Operation British Freedom may be a necessary military endeavor if things continue at this pace.

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

![England Has Gone Mad](https://www.tftc.io/content/images/2025/08/martybent_a_british_police_officer_holding_his_billy_club_with__c09ed852-25f5-4801-b71c-246739dbe046-1.png)

If you're not paying attention to what is currently unfolding in England, you probably should be. The country is devolving into a complete dystopian hellscape as the government attempts to stifle speech as backlash against immigration policy, the handling of Pakistani rape gangs, inflation and an overall material decline in quality of life pushes British citizens to the edge.

Over the last couple of years the government has instituted hate speech laws that have led to British citizens being thrown in cages for speaking their minds. These efforts have escalated this Summer in the form of "Age Verification" requirements across the internet in an attempt to "save the children" from the dangers of being able to access information that is not government approved. In reality, age verification requirements aren't in place to protect the children, they're in place to identify every individual using the internet so that they can be tracked and easily brought to heel if they step out of line.

This is a gross infringement on the inalienable human right to speak your mind anonymously or pseudo-anonymously. There is no way to hold governments to account if you can't speak your mind openly and anonymously. Ideas should be able to stand on their own merit, no matter who is speaking them. Bringing ideas into a conversation anonymously is the best way to ensure that an idea stands on merit and is not accepted because of the individual that is sharing the idea. Conversely, if the idea is so good that people broadly agree with it and that idea happens to be in conflict with the narrative that authorities are spinning the only way they can stifle it and ensure that they get their way is to uncover who is behind the idea and make an example of them by throwing them in a cage. Ultimately, to send a chilling effect that prevents others from spreading the idea.

This is completely anti-human, authoritarian bullshit that should be met with vehement push back. Privacy is a human right and people should be able to anonymously hold their government to account if they so choose.

The British government is doubling down. Yesterday, England's "Children's Commissioner" (holy Orwellian naming!) joined the BBC to put forth the argument that age verification requirements should be levied on VPN providers. For those who are unaware, VPNs allow individuals to use the internet without doxxing their IP addresses to the websites and apps they visit. If you were to force VPNs to collect age verification information it would render their very valuable services moot. Any self-respecting and customer-conscious VPN provider would have to immediately reject any attempts by the UK government to force these verification requirements on them.

These age restriction requirements that the UK government is thrusting on companies is nothing more than lazy bullying tactics that turn companies into forced surveillance companies. honeypots and snitches that do nothing but harm their end users and empower a central government that has gone mad with power as it attempts to silence critics.

VPNs are critical to being able to browse the internet privately, which is an inalienable human right.

I pray that the people of England have the intestinal fortitude to fight back against these heinous encroachments on civil liberties and put their government in place.

### Supply Shock Could Drive Unprecedented Price Discovery

Tuur Demeester laid out a compelling case for why bitcoin faces an unprecedented supply squeeze. He explained how treasury companies like MicroStrategy are accumulating massive positions without any intention to sell, while long-term holders aren't moving their coins despite new all-time highs. The on-chain data he presented shows whales holding steady, with no significant distribution events exceeding 100,000 coins this cycle - a stark contrast to previous bull markets where we'd see 400,000 coin movements.

> "If you have more risk appetite, you can still stay in bitcoin. You go to the treasury companies" - [Tuur Demeester](https://x.com/TuurDemeester?ref=tftc.io)

I found his point about collateralized lending particularly fascinating. As Bitcoin becomes pristine collateral for multi-year structured credit products, these coins effectively disappear from liquid markets. Combine this with ETF flows creating persistent one-way demand and tax-advantaged strategies that discourage selling, and we're witnessing multiple forces simultaneously constraining supply. This isn't your typical four-year cycle anymore.

Check out the [full podcast here](https://youtu.be/bi9iMEetMK4?ref=tftc.io) for more on elongated cycles, gold parity targets and nation-state adoption strategies.

* * *

### Headlines of the Day

Trump Blasts Powell for Destroying Housing Market - via [X](https://x.com/WatcherGuru/status/1957936265489445276?ref=tftc.io)

SEC Chair to Implement Crypto Reforms Quickly - via [X](https://x.com/TFTC21/status/1957905605500563706?ref=tftc.io)

Harvard Economists Wrong by Six Figures - via [X](https://x.com/TFTC21/status/1957904767210119583?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.

[![England Has Gone Mad](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 relationship between big pharma companies, schools and the federal and state governments is absolutely abhorrent.

* * *

_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; }

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/03/twitter.png)](https://twitter.com/TFTC21?ref=tftc.io)

[![England Has Gone Mad](https://www.tftc.io/content/images/2025/03/primall.png)](https://primal.net/tftc?ref=tftc.io)


Trump’s Fed clashes and rising deficits expose a politicized system, while Bitcoin stands as the only independent policy.

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

![Bitcoin Alpha - Trump & The Fed Just Triggered a Massive Bitcoin Move – 26 Days Left!](https://www.tftc.io/content/images/2025/08/Bitcoin-Alpha-E010.jpg)

Trump’s public theatrics against the Fed, including pressuring Powell, targeting governors, and appointing Stephen Myron, show how monetary policy is now fully political. With U.S. interest costs surpassing $1 trillion and deficits at $2 trillion, the idea of an independent Fed is collapsing into a Treasury-Fed merger resembling a wartime economy. In this environment, Bitcoin stands alone as the only independent monetary policy, immune to political coercion, while institutions like Harvard signal its growing legitimacy by allocating to ETFs. At the same time, private innovation continues, Block’s new modular mining rig challenges the hardware duopoly and shows how Bitcoin infrastructure can advance regardless of state theatrics.

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

“The global monetary system should not be beholden to the whims of theatrics between a sitting president and the Fed chair.”

“Bitcoin is the only truly independent monetary policy in the world right now, governed by math and physics, not politics.”

“Trump’s clearing house at the Fed shows us: meet the new boss, same as the old boss, different context, same consolidation of power.”

“There’s no Bitcoin CEO for the White House to bully. The U.S. government has to pay the market price like everyone else.”

“Harvard’s $100M ETF buy is a seismic signal. In the endowment world, Harvard is the BlackRock of higher education.”

“If Proto’s rigs really last 10 years with modular upgrades, that saves miners 20% on fleet refresh. That’s massive.”

Conclusion
----------

The U.S. is drifting toward empire-style finance, where deficits, consolidation of power, and politicized Fed decisions undermine any pretense of independence. Bitcoin remains the only monetary system resistant to manipulation, offering certainty in contrast to political chaos. Institutional adoption and hardware innovation show that while governments tighten control, Bitcoin continues to grow outside their grasp, positioning itself as the neutral anchor for the future.

