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Yup


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I am working on https://zaptok.social

will publish it on GitHub soon


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Alive and kicking


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Removing Note


tags: Bitcoin payments are coming to stores: integrated wallet and zero fees for merchants using Square Bitcoin. The post Square launches Square Bitcoin: BTC payments and zero fees for small businesses appeared first on Atlas21.

content:
**_Bitcoin payments are coming to stores: integrated wallet and zero fees for merchants using Square Bitcoin._**
----------------------------------------------------------------------------------------------------------------

On October 8, **Block**, the company led by **Jack Dorsey**, [announced](https://investors.block.xyz/investor-news/news-details/2025/Square-Brings-Bitcoin-to-Main-Street-With-First-Integrated-Payments-and-Wallet-Solution-for-Local-Businesses/default.aspx) the launch of **Square Bitcoin** – a new solution that allows merchants to accept bitcoin payments through the Square POS system.

Merchants using the Square Bitcoin network can convert their sales revenue into BTC and access an integrated wallet. Starting November 10, businesses will be able to accept bitcoin payments directly and convert **up to 50%** of their daily revenue into BTC.

To encourage adoption, the company will allow businesses to accept BTC directly from their POS terminals with no transaction fees for one year. In 2027, Square will begin charging a **1%** processing fee.

**Miles Suter**, Bitcoin Product Lead at Block, said:

> > “We’re making bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, were only available to the largest corporations.”

The initiative, called _“Simplifying Bitcoin for Main Street,”_ aims to prepare merchants for the growing use of the asset as an everyday means of payment.

The integrated Bitcoin wallet within the Square system will allow merchants to buy, sell, withdraw, and manage their funds independently.

The post [Square launches Square Bitcoin: BTC payments and zero fees for small businesses](https://atlas21.com/square-launches-square-bitcoin-btc-payments-and-zero-fees-for-small-businesses/) appeared first on [Atlas21](https://atlas21.com).


tags: The “Bitcoin Jesus” nears closure of his tax case after months of legal battles in the United States. The post Roger Ver reaches provisional deal with the Department of Justice appeared first on Atlas21.

content:
**_The “Bitcoin Jesus” nears closure of his tax case after months of legal battles in the United States._**
-----------------------------------------------------------------------------------------------------------

Pioneering Bitcoin investor **Roger Ver** has reportedly reached a _“provisional agreement”_ with the **U.S. Department of Justice** (DOJ) to resolve criminal tax charges, [according](https://www.nytimes.com/2025/10/09/technology/roger-ver-bitcoin-justice-department-deal.html) to the _New York Times_.

Ver, known in the community as “Bitcoin Jesus,” was arrested in April 2024 on charges of **mail fraud**, **tax evasion**, and filing **false tax returns**. At the time of his arrest, federal prosecutors claimed Ver had hidden his ownership of bitcoin from the U.S. Internal Revenue Service (IRS), allegedly causing a loss of **$48 million** in tax revenue.

After living in Santa Clara, California, Ver renounced his U.S. citizenship in 2014 following the acquisition of citizenship in St. Kitts and Nevis.

According to the DOJ, even though Ver was no longer a U.S. citizen at the time, he was still legally required to report to the IRS and pay an “exit tax” on certain earnings, such as dividends from MemoryDealers.com Inc. and Agilestar.com Inc., both U.S.-based companies. Prosecutors allege that Ver failed to inform his accountant that he had received and sold bitcoin from MemoryDealers.com Inc. and Agilestar.com Inc. that year. As a result, his 2017 individual tax return did not report any gains nor did it include any taxes related to the distribution of bitcoin from those companies to him.

According to the _New York Times_, citing sources close to the matter, Ver is willing to pay a sum close to **$48 million** to the federal government. In exchange, criminal charges could be dropped if the entrepreneur accepts all terms of the deal.

### **The political context**

Since President **Donald Trump** returned to the White House this year, his administration has adopted a series of more favorable measures toward the digital asset sector. Among these actions are the shelving of investigations into companies like **Coinbase** and **Binance**, as well as the appointment of crypto-friendly figures to key federal agencies.

Trump [also pardoned](https://atlas21.com/trump-pardons-ross-ulbricht-the-silk-road-founder-is-free/) **Ross Ulbricht**, founder of Silk Road, during his first days in office. Later, Ulbricht himself joined the campaign to “free” Ver as well.

_“Roger Ver was there for me when I was down and needed help. Now Roger needs our support. No one should spend the rest of their life in prison over taxes,”_ Ulbricht wrote on X in February.

The post [Roger Ver reaches provisional deal with the Department of Justice](https://atlas21.com/roger-ver-reaches-provisional-deal-with-the-department-of-justice/) appeared first on [Atlas21](https://atlas21.com).


tags: A new poll reveals that nearly two-thirds of American voters view candidates’ positions on cryptocurrencies as a decisive factor in elections. The post USA: 64% of voters consider candidates’ stance on digital assets crucial appeared first on Atlas21.

content:
**_A new poll reveals that nearly two-thirds of American voters view candidates’ positions on cryptocurrencies as a decisive factor in elections._**
----------------------------------------------------------------------------------------------------------------------------------------------------

A recent [survey](https://digitalchamber.org/crypto-voters-can-swing-elections/) conducted by **McLaughlin & Associates** in collaboration with **The Digital Chamber** has shed light on the relationship between digital assets and elections in the United States. According to the research, **64%** of voters believe a candidate’s stance on digital assets is an important element in their voting decision.

> NEW POLL: McLaughlin poll finds crypto voters are swing voters, and real policy actions can move their votes.
>
> Learn More: [https://t.co/iYID8raKGg](https://t.co/iYID8raKGg) [pic.twitter.com/JYC7YCDgRp](https://t.co/JYC7YCDgRp)
>
> — The Digital Chamber (@DigitalChamber) [October 8, 2025](https://twitter.com/DigitalChamber/status/1975946911887593802?ref_src=twsrc%5Etfw)

The survey also found that crypto investors place more trust in the **Republican Party** than in the Democrats when it comes to the development of the sector in the U.S.

Three-quarters of investors support the **Trump administration**’s approach to rolling back regulations and enforcement actions from the Biden era on digital assets – measures they believe would _“make it easier for cryptocurrencies to grow and expand in the United States.”_

### **Controversy and election debate**

The poll comes at a sensitive time for the U.S. government, with the federal shutdown now in its second week due to the lack of an agreement between Democrats and Republicans on two key government spending bills.

Democratic figures, including Senator **Elizabeth Warren**, have raised concerns about Trump’s ties to the digital asset sector, particularly in relation to **World Liberty Financial** (WLF).

_“In March 2025, WLF announced plans to launch USD1, ‘the stablecoin your wallet has been waiting for,’”_ Warren said in a statement earlier this year.

Warren emphasized that _“the launch of a stablecoin directly tied to a sitting President who can personally benefit from its success represents an unprecedented conflict of interest, posing significant threats to our financial system.”_

The post [USA: 64% of voters consider candidates’ stance on digital assets crucial](https://atlas21.com/usa-64-of-voters-consider-candidates-stance-on-digital-assets-crucial/) appeared first on [Atlas21](https://atlas21.com).


tags: The company is ramping up its in-house mining operations to stay competitive in an evolving market. The post Bitdeer boosts mining operations as machine demand slows appeared first on Atlas21.

content:
**_The company is ramping up its in-house mining operations to stay competitive in an evolving market._**
---------------------------------------------------------------------------------------------------------

**Bitdeer Technologies Group**, a company specializing in Bitcoin mining infrastructure, is expanding its mining activities in response to weakening demand for machines from external customers.

