There are going to be many more bank failures as this ponzi system unravels. Unlike 2008, we have the ability to opt out of these broken and corrupt institutions by using bitcoin.

![More Banks Will Fail](https://www.discreetlog.com/content/images/2023/05/bankfailures.jpg)

People forget Bear Stearns failed March 2008 - months of denial followed before the public realized how bad the situation was under the surface.

Similar happening now but much larger scale. They did not fix fundamental issues after 2008 - everything is more fragile.

The Fed preemptively bailed out every bank with their BTFP program and First Republic Bank still failed. The second largest bank failure in history.

There will be more failures. There will be more bailouts. Depositors will be "protected" by socializing losses across everyone.

Our President and mainstream financial pundits are currently pretending the banking crisis is over while most banks remain insolvent. There are going to be many more bank failures as this ponzi system unravels.

**Unlike 2008, we have the ability to opt out of these broken and corrupt institutions by using bitcoin.** Bitcoin [held in self custody](https://werunbtc.com/coldcard?ref=discreetlog.com) is unique in its lack of counterparty risk - you do not have to trust a bank or other centralized entity to hold it for you. Bitcoin is also incredibly difficult to change by design since it is not controlled by an individual, company, or government - the supply of dollars will inevitably be inflated to bailout these failing banks but bitcoin supply will remain unchanged. **I do not need to convince you that bitcoin provides value - these next few years will convince millions.**

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_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![More Banks Will Fail](https://werunbtc.com/donate.png)


PacWest is the first of many small regional banks that will go under this year. Most will get bought by the big four in gov orchestrated sales. This has been the playbook since 2008.

> ![Bank Consolidation Then CBDC](https://www.discreetlog.com/content/images/2023/05/banks-1.jpg)
>
> Bank run on every crypto bank then bank run on every "real" bank.
>
> — ODELL (@ODELL) [December 14, 2022](https://twitter.com/ODELL/status/1602838429447999491?ref_src=twsrc%5Etfw&ref=discreetlog.com)

Good morning.

It looks like PacWest will fail today. It will be both the fifth largest bank failure in US history and the sixth major bank to fail this year. It will likely get purchased by one of the big four banks in a government orchestrated sale.

**March 8th - Silvergate Bank
March 10th - Silicon Valley Bank
March 12th - Signature Bank
March 19th - Credit Suisse
May 1st - First Republic Bank
May 4th - PacWest Bank?**

PacWest is the first of many small regional banks that [will go under](https://www.discreetlog.com/banking-crisis/) this year. Most will get bought by the big four in gov orchestrated sales. This has been the playbook since 2008. Follow the incentives. Massive consolidation across the banking industry. PacWest gonna be a drop in the bucket compared to what comes next.

First, a hastened government led bank consolidation, then a public/private partnership with the remaining large banks to launch a surveilled and controlled digital currency network. We will be told it is more convenient. We will be told it is safer. We will be told it will prevent future bank runs. All of that is marketing bullshit. **The goal is greater control of money. The ability to choose how we spend it and how we save it. If you control the money - you control the people that use it.**

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_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Bank Consolidation Then CBDC](https://werunbtc.com/donate.png)


> ![Money Without Trust](https://www.discreetlog.com/content/images/2023/03/rdogs.webp)
>
> Bank run on every crypto bank then bank run on every "real" bank.
>
> — ODELL (@ODELL) [December 14, 2022](https://twitter.com/ODELL/status/1602838429447999491?ref_src=twsrc%5Etfw&ref=discreetlog.com)

The four main banks of bitcoin and “crypto” are Signature, Prime Trust, Silvergate, and Silicon Valley Bank. Prime Trust does not custody funds themselves but rather maintains deposit accounts at BMO Harris Bank, Cross River, Lexicon Bank, MVB Bank, and Signature Bank. Silvergate and Silicon Valley Bank have already stopped withdrawals. **More banks will go down before the chaos stops. None of them have sufficient reserves to meet withdrawals.**

Bitcoin gives us all the ability to opt out of a system that has massive layers of counterparty risk built in, years of cheap money and broken incentives have layered risk on top of risk throughout the entire global economy. If you thought the FTX bank run was painful to watch, I have bad news for you: every major bank in the world is fractional reserve. **Bitcoin held in self custody is unique in its lack of counterparty risk, as global market chaos unwinds this will become much more obvious.**

The rules of bitcoin are extremely hard to change by design. Anyone can access the network directly without a trusted third party by using their own node. Owning more bitcoin does not give you more control over the network with all participants on equal footing.