Transcript
----------

(00:00) The following is forformational and entertainment purposes only and should not be construed as financial advice. This discussion is a presentation by 1031, the leading institutional investor focused on the Bitcoin ecosystem. 1031 has over 10 years of experience in Bitcoin and has deployed nearly $150 million into the leading opportunities in the space. To learn more, visit 1031.vc.
(00:25) And uh it looks like it's about 3.1 billion. went up a little bit or a lot. Uh, so the 2.7 is now 3.1. I'm not aware of that. Yeah, it just came out. Yeah, I haven't heard that from anybody. Yeah, it just came out. Our about 3.1 as well. 31 3.2. This came from us. Yes. I don't know who does that. You're including the Martin renovation. You just added entire capital. Yeah, you just you just added in a third building is what that is.
(01:02) That's a third building. No, but it's it's a building that's being built. No, it's been it was built five years ago. We finished Martin 5 years ago. It's part of the overall work. It's not new. So, we're going to take a look. We're going to see what's happening. Uh, and it's got a long way.
(01:23) Do you expect any more additional costs? Don't expect them. Uh we're we're ready for them, but we we have a little bit of a reserve that we'll we may use, but no, we don't expect to be finished in 2027. Um I must admit, I saw a bunch of the clips on X and other parts of the internet. Never saw that part of the conversation. Didn't realize he was calling out line items of the renovation to him in person.
(01:48) Yeah. I I uh I gotta say some of the best whatever you think of Trump um and there there's a lot that can be said about Trump, the man has delivered some of the most iconic political moments of certainly this century. And I think that's that's a top fiverr for me without a doubt. It's so entertaining.
(02:12) I mean, I've I said before uh that I would have paid to see like big brother White House or something like when Joe Biden was in the the the White House just to like see what he was doing on a dayto-day basis. But I would probably pay more to see like big brother White House and just watch Trump all day. Brought in Tim Scott as the muscle to be like, "No, no, it's 3.1." Yeah. Right.
(02:37) who by the way doesn't have a hard hat on. Like the hard hats really make the whole thing that they're standing there in these hard hats and Tim Scott's right next to them with no hard hat. What's the what's the wardrobe choices? Like I mean the the theatrics behind it is uh you know it's something to behold. This is the setup for that.
(02:54) Like they're like okay we're going to we're going to put you on TV and just humiliate you in front of TV. So like get ready here here it comes. And we skip the part where he slaps his back at the end and says, "This guy's this guy's about to go lower interest rates." Um, some some really, you know, some some middle school uh hallway bully power games uh going on here.
(03:17) Well, it reminds me of the one there was one where he was in the was it was it the White House lawn where there was a lot of uh I think they were construction workers hanging around the background and uh they were going after Pal again or was that a different was that someone else? Yeah, we got uh I got lamb I think I talked about this I forget if it was here or RHR but I brought it up.
(03:41) We had cold opened with it on RHR and I made the uncou statement of why is uh why is Donald Trump asking construction workers about interest rate policy? It's probably not their core focus and had a bunch of construction workers on the YouTube comments saying, "Hey, I'm in construction and I understand interest rates." But yeah, that was a that was a scene as well.
(04:06) The fact that the fact that we can't even fully remember all the details of all the different times Trump has publicly uh limbasted or tried to humiliate or otherwise uh viciously critique the Fed chair. I think shows uh is a good indication of where we are right now with uh monetary policy in the US and its relationship to uh the rest of the government, the Treasury Department, etc.
(04:26) Yeah, it's a and just the news cycle, right? Because like when was this? This was It feels like forever ago. We put out our artisal alpha, you know, once every few weeks or once every month or we'll just see. But this seems like it was forever ago. I know it was it occurred since the last time we did Bitcoin Alpha. It was like, you know, a few a few days or maybe a week after the last episode of this.
(04:57) And I I remember um being very frustrated because I knew as soon as I saw it like that's the ultimate cold open and we just missed the chance to do it on the last one. So uh here we are back again and uh even though it's a few weeks old I think it's still it stands the test of time. It does and John I think you used the perfect word earlier theatrics.
(05:15) Uh and I think it's an incredible juosition of the world that we operate in and why we operate in this world. Many don't realize the global monetary system should not be beholden to the whims of the theatrics between a sitting president and sitting chairman of the Federal Reserve. That is essentially what we just witnessed was bullying tactics.
(05:39) For those who don't recall, they were there at the construction site as the government was trying to find a roundabout way to fire pal. Um, and I think at one point they were trying to pull the technicality of the Federal Reserve wasting money, taxpayer money with that that renovation they were doing on the reserve building in DC.
(05:58) Uh, theatrics, it's been happening between Powell and Trump since before Trump was even elected. And we're in the middle or tail end of the summer doldrums. I think this is like really the peak summer doldrums, but it ends next week. We've got Jerome Pal and others in Jackson Hole, Wyoming for their annual event.
(06:24) There will be no interest rate policy decisions made this month outside of some very extreme market volatility which doesn't look like it's going to materialize, but it's it's a pretty boring week. I think markets are down, Bitcoin's down, and I think it's just due to the overall uncertainty of the result of the theatrics that we've been seeing play out over the last 16 months.
(06:44) Yeah, I mean it's the theatrics word, you know, to stick with that. Um, I I do think is relevant to just kind of consider, you know, the the nature of where we are with the system. I think it's in some ways like instructive um for, you know, you could say Trump is violating norms and many people have made that um that case both in this in this term and his prior term.
(07:11) um and he's not, you know, respecting the the system and the way it's set up. Um, but I think it's it's interesting and notable that we this pulls back the curtain a little bit on the fact that this is a system where you know I think we have a it's easy to have a view especially coming from say mainstream academia from your college classroom um from working whether it's on Wall Street or corporate America a bunch of different kind of white collar jobs it's it's kind of very easy to imagine that the the men behind the curtain have uh
(07:42) have it all figured out And um you know they have all the dials properly calibrated and um you know they're they're sitting up there on uh you know Mount uh whatever Mount Olympus or Mount Marin Mariner Eckles building as the case may be in this in this situation and you know dispassionately evaluating every all the data flow that they're getting um and just making the the right decision at all the time or as right as possible based on the data they have with no kind


The Fed-Treasury merger unleashes unprecedented money printing.

### U.S. Government Will Consolidate Power Between Fed and Treasury to Enable Money Printing - Bitcoin Alpha Panel

![This Week's Top Predictions](https://www.tftc.io/content/images/2025/08/terribletrader_Abstract_visualization_of_wealth_transfer_gold_e7c8d092-c521-402a-af4a-5f814cf82096_3.png)

The Bitcoin Alpha team predicts the Trump administration will effectively merge Federal Reserve and Treasury functions to maintain fiscal dominance as deficits exceed 6% of GDP. With interest expense now exceeding $1 trillion annually and representing over 100% of receipts in some months, the government faces an impossible math problem without dramatic monetary intervention.

"They're trying to merge the Fed and the Treasury to make sure that they can achieve their economic goals," I observed during our discussion. The public feuding between Trump and Powell, including the bizarre construction site confrontation, represents theater masking a deeper reality - independent monetary policy cannot survive when the sovereign faces a funding crisis. History shows no government has chosen default over debasement when pushed to the brink. The team expects this consolidation to accelerate money printing beyond anything seen previously, making Bitcoin's fixed supply increasingly attractive.

### Bitcoin Will Reach $1 Million and Gold Parity Within This Cycle - Tuur Demeester

Tuur Demeester believes Bitcoin is heading toward $1 million per coin, which would represent approximately 11 kilograms of gold - the point at which Bitcoin's total market cap equals all the gold in the world. He argues this isn't just another four-year cycle but potentially an extended bull market lasting an additional year to 18 months beyond typical patterns.