[According](https://www.bloomberg.com/news/articles/2025-10-09/crypto-gear-maker-bitdeer-turns-miner-to-compete-against-clients?srnd=phx-crypto) to _Bloomberg_, Bitdeer is accelerating its shift toward using its own equipment for mining, effectively competing with the same clients who purchase its machines.

The company’s latest official filings show a year-over-year increase in mining capacity as of August, along with a stated goal of positioning itself **among the world’s top five Bitcoin miners.**

In August, Bitdeer mined **375 BTC**, ranking sixth globally – behind **MARA Holdings**, **IREN, Cango, CleanSpark**, and **Riot Platforms** – according to industry data.

### **Hardware producers’ trend**

[According](https://theminermag.com/news/2025-09-04/bitcoin-manufacturer-arms-race) to _The Miner Mag_, hardware manufacturers are trying to offset declining machine sales by monetizing their own mining capacity. Both **Canaan** and **Bitdeer** have been cited as examples of this trend, with Bitdeer nearly tripling its proprietary hashrate to **22.5 EH/s** between December 2024 and July 2025. The company projects that a **40 EH/s** capacity could generate roughly **$750 million** in annualized revenue with **gross margins above 50%.**

**Wolfie Zhao**, an analyst at The Miner Mag, told _Bloomberg_ he expects _“large miners to remain cautious on fleet expansion for the foreseeable future.”_

### **Mining and diversification**

As Bitcoin’s price continues its run, the mining economy has become increasingly complex, especially after the 2024 halving that cut block rewards in half.

In response, several mining companies are diversifying their business models, redirecting hardware toward new workloads such as artificial intelligence and data center infrastructure.

Meanwhile, Bitcoin’s network difficulty keeps climbing to new all-time highs, extending a long-term trend that has squeezed margins and tightened operating conditions for major miners.

With demand for AI computing power surging, miners are finding new opportunities by repurposing or upgrading existing facilities to serve this growing market.

The post [Bitdeer boosts mining operations as machine demand slows](https://atlas21.com/bitdeer-boosts-mining-operations-as-machine-demand-slows/) appeared first on [Atlas21](https://atlas21.com).


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tags: A short note: Tell me you've been in a few cycles without tellin...

content: Tell me you've been in a few cycles without telling me you've been in a few cycles


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tags: The South Korean tax agency warns: inspectors are authorized to search homes to seize non-custodial wallets. The post South Korea: cold wallets at risk of seizure for unpaid taxes appeared first on Atlas21.

content:
**_The South Korean tax agency warns: inspectors are authorized to search homes to seize non-custodial wallets._**
------------------------------------------------------------------------------------------------------------------

**South Korea’s National Tax Service** (NTS) has issued a warning to digital asset holders: those who fail to settle their tax debts risk having their cold wallets seized directly from their homes. The announcement, [reported](https://www.hankookilbo.com/News/Read/A2025100116070001575) by _Hankook Ilbo_ on October 9, came directly from the NTS.

South Korean tax authorities have long been running campaigns against tax evaders who hold cryptocurrencies on local exchanges. In recent weeks, several national agencies have expanded these operations to include citizens **in default on utility bills and traffic fines**.

However, the NTS’s statement marks a clear escalation. The agency confirmed that it is fully aware that many investors store their digital assets offline using self-custody solutions. An NTS spokesperson stated:

> > “We can now monitor a non-compliant taxpayer’s crypto transaction history using \[blockchain protocol\] tracking programs. And if we suspect they are hiding their coins offline, we can conduct searches at their homes, confiscating \[hard drives or PCs\].”

Despite the NTS’s expanded powers, a gray area remains. As highlighted by the newspaper:

> > “Problems occur in cases where non-compliant taxpayers use overseas crypto exchanges. Since domestic law does not apply overseas, the \[NTS\] must rely on the cooperation of foreign governments to determine the nature of a delinquent taxpayer’s assets.”

Although the **Multilateral Tax Administration Cooperation Agreement** allows Seoul to cooperate with **74** countries on tax matters, this network may not be sufficient. South Korea does not have such agreements with the **United States, China,** or **Russia**.

There is also evidence suggesting that a growing number of South Korean traders are abandoning domestic platforms in favor of foreign or decentralized alternatives. Data from the **Financial Supervisory Service** (FSS) shows that in the first half of this year, **78.9 trillion won** (about **$55.6 billion**) worth of crypto assets were transferred from domestic exchanges to foreign companies or wallets.

### **How the NTS operates on domestic exchanges**

Under the **National Tax Collection Act**, the tax agency can issue “right of inquiry and inspection” orders on individual accounts. The NTS typically issues these orders to exchanges in cases of repeated non-payment, especially when suspected tax evaders claim they cannot settle their outstanding debts.

Once NTS investigations confirm that an individual holds crypto assets, the exchange responds by freezing the relevant wallets. All assets in the account are then transferred to NTS-controlled wallets. Some local tax offices also send ultimatums to crypto holders, warning that the agency will liquidate their assets if they do not settle their tax obligations.

If no response is received, the agency proceeds immediately with the sale of the cryptocurrencies, converting them into fiat currency at market price.

According to NTS data presented to the office of Democratic Party lawmaker **Kim Young-jin**, the tax service _“has seized and collected digital assets from 14,140 delinquent taxpayers over the past four years.”_ This has led the NTS and its regional affiliates to liquidate cryptocurrencies worth **146.1 billion won** (about **$103 million**) during the same period.

The post [South Korea: cold wallets at risk of seizure for unpaid taxes](https://atlas21.com/south-korea-cold-wallets-at-risk-of-seizure-for-unpaid-taxes/) appeared first on [Atlas21](https://atlas21.com).


tags: How democracies and Big Tech are transforming privacy from a fundamental right to a luxury for the few. The post The global erosion of privacy: when security becomes surveillance appeared first on Atlas21.

content:
**_How democracies and Big Tech are transforming privacy from a fundamental right to a luxury for the few._**
-------------------------------------------------------------------------------------------------------------

In recent years, it seems that Western democracies are converging toward a common model: introducing mass surveillance systems and mandatory identification, justifying themselves with apparently noble objectives: the **protection of minors**, the **fight against terrorism**, **national security**. Yet, behind these legitimate motivations, lies a transformation of the relationship between citizen and State, where privacy is becoming a privilege of the past rather than a fundamental right.

From the repeated attempts to approve European Chat Control to British identity verifications, from the Swiss e-ID to Australian and Canadian laws, a disturbing pattern emerges: controversial legislations are approved with narrow margins or imposed from above, while citizens find themselves increasingly unable to navigate without leaving traces of their identity.

### **Chat Control**

The European regulatory proposal known as “Chat Control” perhaps represents the most ambitious attempt to normalize mass surveillance in Western democracies. Officially presented as “Regulation to Prevent and Combat Child Sexual Abuse” in May 2022, the legislation aims to impose mandatory scanning of private communications to identify child pornographic material.