> _Bitcoin is:
> \- money that is not controlled by a company or government
> \- money that can be spent or saved without permission
> \- money that is provably scarce and should increase in purchasing power with adoption_

**Bitcoin is money without trust.** Whether you are a nation state, corporation, or an individual, you can use bitcoin to spend or save without permission. Social media will accelerate the already deteriorating trust in our institutions and as this trust continues to crumble the value of trust minimized money will become obvious. **As adoption increases so should the purchasing power of bitcoin.**

> _A quick note on "stablecoins," such as USDC - it is important to remember that they rely on trusted custodians. They have the same risk as funds held directly in bank accounts with additional counterparty risk on top. The trusted custodians can be pressured by gov, exit scam, or caught up in fraud. Funds can and will be frozen at will. **This is a distinctly different trust model than bitcoin, which is a native bearer token that does not rely on any centralized entity or custodian.**_

Most bitcoin exchanges have exposure to these failing banks. Expect more chaos and confusion as this all unwinds. Withdraw any bitcoin to your own wallet ASAP.

Simple Self Custody Guide: [https://werunbtc.com/muun](https://t.co/J61rFmeovE?ref=discreetlog.com)
More Secure Cold Storage Guide: [https://werunbtc.com/coldcard](https://t.co/LMTDzJ86Ec?ref=discreetlog.com)

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Money Without Trust](https://werunbtc.com/donate.png)


The blue check is the first step in Elon's plan to bring the chinese social credit score system to the west. If you cannot resist the temptation of the blue check in its current form you have already lost - what comes next will be much darker.

> Will not live in a pod.
> Will not eat the bugs.
> Will not get the chip.
> Will not get a blue check.
> Will not use CBDCs.
>
> Live Free or Die.

![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/authenticate-1.png)

Why did Elon buy twitter for $44 Billion? What value does he see in it besides the greater influence that undoubtedly comes with controlling one of the largest social platforms in the world? **We do not need to speculate - he made his intentions incredibly clear in his first meeting with twitter employees after his takeover - WeChat of the West.**

[![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/wechatofthewest.png)](https://www.businessinsider.com/elon-musk-says-twitter-could-be-western-wechat-china-superapp-2022-6?ref=discreetlog.com)

To those that do not appreciate freedom, the value prop is clear - WeChat is incredibly powerful and successful in China.

[![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/wechat2.png)](https://www.businessinsider.com/chinese-superapp-wechat-best-feature-walkthrough-2019-12?ref=discreetlog.com)

To those that do appreciate freedom, the concern is clear - WeChat has essentially become required to live in China, has surveillance and censorship integrated at its core, and if you are banned from the app your entire livelihood is at risk. Employment, housing, payments, travel, communication, and more become extremely difficult if WeChat censors determine you have acted out of line.

[![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/wechat.png)](https://restofworld.org/2022/handwritten-wechat-apology-letters/?ref=discreetlog.com)

![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/socialcreditscore_.jpg)

The blue check is the first step in Elon's plan to bring the chinese social credit score system to the west. Users who verify their identity are rewarded with more reach and better tools than those that do not. **Verified users are the main product of Elon's twitter - an extensive database of individuals and complete control of the tools he will slowly get them to rely on - it is easier to monetize cattle than free men.**

![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/bluecheck.png)

If you cannot resist the temptation of the blue check in its current form you have already lost - what comes next will be much darker. If you realize the need to resist - [freedom tech provides us options](https://www.discreetlog.com/nostr/).

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Blue Check Manifesto](https://werunbtc.com/donate.png)


Wealth requires freedom: the ability to make decisions without coercion. Freedom requires privacy: the ability to selectively reveal yourself to the world. Rights are not granted: they are earned through struggle and defended through sacrifice.

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![No Privacy? No Freedom. No Freedom? No Wealth.](https://www.discreetlog.com/content/images/2023/04/freedom-1.webp)

_"Privacy is necessary for an open society in the electronic age. Privacy is not secrecy.  A private matter is something one doesn't want the whole world to know, but a secret matter is something one doesn't want anybody to know. Privacy is the power to selectively reveal oneself to the world."_ **\- Eric Hughes, [A Cypherpunk's Manifesto](https://www.activism.net/cypherpunk/manifesto.html?ref=discreetlog.com), 1993**

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**Privacy is essential to freedom.** Without privacy, individuals are unable to make choices free from surveillance and control. Lack of privacy leads to loss of autonomy. When individuals are constantly monitored it limits our ability to express ourselves and take risks. Any decisions we make can result in negative repercussions from those who surveil us. Without the freedom to make choices, individuals cannot truly be free.

**Freedom is essential to acquiring and preserving wealth.** When individuals are not free to make choices, restrictions and limitations prevent us from economic opportunities. If we are somehow able to acquire wealth in such an environment, lack of freedom can result in direct asset seizure by governments or other malicious entities. At scale, when freedom is compromised, it leads to widespread economic stagnation and poverty. Protecting freedom is essential to economic prosperity.