"I think that's the next magnet," Tuur explained, borrowing David Bailey's term for psychological price targets that pull markets forward. The confluence of ETF adoption, treasury companies accumulating Bitcoin, and nation-state interest creates unprecedented demand drivers. With real inflation running between 10-15% annually according to his analysis, Bitcoin's role as pristine collateral is becoming undeniable. He notes that even after selling 80,000 Bitcoin recently, the market only dropped 4% - a sign of extraordinary buying strength that suggests this cycle has much further to run.

### Bitcoin Mining Will Become Fully Integrated With Energy Generation Within 10 Years - Phil Geiger

Phil Geiger predicts that Bitcoin mining will evolve from a standalone industry to become completely integrated with energy production at the source. He argues that mining ASICs will function more like demand response tools similar to batteries, but with zero energy loss in transmission and instant monetization capabilities.

"I view it more as Bitcoin mining is more of a component of the energy production industry or a tool that any energy producers can use," Phil explained on Center of Hash. He points to renewable energy operations where 20% of generated electricity goes to waste during peak production as the perfect use case. As the Bitcoin network continues to demand the cheapest possible electricity, miners will naturally migrate to these stranded energy sources. The permissionless nature of the network means any energy producer globally can immediately monetize excess capacity without negotiating contracts or building transmission infrastructure. This transformation will make Bitcoin mining less of an independent industry and more of a standard feature of energy infrastructure.

* * *

[![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.

The Big Difference Between Bitcoin and Crypto Treasury Companies
----------------------------------------------------------------

Digital Asset Treasury (DAT) companies—public firms existing solely to hold crypto on their balance sheets—are creating two distinct market structures. Bitcoin DATs show tight mNAV (market cap/treasury value) clustering around 1.3x average, while crypto DATs exhibit wild swings from 0.16x to 1.94x.

**Key Bitcoin DATs:**

*   MicroStrategy: 1.58x
*   Semler Scientific: 1.04x
*   Metaplanet: 1.14x

**Crypto DATs show extreme variance:**

*   ETH: BitMine (1.9x) vs Dynamix (0.16x discount)
*   SOL: UPEXI (1.2x) vs DFDV (1.8x)
*   SUI: Mill City Ventures (1.8x)

![This Week's Top Predictions](https://www.tftc.io/content/images/2025/08/image-4.png)

The divergence reflects fundamental differences: Bitcoin DATs benefit from institutional flows and liquidity, while crypto DATs hold more volatile assets with questionable long-term value. Management compensation tied to AUM percentages incentivizes asset accumulation, particularly problematic for less liquid cryptos prone to reflexive price action.

The trend signals market maturation—Bitcoin treasuries evolving into predictable institutional vehicles while crypto treasuries remain speculative plays. As one critic notes: "Does anyone actually want to own SOL in 10 years?"

[_Link to Full Article_](https://blockspace.media/insight/the-big-difference-between-bitcoin-and-crypto-treasury-companies/?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)


Michael Howell warns the liquidity cycle is peaking, debt risks are rising, and gold and Bitcoin are key hedges against monetary inflation.

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

![TFTC - 40-Year Wall Street Vet Warns: 6 Months Before the Bubble Bursts (Bitcoin Next?) | Michael Howell](https://www.tftc.io/content/images/2025/08/Michael-Howell.jpg)

Michael Howell warned that the global financial system is nearing the peak of its liquidity cycle, with debt refinancing risks mounting as trillions in cheap, long-dated obligations begin to roll over. The Fed and Treasury are effectively engaged in stealth yield curve control, suppressing volatility to keep the system stable, but this path risks “Japanification” and entrenched monetary inflation. With 80% of global lending collateral-based, stability in Treasury markets has become critical, while China’s aggressive liquidity injections and gold monetization signal a shift toward hard assets. Howell argued that gold and Bitcoin stand out as essential hedges, with Bitcoin’s strategic value rising as an independent, long-term safe asset outside government control.

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

“Almost every financial crisis, if you look back, has been a debt refinancing crisis in some way.”

“In 4,000 years of recorded interest rate history, there’s no mention of zero rates, until COVID.”

“What they want is yield curve control. They can’t afford volatility in collateral markets because 80% of global lending now depends on collateral.”

“If I’m optimistic about gold, I have to be optimistic about Bitcoin.”

“What would happen if you could only invest in short-dated government debt or Bitcoin?”

“The U.S. may be the cleanest shirt in the laundry, but it’s still in the laundry.”

Conclusion
----------

Howell sees the system entering a dangerous phase where liquidity is peaking, debt pressures are intensifying, and policymakers have few tools left beyond suppressing volatility and monetizing debt. This will drive monetary inflation, erode real wealth, and make hard-asset hedges indispensable. Gold and Bitcoin, he argues, are positioned to benefit most, with Bitcoin in particular evolving from a liquidity-sensitive risk asset into a strategic safe haven in a world of accelerating debt cycles and weakening fiat credibility.

Timestamps
----------

0:00 - Intro
1:12- Big day at Jackson Hole
7:57 - Bessent’s contradictions
14:03 - Yield curve control
18:35 - Bitkey & Unchained
20:16 - AI and global liquidity cycle
35:01 - Stablecoins
38:44 - Obscura and Opportunity Cost
40:09 - Mechanics and future of liquidity cycles
46:42 - Questioning AI productivity
52:18 - China’s influence on liquidity cycle