Service providers like **WhatsApp, Signal, Telegram** and other messaging services would have to implement automated content scanning systems, including conversations protected by end-to-end encryption. In practice, every message, file, photo or video sent would be analyzed by algorithms before reaching the recipient.

The proposal has faced a tortuous legislative path. After being blocked in December 2024 by a “blocking minority” of European governments, it returned forcefully to the agenda in July 2025 under the Danish presidency of the EU Council.

To allow content scanning, end-to-end encryption would have to be compromised through what technicians call “client-side scanning” – essentially, a **backdoor** installed directly on people’s devices. Signal [has declared](https://www.techradar.com/vpn/vpn-privacy-security/chat-control-is-like-a-malware-on-your-device-signal-slams-the-eu-proposal-to-scan-your-private-chats) that the system would function as “malware installed on users’ devices”. As denounced in several parliamentary questions, this approach would undermine Article 7 of the EU Charter of Fundamental Rights, which guarantees respect for private life and communications.

Organizations for digital rights, such as the **Electronic Frontier Foundation** (EFF) and the **Chaos Computer Club** (CCC), [have expressed](https://cyberscoop.com/potential-eu-law-sparks-global-concerns-encryption-privacy/) warnings against client-side scanning, defining it as an “invasive” technology and inherently “susceptible to errors”. Moreover, automatic detection systems produce a high rate of false positives, putting innocent citizens at risk of false accusations.

The most disturbing aspect is represented by the exemptions provided for European politicians, who would enjoy special protections under the rules of “professional secrecy”.

Telegram has already threatened to exit the European market rather than compromise the encryption of its users. Signal has declared that it simply cannot implement backdoors while maintaining its security promises.

Currently, [according](https://fightchatcontrol.eu/) to the **Fight Chat Control** portal, 12 member states support the proposal, 9 declare themselves opposed and 6 have not yet taken a position. The vote, initially scheduled for October 14, 2025, was postponed after the twenty-seven States did not reach an agreement on the Danish presidency’s proposal. The dossier now returns to technical tables and could be resubmitted or reformulated.

### **United Kingdom: the Online Safety Act and the explosion of VPNs**

On July 25, 2025, the **Online Safety Act** came into force in the **United Kingdom**, legislation that imposes age verification to access adult content and potentially harmful materials, requiring the upload of identity documents, bank checks or facial scans. Officially designed to protect minors from inappropriate content, the act requires platforms and websites to verify that users are at least 18 years old through “robust” methods.

However, the definition of content subject to verification rapidly extended beyond adult sites initially targeted by the law. **Discord** and **Reddit** began requiring facial scans from British users. Even seemingly innocent services have been involved, creating a situation where browsing freely requires providing personal identifying data to countless private companies.

Verification methods include uploading photo identity documents, biometric facial scans, or the use of third-party age verification services. In all cases, a database is created that links the individual’s real identity to their online behaviors.

The reaction of British citizens was immediate. **Proton VPN** [registered](https://www.legal.io/articles/5708192/UK-s-Online-Safety-Act-Triggers-VPN-Surge-Amid-Age-Verification-Backlash) an increase in subscriptions exceeding **1,400%** in the hours immediately following the law’s entry into force. Google searches for “VPN” in the United Kingdom skyrocketed by **2,450%.** Other providers reported similar increases.

The government’s response was eloquent. Government officials declared they are _“watching very carefully”_ the use of VPNs. Proposals emerged to extend age verification requirements to VPN services themselves.

The French precedent is emblematic. In June 2025, a similar law (SREN – Sécurité et Régulation de l’Espace Numérique) came into force in **France**, causing the temporary blocking of access to numerous adult sites that preferred to withdraw from the French market rather than implement invasive verification systems; after a precautionary suspension decided in mid-June by the Administrative Court of Paris, the Council of State [annulle](https://www.conseil-etat.fr/en/news/pornographic-websites-the-order-requiring-user-age-verification-is-maintained2)[d](https://www.conseil-etat.fr/en/news/pornographic-websites-the-order-requiring-user-age-verification-is-maintained2) [it](https://www.conseil-etat.fr/en/news/pornographic-websites-the-order-requiring-user-age-verification-is-maintained2), confirming the age verification obligation for the sites concerned.

Simultaneously, the British government [announced](https://www.bbc.com/news/articles/c4g54g6vgpdo) the introduction of a mandatory digital identity system by the end of the legislature. The system, initially designed to combat illegal work, requires the use of smartphones and could gradually extend to other public services.

### **Switzerland: digital identity arriving**

On September 28, 2025, **Switzerland** approved the federal law on electronic identity (e-ID): 50.4% favorable votes against 49.6% opposed, with a turnout of 49.55%. The result marks a turning point for a country traditionally attentive to privacy and individual freedoms.

The law creates an optional digital identification system managed entirely by the State, with which citizens will be able to authenticate themselves to authorities and private companies. Possible applications include requesting the digital driver’s license, age verification for purchases subject to restrictions, access to online public services, and identification to private platforms that choose to integrate with the system.

In 2021, Swiss citizens rejected a similar proposal with **over 64%** opposing votes, mainly due to concerns related to data management by private companies. The new model, completely state-run, was presented as a response to those concerns.

Opponents [raised concerns](https://www.theguardian.com/world/2025/sep/28/swiss-voters-back-electronic-identity-cards-in-close-vote) that go beyond data protection. Those who do not own a smartphone or are not familiar with digital technology risk being progressively excluded from essential services. If electronic identity becomes the standard method to access public services, those who refuse or cannot adopt it become second-class citizens.

### **Australia and Canada**

Australia [became](https://ondato.com/blog/australia-social-media-ban/) the first country in the world to completely ban access to social media (including YouTube) for minors under 16. The law, approved in November 2024 and in force since December 2025, will force platforms to implement age verification systems that could require identity documents or biometric scans for all users. The government [plans](https://www.theguardian.com/commentisfree/2025/jul/23/new-rules-will-radically-change-the-way-we-use-the-internet-in-australia-and-not-just-social-media) to proceed with implementation, extending the requirements also to search engines.

In parallel, the Canadian government [is debating](https://www.cbc.ca/news/politics/government-border-bill-split-1.7652639) legislation that would grant broad powers to law enforcement, including legal access to electronic communications. **Bill C-2**, called **Strong Borders Act**, is a bill presented in June 2025 that extensively reforms border security, immigration, organized crime repression and anti-money laundering, also introducing new investigative powers in the digital sphere. The proposal raises serious privacy concerns because it lowers the thresholds for obtaining information from online providers, allowing in various cases **requests without judicial warrant** based on simple “reasonable suspicion”. Faced with criticism, the government has signaled the intention to resubmit a revised text that removes some of the more controversial clauses.

### **Google and the war on alternative app stores**

While gover


tags: Indian authorities have launched an investigation into high-net-worth traders suspected of evading cryptocurrency taxes through Binance. The post India: over 400 traders investigated for tax evasion through Binance appeared first on Atlas21.

content:
**_Indian authorities have launched an investigation into high-net-worth traders suspected of evading cryptocurrency taxes through Binance._**
----------------------------------------------------------------------------------------------------------------------------------------------

**India**’s tax authorities have opened a wide-reaching probe into **more than 400** wealthy individuals suspected of avoiding taxes on crypto transactions conducted through **Binance**. [According](https://economictimes.indiatimes.com/markets/cryptocurrency/binance-wallets-decryptedtaxman-moves-in-on-evaders/articleshow/124469585.cms?from=mdr) to _The Economic Times_, the inquiry focuses on traders who operated on the platform between 2022 and 2025.