The connection between **privacy, freedom, and wealth** is critical. Without privacy, individuals lose the freedom to make choices free from surveillance and control. While lack of freedom prevents individuals from pursuing economic opportunities and makes wealth preservation nearly impossible. **_No Privacy? No Freedom. No Freedom? No Wealth._**

_**Rights are not granted. They are taken and defended.**_ Rights are often misunderstood as permission to do something by those holding power. However, if someone can give you something, they can inherently take it from you at will. People throughout history have necessarily fought for basic rights, including privacy and freedom. These rights were not given by those in power, but rather demanded and won through struggle. Even after these rights are won, they must be continually defended to ensure that they are not taken away. **Rights are not granted - they are earned through struggle and defended through sacrifice.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![No Privacy? No Freedom. No Freedom? No Wealth.](https://werunbtc.com/donate.png)


Bitcoin transaction fees limit network abuse by making usage expensive. There is a cost to every transaction, set by a dynamic free market based on demand.

![High Fees? Bitcoin is Working As Designed](https://www.discreetlog.com/content/images/2023/05/mempoolspace.png)

There must be a limit to how much data is transferred across the bitcoin network in order to keep the ability to run and use your own node accessible. **A node is required to interact with the global bitcoin network - if you do not use your own node then you must trust someone else's node.** If nodes become inaccessible to run then the network will centralize around the remaining entities that operate them - threatening the censorship resistance at the core of bitcoin's value prop. **The bitcoin protocol uses three main mechanisms to keep node operation costs low - a fixed limit on the amount of data in each block, an automatic difficulty adjustment that regulates how many blocks are produced based on current mining hash rate, and a robust dynamic transaction fee market.**

Bitcoin transaction fees limit network abuse by making usage expensive. There is a cost to every transaction, set by a [dynamic free market](https://www.discreetlog.com/utxos/) based on demand for scarce block space. It is an incredibly robust way to prevent spam without relying on centralized entities that can be corrupted or pressured.

After the 2017 bitcoin fee spike we had six years of relative quiet to build tools that would be robust in a sustained high fee market. Fortunately our tools are significantly better now but many still need improvement. Most of the pain points we see today will be mitigated.

**The reality is we were never going to be fully prepared - pressure is needed to show the pain points and provide strong incentives to mitigate them.**

**It will be incredibly interesting to watch how projects adapt under pressure. Optimistic we see great innovation here.**

* * *

_If you are willing to wait for your transaction to confirm you can pay significantly lower fees. Learn best practices for reducing your fee burden [**here**](https://www.discreetlog.com/utxos/).

My guide for running and using your own bitcoin node can be found **[here](https://werunbtc.com/bitcoincore?ref=discreetlog.com)**._

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![High Fees? Bitcoin is Working As Designed](https://werunbtc.com/donate.png)


![Big Tech 🤝 Bitcoin Miners: Energy Freedom](https://www.discreetlog.com/content/images/2023/09/mscloud.jpg)

For years American bitcoin miners have argued for more efficient and free energy markets. It benefits everyone if our energy infrastructure is as efficient and robust as possible. Unfortunately, broken incentives have led to increased regulation throughout the sector, incentivizing less efficient energy sources such as solar and wind at the detriment of more efficient alternatives.

The result has been less reliable energy infrastructure for all Americans and increased energy costs across the board. This naturally has a direct impact on bitcoin miners: increased energy costs make them less competitive globally.

Bitcoin mining represents a global energy market that does not require permission to participate. Anyone can plug a mining computer into power and internet to get paid the current dynamic market price for their work in bitcoin. Using cellphone or satellite internet, these mines can be located anywhere in the world, sourcing the cheapest power available.

Absent of regulation, bitcoin mining naturally incentivizes the build out of highly efficient and robust energy infrastructure. Unfortunately that world does not exist and burdensome regulations remain the biggest threat for US based mining businesses. Jurisdictional arbitrage gives miners the option of moving to a friendlier country but that naturally comes with its own costs.

Enter AI. With the rapid development and release of AI tools comes the requirement of running massive datacenters for their models. Major tech companies are scrambling to secure machines, rack space, and cheap energy to run full suites of AI enabled tools and services. **The most valuable and powerful tech companies in America have stumbled into an accidental alliance with bitcoin miners: THE NEED FOR CHEAP AND RELIABLE ENERGY.**

Our government is corrupt. Money talks. These companies will push for energy freedom and it will greatly benefit us all.

* * *

_Microsoft Cloud hiring to "implement global small modular reactor and microreactor" strategy to power data centers:_ [https://www.datacenterdynamics.com/en/news/microsoft-cloud-hiring-to-implement-global-small-modular-reactor-and-microreactor-strategy-to-power-data-centers/](https://www.datacenterdynamics.com/en/news/microsoft-cloud-hiring-to-implement-global-small-modular-reactor-and-microreactor-strategy-to-power-data-centers/?ref=discreetlog.com)

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Big Tech 🤝 Bitcoin Miners: Energy Freedom](https://werunbtc.com/donate.png)


Chain data shows that binance bitcoin wallets are near all time highs with roughly 700k bitcoin currently valued at $18.2 Billion USD.