Transcript
----------

(00:00) If you look at the last 5 to 10 years, we've labeled that the everything bubble. Fed liquidity was up 350 billion. The broad balance sheet fell by about 250. You've got liquidity and the balance sheet going in opposite directions. We're talking about taking 3 to400 billion out of money markets.
(00:18) Disconnection from financial markets and the real economy. Almost every financial crisis, if you look back, has been a debt refinancing crisis in some way. 80% of all lending worldwide now is collaterally based. Nowhere in that book is there any mention of zero interest rates. So in 4,000 years we haven't had it, but we did have it in CO. It's a form of yield curve control.
(00:37) What they'd like is JPAL to come interest rates. The US may well be the cleanest shirt in the laundry, but you know, hey, it's in the laundry. We are reaching a peak 6 months, 9 months time. We're clearly getting late in the cycle. Stable coin are a great mechanism to buy treasuries, but it basically creates a sort of virtual circle.
(00:53) So it's effectively printing money. What would happen in the world if you could only invest in shortdated government debt or you can invest in Bitcoin? Why was 2024 so depressed? The Chinese were trying to shadow a strong dollar and they couldn't do it. I'm very optimistic of gold. If I'm optimistic of gold, I got to be optimistic of Bitcoin.
(01:13) Michael How, thank you for joining me again. Big day. Yeah, big day today. Big day out in Jackson Hole. Everybody's waiting with uh baited breath to see what Jerome Pal is going to say. I was watching uh I couldn't sleep this morning. I woke up at 3:30 a.m. and just decided to get up and start working and have been watching CNBC and it's been funny watching their commentary.
(01:37) A lot of back and forth I think considering that this meeting is happening today. Um we'll post this on Monday and so I guess the pressure is on to sort of predict what Jerome Pal is going to do. How would you describe his current predicament and what he may or may not do later today? Well, I think it's it's it's clearly a difficult situation.
(02:01) You know, they uh they always say as an old Irish joke that um where they say to travelers, how do you get from here to Dublin? And the answer is uh well, if I was going to Dublin, I wouldn't be starting from here. And I think that, you know, that's pretty much what I would describe the Fed situation is.
(02:20) I mean Jerome Pal is in a difficult situation given the uh the sort of push back or aggressive push back he gets from the administration. Uh I mean that's for sure. U but I think the other thing is that they kind of painted themselves in a corner a bit. I mean on most on most counts rates should be lower than they are. I think he finds it difficult now to probably admit that.
(02:38) Um so there is some resistance but I think you can see within the FOMC uh there is a growing uh willingness I think to cut interest rates. I think given what's going on internationally and uh with rates and maybe as well what's happened lately to the dollar the rally uh the weakening in the US economy. I think there's grounds for for rates to be cut. That's for sure.
(03:01) I think the more difficult question, which is, you know, something I'm sure we're going to dig into, is really what happens to the Fed balance sheet, uh, the Fed operating system, you know, looking at longer term because they've been promising us some information about the new operating, uh, uh, procedures of the Fed for a long time now and nothing's come out. So I kind of expect or maybe maybe think that they're going to do something announce something at Jackson Hole about the new operating procedures that they've been talking and thinking about for some time now. Uh that that may come out in an
(03:31) announcement. But I think the the the more fundamental question is what happens to liquidity and really the size of the balance sheet. And I think that's relevant given the fact that if you look over the first six, seven months of the year, uh Fed liquidity, the amount of money that the Federal Reserve injects into money markets, actually was up 350 billion.
(03:59) Uh even though the overall balance sheet uh itself, the broad balance sheet fell by about uh 250 billion. So you've got liquidity and the balance sheet going in opposite directions. And that's kind of because uh there are you know other ways of injecting liquidity into the system apart from the headline balance sheet um you know number uh and that's things like the treasury general account the reverse repo program uh etc.
(04:19) And they've been actually positively buzzing and actually adding money to markets which is why risk assets have kind of done so well over the last few months. Uh the question is that if the Treasury is insisting on rebuilding that account, their account at the Fed, the Treasury General account which was forcibly run down because of the debt ceiling, if that now is rebuilt in the second half of the year, then a lot of liquidity is going to come out of markets.
(04:43) Now, that's what investors are fearing. I don't think it's going to come to that because I just don't think they're in a position where they can do that. And that's why I say I think the Fed has kind of painted itself into a corner a bit here. Yeah. in terms of choreographing or making the market aware of new operations.
(05:02) Can we dive into that in in terms of what they may or may not change or what the market is looking for them to change? Yeah, I think that a lot of the market talk is really about whether they're going to change, you know, average inflation targeting to, you know, maybe change the nuance of that.
(05:21) Could they, you know, change the symmetry in uh in that in that gold? That could be done. um you know for example I think that that's one of the things that is sort of high on the agenda as a change um there could be more technical things about um uh uh about how their operating procedures are changed I mean that that may be necessary but I would say you know one of the things that may come in and this has been mooted in terms of what the Fed has wanted to do is maybe they're going to announce that they're going to be uh a bigger buyer of Treasury bills in the market uh than
(05:52) they have been now one of the things that was suggested or has been suggested uh in speeches over recent months is that the makeup of the uh Federal Reserve's holdings of government debt the uh the SOM account, the so-called SO account is generally vested in longer duration treasuries. So things like 10-year notes for example, and that's not really um the sort of representative of the average mix of treasury debt uh out there in the market.
(06:23) uh there's as you know there's been a lot of very very short-term issuance uh operating particularly under Yelen but you know Scott Besson's continued that and so the treasury is slated to issue a lot more bills now on the one hand that's uh you know playing to this whole argument about stable coins being big buyers of treasuries in the future and they like bills sure I I go along with that but then the Federal Reserve should be matching if you like in it hold in its sr account u the average uh mix of debt in the market and the moment they're not
(06:55) uh their s account is too heavily weighted to longe


Miljan Braticevic argues Nostr and Bitcoin offer the only path to true online sovereignty.

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

![TFTC - Insider Reveals UK's Secret Plan to Freeze Your Savings & Censor You! | Miljan Braticevic](https://www.tftc.io/content/images/2025/08/Miljan-Braticevic.jpg)

The episode highlights the UK’s escalating internet controls, age verification laws, VPN bans, and censorship, and their implications for personal freedom, framing open protocols like Nostr as the only real alternative. Unlike closed platforms dominated by corporations, Nostr distributes power across thousands of relays, giving users sovereign control over their identity, money, and speech. Braticevic points to innovative use cases such as Jack Dorsey’s mesh-network “Bit Chat,” AI-driven app creation, and Bitcoin micropayments, arguing that Nostr’s openness, not just censorship resistance, is the true breakthrough. He likens the ecosystem’s small but passionate user base to Bitcoin’s early days, noting that its resilience and flexibility make it uniquely suited to outlast and outperform closed networks.

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

“Once you go down this path of trying to control everything, where does it end? We want to be free.”

“Open protocols give us that chance to fight back and resist… with closed platforms, one rule change is the end of the story.”

“We’re not fighting the existing system, we’re building a new one and enabling people to join if they wish.”

“This type of architecture is extremely resilient and hard to stop… Nostr is about building an internet worth having.”

“Nostr in my mind has no competitors. If you want a truly sovereign network where users hold the keys to their existence, this is it.”

“The killer feature of Nostr isn’t censorship resistance, it’s openness. Data can be recombined in endless ways to build experiences impossible in closed silos.”

“AI, Bitcoin, and Nostr together form an extremely exciting intersection. AI agents will need sovereign money and open protocols to function.”

“We want Nostr to be the best place for creators of high-signal, long-form content… with open monetization models that work across clients.”

“The passion of Nostr’s early adopters reminds me of Bitcoin in the early days, it’s the strongest signal that this will endure.”

“If you’re in the UK or anywhere facing these policies, get on Nostr before you need it. You already need it.”

Conclusion
----------

This episode underscores the urgent stakes of today’s digital landscape. As Western governments like the UK pursue aggressive censorship and control, the choice becomes stark: submit to closed systems where accounts and speech exist at the mercy of authorities, or embrace open protocols that guarantee sovereignty. Miljan Braticevic presents Nostr as the foundation for a new internet, one built on openness, interoperability, and Bitcoin-backed incentives. Though adoption is still small compared to mainstream platforms, the passion, creativity, and steady infrastructure growth mirror Bitcoin’s own trajectory. The episode’s core message is clear: resilience and freedom must be built proactively. By adopting Nostr, supporting open-source tools, and experimenting with these systems now, individuals and creators can prepare for a future where sovereignty over money and speech is not optional but essential.