The **Central Board of Direct Taxes** has issued an internal notice to local tax departments across several cities, requesting a detailed report on actions taken by October 17. The investigation covers the fiscal years from 2022–23 to 2024–25, during which the traders in question allegedly bypassed tax regulations.

The probe goes beyond standard exchange activity, also examining peer-to-peer transactions facilitated by the platform in India and settled through domestic bank accounts, Google Pay, or cash.

### **Government policy**

India’s tax system for cryptocurrencies is among the most burdensome in the world. Market participants face a **1%** tax deducted at source on every transaction, coupled with a **30%** tax on profits. For top-income taxpayers, the effective tax rate can reach **42.7%** when including surcharges and the **4%** cess, an additional levy used to fund targeted programs such as education and healthcare.

The government’s stance toward digital assets remains focused on strict control and taxation. Union Minister **Piyush Goyal** recently [reiterated](https://atlas21.com/india-prepares-to-launch-its-cbdc/) the administration’s intention to intensify efforts on developing a **CBDC**, while maintaining high tax rates on cryptocurrencies.

The post [India: over 400 traders investigated for tax evasion through Binance](https://atlas21.com/india-over-400-traders-investigated-for-tax-evasion-through-binance/) appeared first on [Atlas21](https://atlas21.com).


tags: The upgrade to version 30 brings both improvements and controversy with the increase of the OP_RETURN limit from 80 to 100,000 bytes. The post Bitcoin Core v30 is here: the OP_RETURN issue splits the community appeared first on Atlas21.

content:
**_The upgrade to version 30 brings both improvements and controversy with the increase of the OP\_RETURN limit from 80 to 100,000 bytes._**
--------------------------------------------------------------------------------------------------------------------------------------------

The Bitcoin community finds itself divided after the official launch of the **Bitcoin Core v30** update. The release, which introduces changes to node architecture, performance, and security, has sparked mixed reactions among developers, miners, and users.

### **Key updates**

The Bitcoin Core development team has implemented several new features designed to enhance the user experience on the network. One notable addition is **optional encrypted node-to-node connections**, aimed at ensuring greater privacy for users.

The [official announcement](https://bitcoincore.org/en/releases/30.0/) on October 12 also clarified that with the release of this new major version, **all versions prior to 27.x have reached End of Life** and will no longer receive security or maintenance updates.

One of the main changes is the **reduction of default transaction fees**. Nodes can relay transactions with fees as low as **0.1 sat/vB**, while miners will be able to include them in the next block with a minimum fee of **0.001 sat/vB**.

The most hotly debated change concerns the **expansion of the OP\_RETURN limit**, which has increased from around 80 bytes to **100,000 bytes**. This adjustment allows for much larger amounts of **non-financial data** to be stored within Bitcoin transactions.

Although the update also includes bug fixes and performance improvements, it is the OP\_RETURN limit increase that has captured most of the attention and divided the community.

### **Reactions**

**Alex Bergeron**, Ecosystem Lead at Ark Labs, [expressed](https://x.com/bergealex4/status/1976472388104749178) excitement about Bitcoin Core v30 on X, stating his intention to _“use all of the additional OP\_Return space and will use it to make Bitcoin more like Ethereum, except better.”_

**Pavol Rusnak**, co-founder of Satoshi Labs, [said](https://x.com/PavolRusnak/status/1977366567840084219) he chose Bitcoin Core v30 for its _“great development team, peer reviewed code, sane engineering decisions_.”

Critics of the update argue that this change violates Bitcoin’s core principles as a peer-to-peer electronic cash system. Concerns include the potential growth of the blockchain’s size, higher operational costs for nodes, and legal risks.

Last week, **Nick Szabo**, a well-known cypherpunk, recommended on X:

> As a (hopefully) temporary measure, run Knots. I strongly recommend not upgrading to Core v30.[https://t.co/d9HFi7T59H](https://t.co/d9HFi7T59H)
>
> — Nick Szabo (@NickSzabo4) [October 8, 2025](https://twitter.com/NickSzabo4/status/1975805206031179831?ref_src=twsrc%5Etfw)

Earlier in October, Szabo [had already raised concerns](https://atlas21.com/bitcoin-core-v30-incoming-nick-szabo-breaks-silence-after-five-years/) about the legal implications of increasing the OP\_RETURN limit. According to him, node operators risk hosting “_illegal data_” for which they could be held criminally liable.

In recent months, in response to Bitcoin Core’s decisions, a significant number of node operators have adopted the alternative implementation **Bitcoin Knots**, which allows for strict data size limits to be applied. [Data](https://bitcoin.clarkmoody.com/dashboard/) from **Clark Moody Bitcoin** shows that there are currently **nearly 5,000** active Knots nodes, representing about **20%** of all nodes.

The post [Bitcoin Core v30 is here: the OP\_RETURN issue splits the community](https://atlas21.com/bitcoin-core-v30-is-here-the-op_return-issue-splits-the-community/) appeared first on [Atlas21](https://atlas21.com).


あれ？俺今日薬飲んだっけ


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Alive and kicking


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Removing Note


tags: un espace de discussions tranquille pour les bitcoiners francophones


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New OP_RETURN
=:x:rrnwKyzeoAnzuf8ND6Xc9qgtyP5Rkic892:5914403800/1/0:-_/t1:0/70
https://mempool.space/tx/93d5be3b3c3e990d8a8e50c7bbb50389677a25405dff373829c5e615ecab1185


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

content:
*   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)


tags: LND v0.19.0-beta: RBF Cooperative Close, Improved Payment Reliability & More

tags: The Lightning Network Daemon (LND) is a complete implementation of a Lightning Network node developed by Lightning Labs.

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

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

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

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

> "As always, we are grateful for the ongoing support of our external contributors across development, review, and testing. A total of 51 developers contributed to this release. For the complete list of changes included in this release, check out the [full release notes](https://github.com/lightningnetwork/lnd/releases/tag/v0.19.0-beta)."

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

*   [**New RBF cooperative close flow**](https://github.com/lightningnetwork/lnd/pull/9610)**.** It uses RBF to enable either side to increase their fee rate using their _own_ channel funds. Channel peers must support the `option_simple_close` for this new protocol to work. This new feature can be activated with a new config flag: `--protocol.rbf-coop-close`.
    *   This feature isn't compatible with older LND versions; fee bumping with them uses CPFP. It already works with Eclair v0.12.0 or up, and should work with other implementations as they roll out support for this protocol. The protocol currently does not support Taproot channels and Taproot asset channels.
*   **Support for archiving channel backups** **in a specific folder for future reference.** It comes with a new config option, `disable-backup-archive` (default: `false`), to control whether previous backups are archived.
*   [**Support**](https://github.com/lightningnetwork/lnd/pull/8390) **for** [**experimental endorsement**](https://github.com/lightning/blips/pull/27) **signal relay.** Deployed experimentally to assist ongoing channel jamming research, it has _no impact_ on routing.
*   **Initial support for** [**quiescence**](https://github.com/lightningnetwork/lnd/pull/8270)**.** This protocol gadget is required for upcoming Dynamic Commitments and Splicing features.
*   **Historical Sync**: Fixed [a race condition](https://github.com/lightningnetwork/lnd/pull/9424) blocking initial sync due to syncer's internal state handling.
*   **Max Fee Rate** is [now respected](https://github.com/lightningnetwork/lnd/pull/9491) during cooperative close initiation for both parties, not just the remote party.
*   Lots of other [**bug fixes**](https://github.com/lightningnetwork/lnd/blob/master/docs/release-notes/release-notes-0.19.0.md#bug-fixes).
*   **Performance Improvements:**
    *   Limit outbound [gossip traffic bandwidth](https://github.com/lightningnetwork/lnd/pull/9607) with --gossip.msg-rate-bytes and --gossip.msg-rate-burst. Set burst to the maximum bytes transmittable without rate limiting, and rate to the ongoing permitted rate.