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/ev.webp)

Influencers would have you believe there is an ongoing binance bank run but bitcoin wallet data says otherwise.

\- binance wallets are near all time highs
\- bitfinex wallets are also trending up
\- gemini and coinbase are being hit with massive withdrawals though

**You should not trust custodians, they can rug you without warning.** It is incredibly important you learn how to hold bitcoin yourself, but also consider not blindly trusting influencers with a ref link to shill you.

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/telegram-cloud-photo-size-1-5130069278517734406-y-10.jpg)

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/telegram-cloud-photo-size-1-5130069278517734407-y.jpg)

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/telegram-cloud-photo-size-1-5130069278517734408-y.jpg)

![Is there a bank run on Binance?](https://www.discreetlog.com/content/images/2023/08/telegram-cloud-photo-size-1-5127877758570048404-y.jpg)

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Is there a bank run on Binance?](https://werunbtc.com/donate.png)


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/)


> ![Life is Complicated - Bitcoin is Simple](https://www.discreetlog.com/content/images/2023/05/mothers.jpg)
>
> I often hear "bitcoin doesn't interest me, I'm not a finance person."
>
> Ironically, the beauty of sound money is you don't have to be. In the current system you're expected to manage a diversified investment portfolio or pay someone to do it. Bitcoin will make that optional.
>
> — ODELL (@ODELL) [September 16, 2018](https://twitter.com/ODELL/status/1041358813482364928?ref_src=twsrc%5Etfw&ref=discreetlog.com)

At first glance bitcoin often appears overwhelming to newcomers. It is incredibly easy to get bogged down in the details of how it works or different ways to use it. Enthusiasts, such as myself, often enjoy going down the deep rabbit hole of the potential of bitcoin, possible pitfalls and theoretical scenarios, power user techniques, and the developer ecosystem. If your first touch point with bitcoin is that type of content then it is only natural to be overwhelmed. While it is important that we have a thriving community of bitcoiners dedicated to these complicated tasks - the true beauty of bitcoin lies in its simplicity. Bitcoin is simply better money. It is the best money we have ever had.

**Life is complicated. Life is hard. Life is full of responsibility and surprises.** Bitcoin allows us to focus on our lives while relying on a money that is simple. A money that is not controlled by any individual, company, or government. A money that cannot be easily seized or blocked. A money that cannot be devalued at will by a handful of corrupt bureaucrat who live hundreds of miles from us. A money that can be easily saved and should increase in purchasing power over time without having to learn how to "build a diversified stock portfolio" or hire someone to do it for us.

**Bitcoin enables all of us to focus on our lives - our friends and family - doing what we love with the short time we have on this earth. Time is scarce. Life is complicated. Bitcoin is the most simple aspect of our complicated lives.** If we spend our scarce time working then we should be able to easily save that accrued value for future generations without watching the news or understanding complicated financial markets. Bitcoin makes this possible for anyone.

Yesterday was Mother's Day. Raising a human is complicated. It is hard, it requires immense personal responsibility, it requires critical thinking, but mothers figure it out, because it is worth it. Using and saving bitcoin is simple -  [simply install an app on your phone](https://werunbtc.com/phoenix?ref=discreetlog.com). Every mother can do it. Every person can do it.

**Life is complicated. Life is beautiful. Bitcoin is simple.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Life is Complicated - Bitcoin is Simple](https://werunbtc.com/donate.png)


Good Morning, Bitcoin is your latest news roundup delivering key stories, project updates, new releases, guides, research, and all things related to Bitcoin and freedom tech.

![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/1gm40.jpg)

_**Good morning** (good night?)!_ The No Bullshit Bitcoin [news feed](https://www.nobsbitcoin.com/rss-feeds/) is now available on [Moody's Dashboard](https://dashboard.clarkmoody.com/)! A huge shoutout to sir [_Clark Moody_](https://njump.me/nevent1qqspy9hy5pxfza4tuhk5zx7zls3t6dd6nppp2v3l9ead53tx0x2a0mgpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs7amnwvaz7tmwdaehgu3wd4hk6q3q5n94rarp3n7dz6edx9cugeshn0kcuxtugwu9nzprkpx7yekw7ygq27sgqj) for integrating our feed.

[![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/a35b533e45a4fa2edbd0818cd6d0402fe007df98ac6c29c9262ff44aefcb6e20.jpg)](https://dashboard.clarkmoody.com/)

Headlines
---------

*   **Spiral welcomes _Ben Carman_.** The developer [will work](https://xcancel.com/spiralbtc/status/1914334079387914435) on the LDK server and a new SDK designed to simplify the onboarding process for new self-custodial Bitcoin users.