Timestamps
----------

0:00 - Intro
0:31 - Creating freedom apps
12:29 - Who runs the relays? Not comparable to Bluesky
17:53 - Bitkey & Unchained
19:34 - Boostrapped by bitcoiners
24:47 - Primal features tease
33:52 - Obscura & Opportunity Cost
35:17 - UK going full Orwell
42:00 - AI - open source models and open data
54:23 - Nostr as marketplace - also the Great Intersection
59:49 - Looking forward over the next year
1:04:32 - Fountain
1:14:45 - Primal publisher

Transcript
----------

(00:00) Once you go down this path of trying to control everything, where does it end? We want to be free. People who like to censor and all these monstrous organizations, they're doing their thing and we're doing our thing. We're just building a new system and enabling people to join them as they wish. The majority of the internet is controlled by five corporations.
(00:20) Open protocols give us that chance to kind of fight back and resist us. The bar for usability is being set by these multi-billion dollar companies who've been at it for, you know, 10 years plus. \[Music\] Million, is it me or is the world going crazy? I guess those two are not mutually exclusive, right? But uh the world's getting crazier by the day for sure.
(00:47) Yeah, more interesting, more chaotic. Yeah, it feels like uh feels like we're we're at like a hard not a hard fork, but like a fork in the road and there's things are incredibly exciting, powerful, and optimistic. And then you have other things like uh I originally reached out was like three or four weeks ago you were on a little vacation.
(01:21) So we scheduled it for this but it was talk about the UK aid verification laws censorship and the importance of open protocols like Noster but things have just escalated since then. They want to ban VPNs now. Totally. I mean once you go down this path of trying to control everything like where does it end? You you kind of really need to uh you know close all the exits as they like to say all the escape routes. Yeah.
(01:46) Well, I mean it ends uh I don't want to smirk here but it ends typically with campsuffering mass death if you continue continue down the path. That's why it's important to leverage the tools that we have today in terms of open protocols um and the communications technology to get the message out. That's the big agreed.
(02:13) That's the big question I have is like are we at a point in human history where we have all these tools at our fingertips? Can we actually use them to prevent at least in western society the devolution into pure Orwellian socialist communist authoritarian hellscape? Well, the open protocols give us that chance, right? Like if if we're clos if we're using the legacy closed systems, we just don't have a chance, right? Like because that's a single throat to choke.
(02:47) If uh any government uh makes any new rule that forbids uh you know certain type of speech um if you're dealing with a closed platform it's the end of the story you know they'll just have to tell X or whoever you know close this down and companies need to apply comply and that's the end of it that content already exists only exists behind their kind of wall in their walled garden since they fully control it they and they certainly can comply and the governments know that.
(03:22) Uh when it comes to open protocols, I don't think we automatically win by default just because we're using open protocols. Open protocols give us that chance to kind of fight back and resist this. But there's still quite a bit of work uh that needs to be done um by a lot of people to um to win, so to speak. And I'm not like super gloomy about all of these things that are, you know, that we're seeing everywhere.
(03:50) Um, I kind of look at it more from the point of view of, hey, this is, you know, this is a test for us. This is something that's uh that's giving us an opportunity to grow, to uh step up, assert our own sovereignty uh over our online lives, over our wealth, our money, our transactions, and so forth.
(04:15) Um there are a number of us who build tools uh for people who wish to step up and use them and uh like I said we we get that opportunity and it's up to us to see how we're going to use the tools uh to assert our our sovereignty. Yeah. Somebody on the the bleeding edge of the open protocol that is Noster, what are what are some of the unique ways you've observed people not only leveraging Primal but just leveraging Noster to really stick a eye in the or needle in the eye of sensors or creating cool applications that that leverage Nostra relays in some way to create
(04:57) robust applications that that are very hard to censor. Yeah. I don't even think it's about sticking a needle in the eye of anyone, you know. It's just like we we want to uh be free. uh we you know the people who out there who would like to censor and all these you know monstrous organizations they're doing their thing and we're doing our thing.
(05:20) We're we're not necessarily fighting the existing system. We're just building a new system and uh enabling people to join them as they wish. Right. And to answer your question, lots of new stuff being built all the time. Uh a lot of it is really exciting. Um, you know, not even talk about Primal.
(05:44) So, outside of Primal, the the cool things we've seen on Nostra recently, um, is, uh, for example, Jack Dorsey's Bit Chat, uh, app, which he vibe coded over a weekend, which uses uh, Bluetooth enabled mesh network to communicate with devices that are in close proximity to you.
(06:13) close proximity meaning you know 20 30 mters maybe 100 ft or so and then you know you can so you can kind of relay messages directly uh to one another without even needing an internet connection and then when any one of these users gets an internet connection they can you know upload those signed messages to any relay and then replicate them further.
(06:40) So this is a really neat use case which I think uh this kind of network topology I think is extremely um appropriate for Nostra. It's Noster is perfect for this because the protocol is so simple and it's comprised just out of signed messages and each of these signed messages exist can exist on its own. kind of has meaning just uh each individual message on its own kind of stands uh on the firm legs so to speak so to speak.
(07:13) Uh so the more of these messages you have the more you sense you can make out of the network and uh you can broadcast them you know to those that are close to you. You can broadcast them to relays. You can index them. Index them and so forth. If they get deleted from any relays, you can repost them to other relays. This t


Mark Artymko warns Bitcoin is “one call away” from censorship and says DATUM restores miner sovereignty by decentralizing block creation.

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

![Center of Hash - Bitcoin Insider Exposes the Truth About Bitcoin Censorship | Mark Artymko](https://www.tftc.io/content/images/2025/08/Mark-Artymko.webp)

Mark Artymko of Ocean Mining warns that while Bitcoin’s hash rate is globally distributed, block construction has become dangerously centralized, with most miners outsourcing template creation to just a few pools. This leaves the network “one phone call away” from censorship, since pool operators, not miners, decide what goes into blocks. Ocean’s DATUM protocol restores sovereignty by letting miners build their own block templates while still pooling rewards, and its _Tides_ payout system maximizes revenue without the hidden costs of FPPS. Combined with Bitcoin mining’s unique ability to stabilize power grids and unlock stranded energy, Artymko argues that decentralization at the pool level is essential for Bitcoin’s long-term survival.

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

“Bitcoin mining I see as God’s gift to utility operators, it’s another tool in their toolkit that actually works.”

“Bitcoin isn’t censorship-resistant; it just happens not to be censored right now.”

“We are one phone call away from censorship on the network.”

“51% isn’t the threshold to attack, it’s the guarantee of success. You can start causing damage at 20–30% hash rate.”

“Hash rate is spread globally, but everyone’s getting their blueprints from the same two CEOs, that’s not a decentralized Bitcoin.”

“If I mine empty blocks and you don’t, our revenues look different. DATUM ensures miners aren’t subsidizing each other’s choices.”

“Our goal is to push pools as far from authority as possible so miners are the true decision-makers.”

“If 51% of miners were building their own blocks, Bitcoin would be uncensorable.”

Conclusion
----------

Bitcoin mining’s future hinges on who controls block templates. If miners continue relying on a handful of centralized pools, the network remains vulnerable to censorship and coercion. Ocean’s approach shows how variance can be shared without sacrificing sovereignty, turning pools into coordinators rather than gatekeepers. Artymko stresses that at least half of miners must run their own templates to secure Bitcoin’s neutrality, especially as demand for block space intensifies in a hyperbitcoinized world. The takeaway is clear: miners must move closer to the “wellhead” of Bitcoin issuance, reclaim control, and decentralize before it’s too late.