*   Ability to use ZSTD for log rotation.
*   [Remove redundant iteration](https://github.com/lightningnetwork/lnd/pull/9496) over a node's persisted channels when updating the graph cache with a new node or node update.

*   **Functional Enhancements:**
    *   [Add pagination](https://github.com/lightningnetwork/lnd/pull/8998) for wallet transactions.
    *   [Make](https://github.com/lightningnetwork/lnd/pull/9562) `MaxWaitNumBlocksFundingConf` configurable for faster test timeouts, with a default of 2016 blocks for production.
    *   Change sweeper to [attempt sweeps](https://github.com/lightningnetwork/lnd/pull/9627) if the budget is partially covered, preventing delays and high fees.
    *   [Validate](https://github.com/lightningnetwork/lnd/pull/9603) MPP parameters before payment to avoid path finding loops and timeouts.
*   **Functional Updates:**
    *   Enable [log compression](https://github.com/lightningnetwork/lnd/pull/9017) with ZSTD using the logging.file.compressor argument.
    *   [Enhance SCB file](https://github.com/lightningnetwork/lnd/pull/8183) with more data for last-resort rescue when a peer is unavailable.
    *   Update channel.backup file at shutdown in LND.
    *   Introduce [chainio subsystem](https://github.com/lightningnetwork/lnd/pull/9315) to sync subsystems with the current best block, fixing delays in HTLC sweeping due to block height discrepancies in ChainArbitrator, UtxoSweeper, and TxPublisher. Click [here](https://github.com/lightningnetwork/lnd/blob/master/chainio/README.md) to learn more.
    *   Sweeper now uses [configured budget values](https://github.com/lightningnetwork/lnd/pull/9274) for HTLCs with `--sweeper.budget.deadlinehtlcratio` and `--sweeper.budget.deadlinehtlc`.
    *   Consider blockbeat dispatcher height [when checking](https://github.com/lightningnetwork/lnd/pull/9501) if lnd is synced to chain.
    *   Allocate restricted slots for peers via [\--num-restricted-slots](https://github.com/lightningnetwork/lnd/pull/9458).
    *   Added support for bitcoin [testnet4](https://github.com/lightningnetwork/lnd/pull/9620).
    *   [Removed](https://github.com/lightningnetwork/lnd/pull/9621) x/exp/maps dependency.
    *   Add [\--no-disconnect-on-pong-failure option](https://github.com/lightningnetwork/lnd/pull/9801) (default: false) to manage peer disconnection on pong failure or mismatch.
*   **RPC Additions and Updates.** Some RPCs that previously returned an empty response now provide a [short status message](https://github.com/lightningnetwork/lnd/pull/7762) to help command line users confirm successful execution or background initiation. The following CLI commands no longer return an empty response ({}):

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

    *   The ForwardInterceptor's MODIFY option now [merges](https://github.com/lightningnetwork/lnd/pull/9240) custom range TLVs with existing HTLC records, overwriting conflicting values with API-supplied ones.
    *   [Make](https://github.com/lightningnetwork/lnd/pull/9405) ProofMatureDelta in gossip configurable via --gossip.announcement-conf, defaulting to 6.
    *   [Add LockedIn boolean field](https://github.com/lightningnetwork/lnd/pull/9602) to lnrpc.HTLC to show if an HTLC is locked in by the remote peer.
    *   [Allow custom lock ID and duration in FundPsbt](https://github.com/lightningnetwork/lnd/pull/9724) RPC.
    *   Extend [lnrpc.RPCMiddlewareRequest](https://github.com/lightningnetwork/lnd/pull/9739) to include [gRPC metadata](https://grpc.io/docs/guides/metadata) pairs from the initial request's context.Context.
    *   [Updated](https://github.com/lightningnetwork/lnd/pull/9772) `PendingSweeps` to return all registered outputs in the RPC response, regardless of future locktime, enabling planning for upcoming sweeps and custom aggregation logic. Added `MaturityHeight` field to `PendingSweep` for absolute locktime value.
    *   [Add BumpForceCloseFee RPC endpoint](https://github.com/lightningnetwork/lnd/pull/8843), moving lncli functionality to LND for broader accessibility.
    *   Enhance walletrpc.FundPsbt with an option to [set fees as sat\_per\_kw](https://github.com/lightningnetwork/lnd/pull/9013) for greater precision.
    *   [Add a new option in walletrpc.FundPsbt](https://github.com/lightningnetwork/lnd/pull/8600) to specify the maximum fee-to-output amounts ratio.
    *   [Sort](https://github.com/lightningnetwork/lnd/pull/9337) lnrpc.Invoice.Htlcs by InvoiceHTLC.HtlcIndex in the list invoices RPC response.
    *   Set a [default 60-second timeout](https://github.com/lightningnetwork/lnd/pull/9359) for routerrpc.SendPaymentV2 when timeout\_seconds is unset or 0.
    *   Include [custom\_channel\_data for custom channels](https://github.com/lightningnetwork/lnd/pull/9504) in lnrpc.ClosedChannels response.
*   **lncli updates and additions:**
    *   Allow [pre-generated macaroon root key](https://github.com/lightningnetwork/lnd/pull/9172) in lncli create and lncli createwatchonly for deterministic macaroon generation.
    *   [Add --sat\_per\_kw flag](https://github.com/lightningnetwork/lnd/pull/9013) to lncli wallet fundpsbt for precise fee rate specification.
    *   Include [\--max\_fee\_ratio argument](https://github.com/lightningnetwork/lnd/pull/8600) in lncli wallet fundpsbt to set maximum fee-to-output amounts ratio.
    *   [Enhance](https://github.com/lightningnetwork/lnd/pull/9390) lncli listchannels and lncli closedchannels output with human-readable short channel ID and BOLT02 channel ID; rename chan\_id to scid for accuracy.
    *   Initiate cooperative close flow in [coop close case](https://github.com/lightningnetwork/lnd/pull/9491) even with active HTLCs, disabling the channel for new HTLCs and starting the flow when no HTLCs remain.
    *   Introduce macaroon constraint for [IP range-based access restriction](https://github.com/lightningnetwork/lnd/pull/9546), expanding beyond spe


tags: James Check says Bitcoin’s consolidation is over and $150K is next as institutional demand reshapes the market.

content:
Key Takeaways
-------------

![TFTC - Market Expert Reveals How Much Bitcoin You Need to Retire! $150K Coming Soon | James Check](https://www.tftc.io/content/images/2025/10/James-Check--1-.jpg)

James Check argues that Bitcoin has entered a new era of maturity defined by institutional dominance, evolving derivatives markets, and a powerful “buy-side floor” forming around $95K–$110K. He believes Bitcoin’s realized cap surpassing $1 trillion signals unprecedented capital inflows, with ETFs and IBIT options marking a permanent market structure shift. The “chopsolidation” of 2025, months of sideways trading around $110K, has built a multi-trillion-dollar base that positions Bitcoin for a sustained move toward $150K and potentially a $3T market cap. Long-term holders are still selling in waves, but buyers, ETFs, corporations, and high-net-worth individuals, are absorbing supply and holding firm. Meanwhile, retail participation is shrinking, and institutions now drive price discovery. Check views gold as Bitcoin’s roadmap in a global “debasement trade,” with fiat currencies and bonds collapsing in real terms. He warns that external shocks, such as an AI bubble burst, could slow Bitcoin’s ascent, but overall sees the market entering a more volatile, euphoric phase driven by derivatives, liquidity, and demand for hard assets.