[![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-35.png)](https://xcancel.com/spiralbtc/status/1914334079387914435)

*   **The Bitcoin Dev Kit Foundation announced new corporate members for 2025**, including [AnchorWatch](https://www.anchorwatch.com/), [CleanSpark](https://www.cleanspark.com/), and [Proton Foundation](https://proton.me/foundation). The annual dues from [these corporate members](https://bitcoindevkit.org/blog/_2025q1-new-foundation-members/) fund the small team of open-source developers responsible for maintaining the core BDK libraries and related free and open-source software (FOSS) projects.
*   **Strategy increases Bitcoin holdings to 538,200 BTC.** In the [latest purchase](https://www.coindesk.com/markets/2025/04/21/strategy-buys-usd555m-of-bitcoin-increases-total-stash-to-538-200-btc), the company has spent more than $555M to buy 6,556 coins through proceeds of two at-the-market stock offering programs.
*   **Spar supermarket experiments with Bitcoin payments in Zug, Switzerland.** The store [has introduced](https://bitcoinnews.com/adoption/spar-supermarket-switzerland-bitcoin/) a new payment method powered by the Lightning Network. The implementation was facilitated by DFX Swiss, a service that supports seamless conversions between bitcoin and legacy currencies.

[![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-36.png)](https://www.linkedin.com/feed/update/urn:li:activity:7318277304881709057/)

*   **The Bank for International Settlements (BIS) wants to contain 'crypto' risks.** A report titled _"_[_Cryptocurrencies and Decentralised Finance: Functions and Financial Stability Implications_](https://www.bis.org/publ/bppdf/bispap156.htm)_"_ calls for expanding research into "how new forms of central bank money, capital controls, and taxation policies can counter the risks of widespread crypto adoption while still fostering technological innovation."
*   **"Global Implications of Scam Centres, Underground Banking, and Illicit Online Marketplaces in Southeast Asia."** According to the United Nations Office on Drugs and Crime (UNODC) [report](https://www.unodc.org/roseap/uploads/documents/Publications/2025/Inflection_Point_2025.pdf), criminal organizations from East and Southeast Asia are swiftly extending their global reach. These groups are moving beyond traditional scams and trafficking, creating sophisticated online networks that include unlicensed cryptocurrency exchanges, encrypted communication platforms, and stablecoins, fueling a massive fraud economy on an industrial scale.
*   **Slovenia is considering a 25% capital gains tax on Bitcoin profits for individuals.** The Ministry of Finance [has proposed](https://www.gov.si/novice/2025-04-17-v-javni-obravnavi-zakonska-predloga-s-podrocja-kriptosredstev-in-izvedenih-financnih-instrumentov/) legislation to impose this tax on gains from cryptocurrency transactions, though exchanging one cryptocurrency for another would remain exempt. At present, individual 'crypto' traders in Slovenia are not taxed.
*   **Circle, BitGo, Coinbase, and Paxos plan to apply for U.S. bank charters or licenses.** According to a [report](https://archive.is/dxbWM) in _The Wall Street Journal_, major crypto companies are planning to apply for U.S. bank charters or licenses. These firms are pursuing limited licenses that would permit them to issue stablecoins, as the U.S. Congress deliberates on legislation mandating licensing for stablecoin issuers.

> "Established banks, like Bank of America, are hoping to amend the current drafts of \[stablecoin\] legislation in such a way that nonbanks are more heavily restricted from issuing stablecoins," people familiar with the matter [told](https://www.theblock.co/post/351402/circle-bitgo-to-apply-for-bank-charters-coinbase-paxos-may-follow-suit-wsj) The Block.

*   **Charles Schwab to launch spot Bitcoin trading by 2026.** The financial investment firm, managing over $10 trillion in assets, [has revealed](https://riabiz.com/a/2025/4/19/rick-wurster-puts-harder-date-on-schwab-spot-bitcoin-launch-after-key-hire-and-400-surge-in-visits-to-its-crypto-site-but-isnt-pulling-down-crypto-red-flags-quite-yet) plans to introduce spot Bitcoin trading for its clients within the next year.