Timestamps
----------

0:00 - Mark's Power Grid Engineering Background
7:00 - Bitcoin Mining as Grid Load Management Solution
18:06 - Mining Enables Stranded Power Generation
20:08 - Why Ocean Was Founded: Pool Centralization Crisis
28:24 - Modern Pools Beyond Variance Reduction
33:37 - Two Phone Calls Away from Bitcoin Censorship
38:20 - Ocean's Non-Custodial Mining Model
46:22 - Datum Protocol: Miner Sovereignty Mechanics
50:05 - Why Datum Over Stratum v2
58:30 - FPPS vs PPLNS: Revenue vs Cash Flow
1:15:55 - Miner Incentive Alignment and Transaction Filtering
1:29:45 - Five-Year Vision: Collaborative Decentralization

Transcript
----------

(00:05) Mark, hey, welcome to back to Bitcoin Park. You were here at uh the Texas Energy Mining Summit. Yep, I was the first one. Uh you were also last week at the the proto launch. How was that? Oh, the that was wild. Yeah. Yeah, it was it was incredible. Um, lots of amazing things happening on the hardware side and I think it's I think it's going to be a step change for how manufacturers approach mining. Well, that was some big news.
(00:36) Square's launch of the the proto rig and software to helping decentralized mining. You guys have been hard at work at Ocean decentralizing mining. So joined today by Mark Artimco who's the co-founder and president of Ocean Mining which is a mining pool.
(00:57) But before we get into the specifics of of the pool business and what you guys are doing at Ocean, you have a long background in engineering and specifically grid systems and engineering systems to to interconnect large loads. Yeah. do power grids completely prior to any of your work on on Bitcoin, Bitcoin mining.
(01:20) Just talk a little bit about your your background and how you think about Bitcoin as a power consumer within the broader energy system. Yeah. Um, so my my pre- Bitcoin life dates back to 2004ish. So I spent about two decades pre- Bitcoin working in the utility industry in Canada and and then in the United States up in Michigan. But I'm I'm an electrical power power systems engineer by training.
(01:47) And I basically cut my teeth um you know in the design and engineering aspect of the the power system doing everything from single line diagrams and electrical arrangement essentially building the blueprints for what a substation and a transmission line look like at the utility level.
(02:10) Um mainly high voltage networks so anything higher than 115 kilovolts which is what most Bitcoin miners would tap into. basically worked different capacities, you know, rose the ranks in those utilities to senior leadership roles and uh did everything from designing the designing the the grid, the substations, uh building them, uh multiple hundred million projects as well, and then finally operating them.
(02:38) And and I actually one of my probably favorite positions in that whole two decade period was spending a couple of years on on shift at the 247 uh control room where we manage the power system for all of Ontario. So about uh 20,000 megawatts worth of energy flowing in and out and through various interconnections with the United States and different provinces in Canada and uh serving load and and just being part of that the machine which most people don't realize but the electrical system is literally one big machine that spans all the way from you know across in different interconnections but um the
(03:17) continent essentially is is one huge huge machine and everything's interconnected. So, um through that through that time I I really got a very deep level of familiarity and experience building and operating the systems. But then finally um really realizing how it how it ultimately impacts the end user which which in the utility system the end users are called loads.
(03:44) So it's not very customer friendly but loads are you know any any Bitcoin miner listening if you know in the halls of the utility they you know you're referred to as a load 100 megawatt load 50 megawatt load but just knowing being part of the connection process from the utility side is is uh it's it's just so it's so involved and there's so many studies and um to essentially make the entire grid work and continue working without error for for every additional load that joins and for every additional generator that joins. So it's it's kind of like operating a uh or operating on or
(04:20) maintaining an air maintaining an air airplane mid-flight and never landing. So that's what the utilities do and um either by adding new elements onto the grid or maintaining old ones. And um and so when uh I've always had I've always you know two the majority of my professional career has been in the utility space. So I I'm always looking at things from that angle.
(04:46) And I spent about 20 years serving loads like Bitcoin miners. And now I'm on the other side of the fence. And now I get to not not necessarily I'm not involved with the connection aspects running a mining pool, but I know the kinds of uh challenges that miners are facing when they're connecting to the grid and looking for capacity and dealing with outages.
(05:10) So um I like to think it gives me a a good perspective. Yeah, for sure. What what time period was that that you were working the power industry? Yeah. So that was like early 2000. So pre pri Satoshi 2004 to you know about about 5 years ago. So um so just a few years prior to um co-founding Ocean. Yeah.
(05:36) Yeah. So after after going through the utility stint on at a couple of different companies, I I jumped into a Bitcoin mining startup based out of Michigan. And I did that for a couple of years. Uh rode the price down all the way to $16,000. An actual minor, like a prop a proprietary miner. Um yeah, it was it was a small outfit doing Bitcoin mining and um this is like this is the the truth podcast.
(06:02) So this I did other things as well. I was involved in uh some other cryptocurrency mining and and different things. And uh um as this was part of my exploration into Bitcoin and and through through that through that process I I became a Bitcoin maxi. But my door into bit Bitcoin maximalism was through through different colors.
(06:23) You know people people call us purists but uh you know people take their own journey. It just matters where you end on the from a destination perspective. Yeah. Yeah. My mine was more I don't know if you guys listen to Jackamo, but my I I was drawn I was drawn into that blockchain technology thing first and u I dabbled in number of different consensus protocols.
(06:45) Um mining was one of them and and there was some other stuff as well, but that didn't last long. Um and that kind of like that's sort of where Luke enters the picture because he was he was instrumental in sort of my conversion over into Bitcoin maxiland. Before we get into to that, one of the things that I've come to appreciate about particularly the the grid and and power systems, but also, you know, more broadly in that energy systems of, you know, the upstream complexities, is that not until I really got into Bitcoin and
(07:20) understanding the power aspects of it did I really understand the the complexities of power that everyone takes for granted and everyone who has worked working money generally takes it for granted because it's always just worked. And the same is true of of power, but it's a highly complex system. from the perspective now that you have as it relates to to Bitcoin mining and l


stewiexgreen

Christian | Husband | Father x 3 | Piano teacher | 🇦🇺 | ₿ | Wrote a lot before kids, trying to reignite the habit.


#今日のだって欧米の馬鹿どもはアフリカからの移民を拒否したじゃない

「ロシアで働く機会」うたう動画が拡散、若い女性に注意促す　南アフリカ
https://www.bbc.com/japanese/articles/cgerwgxe74xo


Records read time to sync notification status across devices.