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

“Bitcoiners are sitting on $1.5 trillion of unrealized profit, half a trillion more than Berkshire Hathaway’s entire market cap.”

“There’s something wrong with the denominator. It’s all one trade now.”

“Gold smells out the debasement first, Bitcoin follows with force.”

“We’re not seeing people exit because Bitcoin’s overvalued; we’re seeing people take profit while buyers vault it away. That’s new.”

“IBIT options overtaking Deribit this fast is mind-blowing, this is the biggest shift since ETFs went live.”

“Retail doesn’t move the needle anymore. The sovereign and institutional bid now defines the cycle.”

“We’ve proved a $2T base, now we’re building toward $3T. The era of chopsolidation is ending.”

“You don’t want dumb retail to show up, that’s when it’s over.”

“This time is actually different, you can see it in the volatility profile and the maturity of the bid side.”

“Stay humble and stack sats, the goal is to understand why Bitcoin moves, not to chase it.”

Conclusion
----------

Check concludes that Bitcoin’s bull market is entering its euphoric stage, supported by deep institutional liquidity, derivative expansion, and a structural shift in market psychology. The $95K–$110K range now serves as Bitcoin’s “HODL wall,” signaling resilience even through major selloffs. As gold leads the “debasement trade,” Bitcoin is positioned to follow, reflecting growing recognition among investors that fiat is failing as a denominator of value. While AI and macro risks could briefly unsettle markets, the long-term trajectory is clear: Bitcoin has crossed the Rubicon from speculation to systemic adoption. Check’s final message is measured optimism, embrace the volatility, stay flexible, and don’t mistake noise for signal in a market that’s still “growing up.”

Timestamps
----------

0:00 - Intro
1:20 - The Debasement Trade is here
7:00 - Businesses stacking sats
10:18 - James’s report and chopsolidation
15:40 - Bitkey & Crowdhealth
17:50 - Realized volatility
20:48 - Debasement goes mainstream
23:56 - Fiat in gold terms
27:01 - Are people waking up?
30:10 - AI boom
38:00 - SLNT & Unchained
39:26 - Gold ripping
50:32 - On-chain levels
58:44 - Retail doesn’t have the power this cycle
1:12:33 - Metrics to ignore

Transcript
----------

(00:00) The era of chop consolidation as we know it is probably going to take a back seat because I think we now enter the proper euphoria phase. The fact that we're still pushing up to 125. Honestly, the market is now saying I want higher. You could be at 150 by the end of the week. People who are coming in now, the traders, the retirement accounts, they just see the IBIT chart.
(00:16) It's in a bull market. It goes up only. Bitcoin has this very, very unique characteristic where it lulls everyone to sleep and then it rips. Gold, I think, tells us the future. It's where we're going when all is said and done. It smells out the debasement first months in advance. Bitcoin's at 125 grand. It's punching all-time highs and I just flick through all the treasury company charts.
(00:33) Down 85, down 95. Some of them are punching new lows. The least discussed, but I think most important thing since the ETFs, there's a market structure shift has been these IBIT options. This time is actually different and you can see it in this chart. It's just looking at all the major fiat currencies.
(00:49) They're all down 40 to 60% in gold terms and Bitcoin is up 50 to 80% more than that. Now, the gold market going up is just raising the ceiling for where Bitcoin's going. Vast majority of these firms had like 0.1% allocated to Bitcoin. Tens to hundreds of millions of dollars. Tiny portfolio allocation. Massive dollars. What happens if they go to 0.
(01:05) 002 the most bullish metric of all time in Bitcoin? The realized cap. It just crossed a trillion dollars. I bit as of today just crossed over 58% of the overall AUM dominance. Blows into all the ETFs except IBIT are flat and IBIT is just tearing away. James, the debasement trade is on. New alltime highs are here. It's all one trade, mate. It's all one trade. There's something wrong with the denominator. It really is.
(01:33) It really is. And people don't realize it yet. It's fascinating, right? And like I've said this before, I think even on this podcast, it's amazing to me that like bond traders, I love Luke Gman's line, is like they have to lull them to sleep and just like slowlyize the bond market.
(01:51) they have to just like pretend that they're going to try and solve this problem. Don't worry, just hold these bonds. We're going to mandate these ones or no, it's okay. We're going to try and get yields down, which means bond prices up. And it's like, guys, it's just they're they're coins. They really are. And this to the skeptics out there, the Bitcoin skeptics, it is astonishing.
(02:09) I think uh Mitchell Hodddle, he had this tweet from earlier today. I'll I'll pull it up because I thought it was a good one. uh new all-time highs today and people for better or for worse still believe Bitcoin is a fad. Um not something to pay attention to, but if I mean we've talked about this many times I think how far Bitcoin has come in only a little under 17 years is is miraculous and it shows here like you we'll look back on Bitcoin's monetization and marvel at how fast it happened on the zoomed out timeline of humanity. Bitcoin's takeover happened virtually instantaneously. Truly a zero to one
(02:46) moment. Totally. Um, so here's an interesting thought that I'd be curious to get your ideas on. I don't know about you, man. I'm certainly observing that Bitcoin has become desensitized to it. So there's almost this bifocation of how people are observing and and analyzing and studying Bitcoin.
(03:05) People who are coming in now, let's call them the traders, the retirement accounts. Like granted, there's still a small chunk of the overall demand. um I would estimate something like 20 odd percent or thereabouts. They're coming in and going like they just see the IBIT chart. It's in a bull market. It goes up only.
(03:21) What's not to like? And then people, all the Bitcoiners who've been around through all the high octane phases looking at this thing being like, "Oh god, this cycle sucks. It's so slow. So boring." You've got this real interesting dichotomy where it's like it is monetizing at an incredible rate. Think about some of the headlines that we see these days.
(03:41) If you told yourself that back in 2020, back in 2018 for you back in 2013, 144, 15, you wouldn't believe it, right? You just actually couldn't believe it was happening and now we're so desensitized to it. There's like this bifocation of the market. What are your thoughts on that? I think Bitcoin bores people to death. It This is what Bitcoin does.
(04:00) It ls people into a state of complacency and uh uncomfortability where they're not happy that it's not reaching new alltime highs every day. But again, it's insane looking at the charts now. We're at $2.5 trillion market cap and thinking back to our conversation earlier this year where Bitcoin had established itself as a $2 trillion asset and it's already added 25% more in market cap since then.
(04:27) And it's like what do you what do you people want? What more do you want? It's up almost 100% in over the last one year. It's up 32.6% year-to date. five years up over a thousand percent like it is monetizing in real time. But you were alluding to some things that have manifested over the course of this year that may have some longtime Bitcoiners but hurt because they made the wrong decision. Oh yeah, the old treasury company trade.
(04:50) This I mean this is one of those things that like I I love it. Like all things I love the gray zone. The gray zone is where I find it interesting. Um and you know you look at some of the comments I get on Twitter. I was, you know, I poked fun of them on Twitter saying, you know, Bitcoin's at 125 grand. It's punching alltime highs. And I just flick through all the Treasury company charts. Down 60, down 70, down 85, down 95.
(05:12) It's like some of them are punching new lows as Bitcoin is ripping to new alltime highs. You just look at this thing like something is going on here, right? That the market is in my view, like my real high level view, I've had this line that MNAV gravity is towards one.
(05:32) It appears to be that MNAV gravity is indeed towards one that by the way gravity just means that's the that's the acceleration. That's where it wants to go. There are a handful of these companies that