Use the tools
-------------

*   [**Bitcoin Safe v1.2.3**](https://github.com/andreasgriffin/bitcoin-safe/releases/tag/1.2.3) expands QR SignMessage compatibility for all QR-UR-compatible hardware signers (SpecterDIY, KeyStone, Passport, Jade; already supported COLDCARD Q). It also adds the ability to import wallets via QR, ensuring compatibility with Keystone's latest firmware (2.0.6), alongside other improvements.
*   [**Minibits v0.2.2-beta**](https://github.com/minibits-cash/minibits_wallet/releases), an ecash wallet for Android devices, packages many changes to align the project with the planned iOS app release. New features and improvements include the ability to lock ecash to a receiver's pubkey, faster confirmations of ecash minting and payments thanks to WebSockets, UI-related fixes, and more.
*   [**Zeus v0.11.0-alpha1**](https://github.com/ZeusLN/zeus/releases/tag/v0.11.0-alpha1) introduces Cashu wallets tied to embedded LND wallets. Navigate to Settings > Ecash to enable it. Other wallet types can still sweep funds from Cashu tokens. Zeus Pay now supports Cashu address types in Zaplocker, Cashu, and NWC modes.
*   [**LNDg v1.10.0**](https://github.com/cryptosharks131/lndg/releases/tag/v1.10.0), an advanced web interface designed for analyzing Lightning Network Daemon (LND) data and automating node management tasks, introduces performance improvements, adds a new metrics page for unprofitable and stuck channels, and displays warnings for batch openings. The Profit and Loss Chart has been updated to include on-chain costs. Advanced settings have been added for users who would like their channel database size to be read remotely (the default remains local). Additionally, the AutoFees tool now uses aggregated pubkey metrics for multiple channels with the same peer.
*   [**Nunchuk Desktop v1.9.45**](https://github.com/nunchuk-io/nunchuk-desktop/releases) release brings the latest bug fixes and improvements.
*   [**Blockstream Green iOS v4.1.8**](https://github.com/Blockstream/green_ios/releases) has renamed L-BTC to LBTC, and improves translations of notifications, login time, and background payments.
*   [**Blockstream Green Android v4.1.8**](https://github.com/Blockstream/green_android/releases) has added language preference in App Settings and enables an Android data backup option for disaster recovery. Additionally, it fixes issues with Jade entry point PIN timeout and Trezor passphrase input.
*   [**Torq v2.2.2**](https://github.com/lncapital/torq/releases/tag/v2.2.2), an advanced Lightning node management software designed to handle large nodes with over 1000 channels, fixes bugs that caused channel balance to not be updated in some cases and channel "peer total local balance" not getting updated.
*   [**Stack Wallet v2.1.12**](https://github.com/cypherstack/stack_wallet/releases/tag/build_226), a multicoin wallet by _Cypher Stack_, fixes an issue with Xelis introduced in the latest release for Windows.
*   [**ESP-Miner-NerdQAxePlus v1.0.29.1**](https://github.com/shufps/ESP-Miner-NerdQAxePlus/releases), a forked version from the NerdAxe miner that was modified for use on the [NerdQAxe+](https://github.com/shufps/qaxe), is now available.
*   [**Zark**](https://gitlab.com/1440000bytes/zark) enables sending sats to an npub using [Bark](https://codeberg.org/ark-bitcoin/bark).

![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-37.png)

*   [**Erk**](https://blog.second.tech/erk-update/) is a novel variation of the Ark protocol that completely removes the need for user interactivity in rounds, addressing one of Ark's key limitations: the requirement for users to come online before their VTXOs expire.
*   [**Aegis v0.1.1**](https://nostr.band/note1ljdczm267y648fv3jwv2jwn3mu4ae6jyzzpq4v0h8cthf020lyyss9ymde) is now available. It is a Nostr event signer app for iOS devices.
*   [**Nostash**](https://github.com/tyiu/nostash) is a NIP-07 Nostr signing extension for Safari. It is a fork of [Nostore](https://github.com/ursuscamp/nostore) and is maintained by [_Terry Yiu_](https://njump.me/nevent1qqsx028h0k8vfqge897kcapvgplymm8grx8wchhssza4gm4csrj3wggzyqnhnu7e7sk8mmsh7rnteh8cn28e6kfdr83mrw7j0mcullg607vdz7ytpj2)_._ Available on iOS [TestFlight](https://testflight.apple.com/join/8TFMZbMs).
*   [**Amber v3.2.8**](https://github.com/greenart7c3/Amber/releases/tag/v3.2.8), a Nostr event signer for Android, delivers the latest fixes and improvements.
*   [**Nostur v1.20.0**](https://github.com/nostur-com/nostur-ios-public), a Nostr client for iOS, adds


[![Good Morning, Bitcoin - Tuesday, May 20th, 2025](https://www.nobsbitcoin.com/content/images/2025/05/image-8.png)](https://mempool.space/)

News
----

*   **Wallet of Satoshi teases a comeback in the US market with a non-custodial product.** According to an [announcement on X](https://xcancel.com/walletofsatoshi/status/1923875750165479768), the widely popular custodial Lightning wallet is preparing to re-enter the United States market with a non-custodial wallet. It is unclear whether the product will be open-source, but the project has clarified that "there will be no KYC on any Wallet of Satoshi, ever!" Wallet of Satoshi [ceased](https://www.nobsbitcoin.com/wallet-of-satoshi-stops-serving-us-customers/) serving customers in the United States in November 2023.

