every other form of money that can be debased. This scarcity only works because it's secured by real-world energy consumption, creating an unbreakable link between the digital and physical realms.

> "Money is the most fundamental form of communication that humans have. You can use money to communicate value across different cultures without even speaking the same language." - [Phil Geiger](https://x.com/phil_geiger?lang=en&ref=tftc.io)

Phil contrasts Bitcoin with other cryptocurrencies, arguing their energy use is wasteful because they don't solve any fundamental problem. Bitcoin's energy consumption directly secures the network against manipulation and enforces the monetary policy that makes it valuable. Parker reinforces this throughout, noting how this direct use of energy for monetary security is unprecedented - unlike gold mining or Federal Reserve operations, Bitcoin creates an explicit, measurable relationship between energy and monetary integrity.

Check out the [full podcast here](https://youtu.be/bi9iMEetMK4?ref=tftc.io) for more on mining pool centralization, fee market dynamics and Bitcoin's self-regulating difficulty adjustment.

* * *

### Headlines of the Day

DOJ Won't Target Decentralized Crypto Developers - via [X](https://x.com/WatcherGuru/status/1958607763249991972?ref=tftc.io)

DOJ Demands Fed Fire Governor Lisa Cook - via [X](https://x.com/WatcherGuru/status/1958595395514237300?ref=tftc.io)

Pennsylvania Introduces Bitcoin Ownership Ban Bill - via [X](https://x.com/TFTC21/status/1958606584567013859?ref=tftc.io)

Buenos Aires Accepts Bitcoin for City Payments - via [X](https://x.com/TFTC21/status/1958571300261437924?ref=tftc.io)

Treasury Proposes Digital IDs for DeFi Transactions - via [X](https://x.com/TFTC21/status/1958563270908170411?ref=tftc.io)

* * *

### Obscura – The World’s Best VPN Built by Bitcoiners

Created by Carl Dong (former Bitcoin Core contributor), unlike other VPNs, it _can’t_ log your activity by design, delivering verifiable privacy you can trust.

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/Obsura-3.png)](https://obscura.net/?ref=tftc.io)

[USE CODE TFTC25](https://obscura.net/?ref=tftc.io)

**Outsmarts internet censorship**: works even on the most restrictive Wi-Fi networks where other VPNs fail.
**Pay with bitcoin over Lightning:** better privacy and low fees.
**No email required:** accounts are generated like bitcoin wallets.
**No trade-offs**: browse freely with fast, reliable speeds.

**Exclusive Deal for TFTC Listeners:**
Sign up at [obscura.net](https://obscura.net/?ref=tftc.io) and use code **TFTC25** for **25% off your first 12 months**.

Now available on **macOS, iOS, and WireGuard**, with more platforms coming soon — so your privacy travels with you wherever you go.

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $200M 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](https://ten31.vc/invest?ref=tftc.io)_._

* * *

**Final thought...**

The hurricane swells are epic on the East Coast right now.

Enjoy your weekend, freaks.

* * *

_Download our free browser extension, **Opportunity Cost**:_ [https://www.opportunitycost.app/](https://www.opportunitycost.app/?ref=tftc.io) start thinking in SATS today.

_Get this newsletter sent to your inbox daily:_ [_https://www.tftc.io/bitcoin-brief/_](https://www.tftc.io/bitcoin-brief/)

_Subscribe to our YouTube channels and follow us on Nostr and X:_

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

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)