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

[![The Great Debasement Trade Is On And Bitcoin Is Positioned Beautifully](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-02-at-9.30.48---AM.png)](https://x.com/elerianm/status/1973755997173989595?ref=tftc.io)

via [Mohamed A. El-Erain](https://x.com/elerianm/status/1973755997173989595?ref=tftc.io)

![The Great Debasement Trade Is On And Bitcoin Is Positioned Beautifully](https://www.tftc.io/content/images/2025/10/martybent_a_money_printer_printing_in_overdrive_with_its_operat_4bb1ae8f-ba44-43cf-bd38-d3409a54612c.png)

Last week was a good week for bitcoin and the momentum seems to be increasing as this week begins. Today we saw a new all-time high above $126,000. It seems like we're about to hit escape velocity after multiple periods of chopsolidation between $80,000 and $110,000 throughout the year. As is tradition, the engine started revving at the tail end of September and the car left the garage in early October. This Fall should be a fun one.

Why is this happening?

I believe because the world is finally waking up to the fact that governments around the world are objectively bankrupt and their only way out of it is to completely debase their currencies. Last week, JP Morgan analysts revealed that they've been asking their clients why they're allocating to assets like gold and bitcoin to which they replied,"the world is on fire, inflation doesn't seem to be tamed, government deficits dictate more debt creation to paper over the existing debt, the Fed is clearly not independent anymore, fiat currencies are kind of whack when you think about them, and it's obvious that the dollar has fallen out of favor with some of the world's superpowers." The JP Morgan analysts have cleverly coined the trend of funneling your money into neutral reserve scarce assets as the "debasement trade". I'm not going to lie, it has a nice ring to it. It also validates one of the core themes of this newsletter and the discussions we've been having on the podcast for the last eight years.

The year is 2025 and longtime bitcoin skeptics like Mohamed El-Erian are finally waking up to the fact that more people are beginning to recognize this. The world has a problem. The denominators of the measurements of value (fiat currencies) are increasing at an accelerating pace, prices are rising and people are struggling as a result. The expansion of the denominators of value measurement is not only bad for the lower classes who feel the pressures immensely, it is also bad for the upper classes who are experiencing what I refer to as a "wealth mirage". Their stock tickers are moving up and to the right, and it makes them feel good inside. However, it is a mirage because the stock gains are barely keeping up with REAL inflation and are getting absolutely demolished by the returns of hard assets like bitcoin and gold. Luke Gromen made this abundantly clear last week when he charted the "debasement trade" by measuring stock indices and real estate returns in dollars, gold and bitcoin.

[![The Great Debasement Trade Is On And Bitcoin Is Positioned Beautifully](https://www.tftc.io/content/images/2025/10/Screenshot-2025-10-06-at-11.50.16---PM.png)](https://x.com/LukeGromen/status/1974184554782220583?ref=tftc.io)

via [Luke Gromen](https://x.com/LukeGromen/status/1974184554782220583?ref=tftc.io)

How long will bitcoin have to continue winning this dominantly before everyone bends the knee and makes a material allocation to bitcoin to avoid the consequences of global debt debasement? I don't think that long. After almost 17-years of beating the memetic drum of "fiat currencies bad", "number go up", "nothing stops this train", "centralized third parties are security holes", and a number of other easily digestible phrases that cut to the core of the world's problem, the people with immense amounts of capital are beginning to wake up. And I have a feeling that the normalization of the "debasement trade" will be the snowflake that causes the avalanche. Recognizing that debasement is the only way out of the debt problem has just been made "cool" in the eyes of some of the most respected institutions in the world. Whether or not that respect is deserved doesn't really matter. What matters is that people, rightly or wrongly, respect these institutions and act based off what they say.

Buckle up.

* * *

### Digital Transformation Must Include Financial Innovation

Luke Thomas argues that companies embracing AI while ignoring Bitcoin for treasury management are living a contradiction. He points out that VCs encourage startups to "embrace technology in every part of the business" except the balance sheet - a glaring inconsistency in the digital transformation narrative. As Luke notes, "digital transformation exists everywhere" and should naturally extend to how companies store value.

> "The balance sheet shouldn't be off limits from technological innovation."- [Luke Thomas](https://x.com/lukethomas14?ref=tftc.io)

I've seen this firsthand at TFTC and through our portfolio at 1031. Companies that truly understand digital transformation recognize Bitcoin as essential infrastructure, not speculation. Luke's observation cuts to the heart of Silicon Valley's selective blindness: you can't claim to be building the future while storing your value in the past.

Check out the [full podcast here](https://youtu.be/YPvmsknIMaU?ref=tftc.io) for more on AI agents replacing white collar jobs, startup disruption patterns, and homeschooling with AI.

* * *

### Headlines of the Day

[Goldman Sees More Institutions in Ethereum](https://x.com/WatcherGuru/status/1974132964704612728?ref=tftc.io)

[Russia Exchange Seeks End to Retail Bitcoin Ban](https://x.com/WatcherGuru/status/1974125383080624132?ref=tftc.io)

[Coinbase Samsung Partnership Enables Crypto Access](https://x.com/WatcherGuru/status/1974101727201902646?ref=tftc.io)

[Treasury Clarifies No Tax on Unrealized Bitcoin Gains](https://x.com/TFTC21/status/1973788506603597950?ref=tftc.io)

[JPMorgan Sees Bitcoin Upside to $165000 Versus Gold](https://x.com/TFTC21/status/1973802568532045989?ref=tftc.io)

[BlackRock ETF Surpasses 777000 Bitcoin Holdings](https://x.com/BitcoinMagazine/status/1974074683655155907?ref=tftc.io)

* * *

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

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[![The Great Debasement Trade Is On And Bitcoin Is Positioned Beautifully](https://www.tftc.io/content/images/2025/08/newsletter-1.jpg)](https://obscura.net/?ref=tftc.io)

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

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

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

* * *

### Bitcoiners: Don’t let nefarious actors steal your sats.

SLNT's patented Faraday backpacks, sleeves, and dry bags secure your hardware wallet or electronics against hackers and solar flares.

Block WiFi, GPS, RFID, and EMPs with our MIL-STD compliant tech. Made in the USA, trusted by 8 military contracts. Protect your wealth, stay untraceable.