[![Good Morning, Bitcoin - Tuesday, May 20th, 2025](https://www.nobsbitcoin.com/content/images/2025/05/image-5.png)](https://xcancel.com/walletofsatoshi/status/1923875750165479768)

*   **Vulnerability disclosure: Remote crash due to addr message spam in Bitcoin Core versions before v29.** Bitcoin Core developer _Antoine Poinsot_ [disclosed](https://gnusha.org/pi/bitcoindev/EYvwAFPNEfsQ8cVwiK-8v6ovJU43Vy-ylARiDQ_1XBXAgg_ZqWIpB6m51fAIRtI-rfTmMGvGLrOe5Utl5y9uaHySELpya2ojC7yGsXnP90s=@protonmail.com/T/#u#mc3e78110ae4b67757a616e3c7492ce1cc56858c1) an integer overflow bug that crashes a node if spammed with addr messages over an extended period. A fix was released on April 14, 2025, in [Bitcoin Core v29.0.](https://www.nobsbitcoin.com/bitcoin-core-v29-0/) The issue is rated Low severity.
*   **Coinbase Know Your Customer (KYC) data leak.** The U.S. Department of Justice, including its Criminal Division in Washington, is [investigating](https://www.theblock.co/post/354935/doj-launches-criminal-investigation-into-coinbase-cyberattack-bloomberg) a cyberattack on Coinbase. The incident involved cybercriminals attempting to [extort $20 millio](https://www.bleepingcomputer.com/news/security/coinbase-discloses-breach-faces-up-to-400-million-in-losses/)n from Coinbase to prevent stolen customer data from being leaked online. Although the data breach affected less than 1% of the exchange's users, Coinbase now faces [at least six lawsuits](https://www.tradingview.com/news/cointelegraph:e50cbbb4d094b:0-coinbase-hit-with-wave-of-lawsuits-over-customer-data-breaches/) following the revelation that some customer support agents were bribed as part of the extortion scheme.
*   **Fold has launched Bitcoin Gift Cards**, [enabling users](https://investor.foldapp.com/news-releases/news-release-details/fold-introduces-most-convenient-way-buy-and-share-bitcoin-new) to purchase bitcoin for personal use or as gifts, redeemable via the Fold app. These cards are currently available on Fold’s [website](https://foldapp.com/bitcoin-gift-card) and are planned to expand to major retailers nationwide later this year.

> "Our mission is to make bitcoin simple and approachable for everyone. The Bitcoin Gift Card brings bitcoin to millions of Americans in a familiar way. Available at the places people already shop, the Bitcoin Gift Card is the best way to gift bitcoin to others," said Will Reeves, Chairman and CEO of Fold.

*   **Corporate treasuries hold nearly 1.1 million BTC**, representing about 5.5% of the total circulating supply (1,082,164 BTC), per [BitcoinTreasuries.net](https://bitcointreasuries.net/entities/tether-holdings) data. Recent purchases include Strategy adding [7,390 BTC](https://btctimes.com/strategy-acquires-7-390-bitcoin-as-class-action-lawsuit-filed/) (total: 576,230 BTC), Metplanet acquiring [1,004 BTC](https://contents.xj-storage.jp/xcontents/33500/b701fd66/1080/4ce0/9206/7989fd6ade07/140120250519557359.pdf) (total: 7,800 BTC), Tether holding over 100,521 BTC, and XXI Capital, led by _Jack Mallers_, starting with 31,500 BTC.
    *   Meanwhile, a group of investors [has filed](https://www.theblock.co/post/354851/strategy-and-co-founder-michael-saylor-faces-class-action-lawsuit-involving-alleged-federal-securities-law-violations) a class action lawsuit against Strategy and its executive _Michael Saylor_. The lawsuit alleges that Strategy made overly optimistic projections using fair value accounting under new FASB rules while downplaying potential losses.
*   **The U.S. Senate voted to advance the GENIUS stablecoin bill** for further debate before a final vote to pass it. Meanwhile, the House is crafting its own stablecoin legislation to establish a regulatory framework for stablecoins and their issuers in the U.S, [reports](https://www.coindesk.com/policy/2025/05/19/senate-advances-stablecoin-bill-clearing-the-way-for-final-passage) _CoinDesk._
*   **French 'crypto' entrepreneurs get priority access to emergency police services.** French Minister of the Interior, _Bruno Retailleau,_ [agreed](https://protos.com/french-government-gives-crypto-entrepreneurs-priority-police-line/) on measures to enhance security for 'crypto' professionals during a meeting on Friday. This follows a [failed kidnapping](https://www.coindesk.com/business/2025/05/15/crypto-exchange-ceos-daughter-grandson-targeted-in-paris-kidnap-attempt) attempt on Tuesday targeting the family of a cryptocurrency exchange CEO, and two other kidnappings earlier this year.
*   **Brussels Court declares tracking-based ads illegal in EU.** The Brussels Court of Appeal [ruled](https://therecord.media/eu-court-rules-tracking-based-ads-illegal) tracking-based online ads illegal in the EU due to an inadequate consent model. Major tech firms like Microsoft, Amazon, Google, and X are affected by the decision, as their consent pop-ups fail to protect privacy in real-time bidding, writes _The Record_.
*   **Telegram shares data on 22,777 users in Q1 2025**, a [significant increase](https://www.404media.co/telegram-gave-authorities-data-on-more-than-20-000-users/) from the 5,826 users' data shared during the same period in 2024. This significant increase follows the arrest of CEO and founder _Pavel Durov_ [last year](https://www.nobsbitcoin.com/telegram-founder-pavel-durov-charged-on-12-criminal-counts-in-france/).
*   **An Australian judge has ruled that Bitcoin is money**, [potentially exempting](https://www.afr.com/wealth/personal-finance/this-court-case-could-make-your-bitcoin-profits-tax-free-20250430-p5lvft) it from capital gains tax in the country. If upheld on appeal, this interim decision could lead to taxpayer refunds worth up to $1 billion, per tax lawyer _Adrian Cartland_.