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/)


Bitcoin Magazine An Excerpt From Bitcoin Circular Economies: The Beginning When people picture a tropical beach with volcanic sands, warm waters and dreamy surfing waves, they are describing El Zonte, in El Salvador. It’s hard to think that this natural paradise was once the battleground of Latin America’s most savage and violent gangs for decades. According to a UNICEF report, the homicide rate in 2015 was 103 per 100,000 inhabitants. The result was thousands of children orphaned and vulnerable to be recruited by the drug cartels, where the only option for a better life seemed to be to migrate to the United States. Chimbera was born in the community of El Zonte, where opportunities were divided by a road which separated the beach from the mountains. “In the past if you were born on the beach, you were a fisherman, like my father and grandfather. If you were born in the mountains, you were a farmer; while women were mainly housewives. The only hope for a better future for young people was to emigrate to the United States or Canada. We learned with sadness that the opportunities were there, the land of freedom where dreams supposedly came true. Paradoxically, these words come from a smiling face. It is very easy to fall in love with Román Martínez’s smile; known as “Chimbera” to his closest friends and family. His contagious joy comes from someone who knows in depth the darkest sides a society can fall into. His smile tells a story of collective overcoming, where a group of people believed that a better future was possible and, without expectations but with tireless determination, transformed a fishing village in one of the poorest and most violent countries in the world into a hub of technological innovation and human development. Something unusual in modern history. Chimbera looks to the sky before continuing to reflect on dreams. “We believe in God and in the law of attraction of different things, but it is fundamental to believe in something that moves you to commit and work every day for that dream. In the beginning, the dream was to help kids have more opportunities in the community, keep them out of delinquency and get them to start dreaming.” The problem, Román highlights, is that many times they tell you “fight for your dreams” but they don’t give you the tools or the knowledge to be able to achieve them. “That’s how our dream began: Jorge meeting with the children on the street, supporting them and inspiring them to dream of a better future. It’s hard not to get emotional with Jorge Valenzuela as he tearfully explains why they decided to create Hope House. “We sought to give these children the opportunities that our friends didn’t have and the reason why many of them are no longer here with us.” Like most of the residents of El Zonte, he too has a story to tell. Some twenty years ago, Jorge made his living from farming. He had a heart for surfing and the waves, but the sad reality around him forced him to keep his feet on the ground. At that time, the job market only offered two options: to become a gang member or to be hired as private security on a property. The sad and violent reality of those years presented a dead end. “There was a lack of employment, educational and personal development opportunities in general. Faced with this, many sought to emigrate and look for them elsewhere,” Jorge explains clearly. During those years, in the mornings, when the sun began to peek over the mountains, Jorge knew what he wanted to do. He would take his board and go down to the black sand beach. There, on his back, with his board stuck in the sand and his eyes on the horizon, Hirvin was waiting for him. Together they learned to read the sea, to feel the direction of the wind. They used to warn strangers about the treacherous currents that dragged the unsuspecting out to sea, and over time they began to pass on their knowledge of the sea and surfing to the youngest members of the community. Patience is the greatest virtue of surfers, for those who know how to wait are the ones who manage to ride the perfect wave. Both spent their afternoons sitting on their boards, looking for the best strategy to get ahead, to help their community. It was there, floating in the sea, where Hirvin and Jorge identified an area with enormous potential. “We took tourism as a main tool, as a window that would connect us with other countries, to whom we could show the beauty of our land and invite them to visit our community”. They were confident that they could generate new jobs in the town. “I was a surf instructor at the time and I felt that this sport would be fundamental for everything that happened later in El Zonte,” says Jorge. No one could have imagined that on that beach, surrounded by humble houses and dirt roads, the world’s first Bitcoin circular economy would emerge. Soon, Jorge and Hirvin’s paths would cross with the person who would change their lives. “For some twist of fate, people like Mike, Melissa, Carlos and Alex decided to move to El Zonte and dedicate their time and effort to help our community,” recalls Jorge. The beach and surfing were their rallying point. “We were kids, I remember they started teaching us English, they put us in contact with the tourists that were arriving, and that cultural exchange was what began to change our minds. This allowed us to dream, something we were not used to in El Zonte. They showed us that, no matter the circumstances, if we have dreams and commit to them, things can change.” Jorge evokes the figure of Mike Peterson and, in a moment, he realizes that his life could have been very different if he had not met him. With Mike’s incorporation into the project, they began to systematize the community work on the beach. The idea was simple: create opportunities and hope for young people. Empower them as leaders and give them the necessary tools so that they do not have to emigrate or get involved in gangs. Fill the “children’s love tank,” as Jorge defines it in his own words. “When we were little they taught us some words in English, they helped us to read and write better, but it was when my daughter, who is 17 today, was born that I understood that we had been children with an empty love tank.” A community where children grew up without parents or older siblings present to give them love, support and an example to follow. “We all have a tank, it can be empty or it can be filled with love and hope. That’s what the kids in our community needed.” Mike wasn’t just a blue-eyed gringo who came to El Zonte and fell in love with its beaches and people. Peterson arrived as a surfer but soon became a dream maker. Discover more in Bitcoin Circular Economies This excerpt is just the beginning. Dive deeper into how Bitcoin is transforming communities worldwide in Bitcoin Circular Economies. The e-book is available now, and the paperback is open for pre-order for only $21 for a limited time. Order your copy here This post An Excerpt From Bitcoin Circular Economies: The Beginning first appeared on Bitcoin Magazine and is written by Gabriel Kurman.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/BCE-1200x628-Article-Header-V2-1.webp)
[An Excerpt From Bitcoin Circular Economies: The Beginning](https://bitcoinmagazine.com/bitcoin-books/an-excerpt-from-bitcoin-circular-economies-the-beginning)

When people picture a tropical beach with volcanic sands, warm waters and dreamy surfing waves, they are describing [El Zonte](https://bitcoinmagazine.com/el-salvador-bitcoin-news/dare-to-dream-a-film-unveiling-the-genesis-of-bitcoin-beach?utm_source=chatgpt.com), in El Salvador. It’s hard to think that this natural paradise was once the battleground of Latin America’s most savage and violent gangs for decades. According to a UNICEF report, the homicide rate in 2015 was 103 per 100,000 inhabitants. The result was thousands of children orphaned and vulnerable to be recruited by the drug cartels, where the only option for a better life seemed to be to migrate to the United States.

Chimbera was born in the community of El Zonte, where opportunities were divided by a road which separated the beach from the mountains. “In the past if you were born on the beach, you were a fisherman, like my father and grandfather. If you were born in the mountains, you were a farmer; while women were mainly housewives. The only hope for a better future for young people was to emigrate to the United States or Canada. We learned with sadness that the opportunities were there, the land of freedom where dreams supposedly came true. Paradoxically, these words come from a smiling face. It is very easy to fall in love with Román Martínez’s smile; known as “Chimbera” to his closest friends and family. His contagious joy comes from someone who knows in depth the darkest sides a society can fall into. His smile tells a story of collective overcoming, where a group of people believed that a better future was possible and, without expectations but with tireless determination, transformed a fishing village in one of the poorest and most violent countries in the world into a hub of technological innovation and human development. Something unusual in modern history.

[![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/BCE-970x250-1.png "An Excerpt From Bitcoin Circular Economies: The Beginning 7")](https://bm.b.tc/4mexI2G)

Chimbera looks to the sky before continuing to reflect on dreams. “We believe in God and in the law of attraction of different things, but it is fundamental to believe in something that moves you to commit and work every day for that dream.  In the beginning, the dream was to help kids have more opportunities in the community, keep them out of delinquency and get them to start dreaming.” The problem, Román highlights, is that many times they tell you “fight for your dreams” but they don’t give you the tools or the knowledge to be able to achieve them. “That’s how our dream began: Jorge meeting with the children on the street, supporting them and inspiring them to dream of a better future.