Use the tools
-------------

*   [**Bitcoin Safe v1.3.0**](https://www.nobsbitcoin.com/bitcoin-safe-v1-3-0/) a secure and user-friendly Bitcoin savings wallet for beginners and advanced users, introduces an interactive chart, Child Pays For Parent (CPFP) support, testnet4 compatibility, preconfigured testnet demo wallets, various bug fixes, and other improvements.
*   [**BlueWallet v7.1.8**](https://github.com/BlueWallet/BlueWallet/releases) brings numerous bug fixes, dependency updates, and a new search feature for addresses and transactions.
*   [**Aqua Wallet v0.3.0**](https://github.com/AquaWallet/aqua-wallet/releases/tag/v0.3.0) is out, offering beta testing for the reloadable Dolphin card ([in partnership with Visa](https://btctimes.com/aqua-pushes-forward-with-visa-as-moonpay-partners-with-mastercard/)) for spending bitcoin and Liquid BTC. It also includes a new Optical Character Recognition (OCR) text scanner to read text addresses like QR codes, colored numbers on addresses for better readability, a reduced minimum for spending and swapping Liquid Bitcoin to 100 sats, plus other fixes and enhancements.

![Good Morning, Bitcoin - Tuesday, May 20th, 2025](https://www.nobsbitcoin.com/content/images/2025/05/image-7.png)

Source: [Aqua wallet.](https://xcancel.com/AquaBitcoin/status/1923169207346225655/photo/1)

*   The latest firmware updates for [**COLDCARD Mk4 v5.4.3 and Q v1.3.3**](https://xcancel.com/COLDCARDwallet/status/1922658877562360154) are now available, featuring the latest enhancements and bug fixes.
*   [**Nunchuk Android v1.9.68.1**](https://github.com/nunchuk-io/nunchuk-android/releases/tag/android.1.68.1) and [**iOS v1.9.79**](https://apps.apple.com/us/app/nunchuk-bitcoin-wallet/id1563190073) introduce support for custom blockchain explorers, wallet archiving, re-ordering wallets on the home screen via long-press, and an anti-fee sniping setting.
*   [**BDK-cli v1.0.0**](https://github.com/bitcoindevkit/bdk-cli/releases/tag/v1.0.0), a CLI wallet library and REPL tool to demo and test the BDK library, now uses bdk\_wallet 1.0.0 and integrates Kyoto, utilizing the Kyoto protocol for compact block filters. It sets SQLite as the default database and discontinues support for sled.
*   [**publsp**](https://github.com/smallworlnd/publsp) is a new command-line tool designed for Lightning node runners or Lightning Service Providers (LSPs) to advertise liquidity offers over Nostr.

> "LSPs advertise liquidity as addressable Kind 39735 events. Clients just pull and evaluate all those structured events, then NIP-17 DM an LSP of their choice to coordinate a liquidity purchase," [writes](https://njump.me/nevent1qqsrpdcdjyw2yz4fp3aas7mr24e7f6sxe2n3wexjwpu09ev5pgm3z2qpp4mhxue69uhkummn9ekx7mqzypwe8ymf9knyvku79g55ygmz0g5hue5dk99xy7s4jup8v4dev2nly7wfa0j) developer _smallworlnd._

*   [**Lightning Blinder**](https://github.com/supertestnet/lightning_blinder) by _Super Testnet_ is a proof-of-concept privacy tool for the Lightning Network. It enables users to mislead Lightning Service Providers (LSPs) by making it appear as though one wallet is the sender or recipient, masking the original wallet. Explore and try it out [here](https://supertestnet.github.io/lightning_blinder/).

*   [**Mempal v1.5.3**](https://github.com/aeonBTC/Mempal/releases/tag/v1.5.3), a Bitcoin mempool monitoring and notification app for Android, now includes a swipe-down feature to refresh the dashboard, a custom time option for widget auto-update frequency, and a


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)


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/)


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/)

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[![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)


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