It’s hard not to get emotional with Jorge Valenzuela as he tearfully explains why they decided to create Hope House. “We sought to give these children the opportunities that our friends didn’t have and the reason why many of them are no longer here with us.” Like most of the residents of El Zonte, he too has a story to tell. Some twenty years ago, Jorge made his living from farming. He had a heart for surfing and the waves, but the sad reality around him forced him to keep his feet on the ground. At that time, the job market only offered two options: to become a gang member or to be hired as private security on a property. The sad and violent reality of those years presented a dead end. “There was a lack of employment, educational and personal development opportunities in general. Faced with this, many sought to emigrate and look for them elsewhere,” Jorge explains clearly.

During those years, in the mornings, when the sun began to peek over the mountains, Jorge knew what he wanted to do. He would take his board and go down to the black sand beach. There, on his back, with his board stuck in the sand and his eyes on the horizon, Hirvin was waiting for him. Together they learned to read the sea, to feel the direction of the wind. They used to warn strangers about the treacherous currents that dragged the unsuspecting out to sea, and over time they began to pass on their knowledge of the sea and surfing to the youngest members of the community. Patience is the greatest virtue of surfers, for those who know how to wait are the ones who manage to ride the perfect wave. Both spent their afternoons sitting on their boards, looking for the best strategy to get ahead, to help their community. It was there, floating in the sea, where Hirvin and Jorge identified an area with enormous potential. “We took tourism as a main tool, as a window that would connect us with other countries, to whom we could show the beauty of our land and invite them to visit our community”. They were confident that they could generate new jobs in the town. “I was a surf instructor at the time and I felt that this sport would be fundamental for everything that happened later in El Zonte,” says Jorge.

No one could have imagined that on that beach, surrounded by humble houses and dirt roads, the world’s first Bitcoin circular economy would emerge. Soon, Jorge and Hirvin’s paths would cross with the person who would change their lives. “For some twist of fate, people like Mike, Melissa, Carlos and Alex decided to move to El Zonte and dedicate their time and effort to help our community,” recalls Jorge. The beach and surfing were their rallying point. “We were kids, I remember they started teaching us English, they put us in contact with the tourists that were arriving, and that cultural exchange was what began to change our minds. This allowed us to dream, something we were not used to in El Zonte. They showed us that, no matter the circumstances, if we have dreams and commit to them, things can change.” Jorge evokes the figure of Mike Peterson and, in a moment, he realizes that his life could have been very different if he had not met him.

With Mike’s incorporation into the project, they began to systematize the community work on the beach. The idea was simple: create opportunities and hope for young people. Empower them as leaders and give them the necessary tools so that they do not have to emigrate or get involved in gangs. Fill the “children’s love tank,” as Jorge defines it in his own words. “When we were little they taught us some words in English, they helped us to read and write better, but it was when my daughter, who is 17 today, was born that I understood that we had been children with an empty love tank.” A community where children grew up without parents or older siblings present to give them love, support and an example to follow. “We all have a tank, it can be empty or it can be filled with love and hope. That’s what the kids in our community needed.”

Mike wasn’t just a blue-eyed gringo who came to El Zonte and fell in love with its beaches and people. Peterson arrived as a surfer but soon became a dream maker.

**[Discover more in _Bitcoin Circular Economies_](https://bm.b.tc/4mexI2G)**
This excerpt is just the beginning. Dive deeper into how Bitcoin is transforming communities worldwide in _Bitcoin Circular Economies_. The e-book is available now, and the paperback is open for pre-order for only **$21 for a limited time**.

![👉](https://s.w.org/images/core/emoji/16.0.1/72x72/1f449.png) **[Order your copy here](https://bm.b.tc/4mexI2G)**

This post [An Excerpt From Bitcoin Circular Economies: The Beginning](https://bitcoinmagazine.com/bitcoin-books/an-excerpt-from-bitcoin-circular-economies-the-beginning) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [Gabriel Kurman](https://bitcoinmagazine.com/authors/janebitcoinmagazine-com).


【福井映画祭でW受賞、知多良の初長編「ゴールド」10月公開　恋愛の始まりから終わり描く】

https://natalie.mu/eiga/news/637886


A short note: Yakbak.app looks like the ultimate please to recor...

Yakbak.app looks like the ultimate please to record my amateur guitar songs


Alive and kicking


e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e

e


Wasabi Wallet is a free and open-source, privacy-focused Bitcoin wallet for desktop.

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

*   Wasabi Wallet v2.6.0 "Prometheus" is a major update for the project, focused on resilience and independence from centralized systems.
*   Key features include support for [BIP 158](https://github.com/bitcoin/bips/blob/master/bip-0158.mediawiki) block filters for direct node synchronization, a revamped full node integration for easier setup without third-party reliance, SLIP 39 share backups for flexible wallet recovery (sponsored by Trezor), and a Nostr-based update manager for censorship-resistant updates.
*   Additional improvements include UI bug fixes, a new fallback for transaction broadcasting, updated code signing, stricter JSON serialization, and options to avoid third-party rate providers, alongside various under-the-hood enhancements.

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

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

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

[![Wasabi Wallet v2.6.0: First Version to Sync & Operate Without a Central Server](https://www.nobsbitcoin.com/content/images/2025/05/image-1.png)](https://njump.me/nevent1qqsqqq8urpkd9t44fken7r6wfhjf4n9z9sp8nhy9gq04cgu00fd9ppszyz0rp62qywxdn6ltccegzakaf5gfsysjj3p09fkrsunlceh6065s5ytnjlx)

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

*   **Support for Standard BIP 158 Block Filters.** Wasabi now syncs using [BIP 158](https://github.com/bitcoin/bips/blob/master/bip-0158.mediawiki) filters without a backend/indexer, connecting directly to a user's node. This boosts sync speed, resilience, and allows full sovereignty without specific server dependency.
*   **Full Node Integration Rework.** The old integration has been replaced with a simpler, more adaptable system. It’s not tied to a specific Bitcoin node fork, doesn’t need the node on the same machine as Wasabi, and requires no changes to the node’s setup.
    *   "Simply enable the RPC server on your node and point Wasabi to it," said the developers. This ensures all Bitcoin network activities—like retrieving blocks, fee estimations, block filters, and transaction broadcasting—go through your own node, avoiding reliance on third parties.
*   **Create & Recover SLIP 39 Shares.** Users now create and recover wallets with multiple share backups using [SLIP 39](https://github.com/satoshilabs/slips/blob/master/slip-0039.md) standard.

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

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

![Wasabi Wallet v2.6.0: First Version to Sync & Operate Without a Central Server](https://www.nobsbitcoin.com/content/images/2025/05/wasabi260.jpg)

**Full Changelog**: [v2.5.1...v2.6.0](https://github.com/WalletWasabi/WalletWasabi/compare/v2.5.1...v2.6.0)

[**Announcement**](https://njump.me/nevent1qqsp8cvfcz9788lmhad6ckvqg52r9z8fsl9dk3tcx3exjucv5qlc8vgpp4mhxue69uhkummn9ekx7mqzyzfm6rr08n96u3ec3vq6cm8qktqpxy2defxq34hzwyk5lac5qk3uxxetx9p) / [Archive](https://archive.is/V0VR4)
[**GitHub Repo**](https://github.com/WalletWasabi/WalletWasabi/releases/tag/v2.6.0)


attestation certificate by AWS Nitro Enclave


Slaves


A short note: China is on track to rival the West for AI dominan...

China is on track to rival the West for AI dominance within this decade.