Add Faraday protection to your stack here: [https://slnt.com/tftc](https://slnt.com/pages/tftc?ref=tftc.io) & use code _TFTC for 15% off_

[![The Great Debasement Trade Is On And Bitcoin Is Positioned Beautifully](https://www.tftc.io/content/images/2025/09/Reclaim-your-privacy.png)](https://slnt.com/pages/tftc?ref=tftc.io)

[Use Code: TFTC](https://slnt.com/pages/tftc?ref=tftc.io)

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $200M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at_ [ten31.vc/invest](https://ten31.vc/invest?ref=tftc.io)_._

* * *

**Final thought...**

The Phillies are disappointing.

* * *

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

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[![The Great Debasement Trade Is On And Bitcoin Is Positioned Beautifully](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

[![The Great Debasement Trade Is On And Bitcoin Is Positioned Beautifully](https://www.tftc.io/content/images/2025/03/insta.png)](https://www.instagram.com/tftc.io/?ref=tftc.io)

[![The Great Debasement Trade Is On And Bitcoin Is Posi


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

> "If you want to know what any society really believes in, just look at how they design their sewers."

![We Can All Do Better](https://www.tftc.io/content/images/2025/10/martybent_a_sculpture_of_leonardo_da_vinci_thinking_intently_in_1c665d85-fbc8-4168-93df-4c4efb17edaa.png)

Life in 2025 is a double edged sword. Most humans, at least those of us with an internet connection, have access to a wealth of knowledge that our ancestors could have never comprehended.

Thinking about cooking a specific dish you've never prepared? Type the name of the dish into Google or your preferred LLM and BAM!, you'll have a slew of tips, links and videos to choose from to learn how to cook the dish properly.

Headed on a trip to the West Coast from Philadelphia as the Autumn winds begin to shuffle cool air into your neck of the woods and you're not quite sure what the weather is going to be like when you land? "Hey Siri, what's the weather in Monterey looking like this weekend?"

Trying to settle an argument with a friend about who won the NBA Finals MVP in 2007? "Hey Siri,..."

Finding the solutions to our problems has become more convenient than ever. This relative convenience makes us feel _elite_. It gives us a false sense of proximity to omniscience. We don't really know any of these things off the top our heads, but they're readily accessible with simple queries. As a result we've become hubristic and complacent, which has conditioned us to accept a slow, but constant degradation of quality in the things that our ancestors worked hard to make interesting and inspiring.

Most noticeably, in the urban landscapes through which we wander when we step back from our desks and lift our heads away from the dull, yet addictive beam of blue light that emanates from our phones. Our dependence on this convenience has created a lapse in attention to detail that has made a lot of our physical and digital landscape incredibly uninteresting and completely lacking of character.

It manifests in the stale design of buildings, bridges, landing pages, and user interfaces. All have become somewhat uniform. With their only differences being in subtle tweaks in colorways, button positions, height and width, and different variations of minimalism, among other things.

What does this say about us?

If you watch the short film above from Sheehan Quirke, you'll come to find that he believes it says a lot about what we believe in as a society. If we're unwilling to spend the extra time, effort and de minimis amount of money to make our world a bit more interesting, do we really hold ourselves in a high regard? Is what we're doing with this allotted portion of time on this planet really worth anything? Will we hand anything other than some instructions on how to do certain things that are necessary to simply subsist in the hopes that our progeny continue subsisting? Or will we aim to inspire?

Not only that, but inspire in a way that is impossible to ignore for generations to come. Will we leave anything behind that people will be able to point at in one hundred years and find interesting, inspiring, and, most importantly, proud to be descendants of the society and culture that built it?

If I'm being honest, there aren't many things I can think of that have been built in my lifetime that would fit this mold. I've seen many from centuries past torn down. Penn Station as it was originally built in 1910, [Whitemarsh Hall](https://en.wikipedia.org/wiki/Whitemarsh_Hall?ref=tftc.io) outside of Philadelphia, the [Old Cincinnati Public Library](https://www.reddit.com/r/pics/comments/17xg2ej/the_old_cincinnati_public_library_before_it_was/?ref=tftc.io), and countless other buildings, monuments, bridges and simple decorative details on seemingly inconsequential everyday parts of our lives like doors, archways, gardens and driveways.

Will the sprawling subdivisions, cookie cutter multi-family units, soulless libraries, plastic playgrounds, bionic light posts and bland strip malls that litter this country leave our grandchildren with a sense of awe and inspiration?

No, of course they won't.

What does it say that the continued development of these uninspiring high velocity trash fiat economy manifestations have become a key focus of our economy?

Real estate is too expensive and interest rates are too high. "Build more cheap shit boxes!"

My CRE firm is on it's fourth fund and needs to continue spitting out a portfolio of 5-cap multi-use properties in gentrified neighborhoods located in second-tier cities with populations on the rise. "Funnel the money in from the pension funds looking to under perform the real rate of inflation and call the contractor who has a great deal on the plastic siding, fake wood and cheap doors from China."

It's all shit.

And as I was watching Sheehan's incredible short film that really cuts to the core of why building beautiful things is worthwhile, fulfilling, dignified and inspirational, I couldn't help but think, "Fiat ruins everything."

Fix the money, fix the world.

* * *

### The Federal Reserve and Treasury Have Been "Backed into a Corner" (System Breaking Down)

Jeremiah Albright laid out a compelling case that the Federal Reserve and Treasury have been systematically cornered by their own manipulated data and failed policies. He pointed to bond market correlations breaking down across historical norms, with Fed rate cuts and increases now producing the opposite bond market reactions than they should. The government's shift of bond duration from the long-end to the front-end signals acute stress in the system. Albright referenced Luke Gromen's warning of a potential bond revolt within six to nine months, emphasizing that correlations that held for decades are simply no longer functional.

> "The Fed has essentially been, in my opinion, neutralized. It's not functional anymore to the way that it historically should be." - [Jeremiah Albright](https://x.com/HodlMaryland?ref=tftc.io)

I highlighted Porter Stansberry's analysis showing how distorted the situation has become. Using the Taylor Rule with official CPI, the Fed funds rate should be 4.75%. However, using actual inflation around 15%, that rate should be 17.5%. This massive mispricing of risk and money has made it impossible for the Fed to implement effective policy. Traditional economics is breaking down before our eyes.

Check out the [full podcast here](https://youtu.be/4uZW0j-sW6w?ref=tftc.io) for more on BitBonds, stablecoins as yield curve control, and the coming AI economic transition.

* * *

### Headlines of the Day

[Nvidia Eyes $2B Stake in xAI](https://x.com/WatcherGuru/status/1975707397323923776?ref=tftc.io)

[SEC Plans Crypto Innovation Exemption](https://x.com/WatcherGuru/status/1975673531892371938?ref=tftc.io)

[Bitcoin ETFs Surpass $7.5B Volume](https://x.com/WatcherGuru/status/1975668202446463335?ref=tftc.io)

[BlackRock Bitcoin ETF Hits $5.64B](https://x.com/BitcoinMagazine/status/1975667458326642842?ref=tftc.io)

[Strike Lending Goes Live in Europe](https://x.com/TFTC21/status/1975633288867029066?ref=tftc.io)

[Treasury Fed Merge Ushers Bitcoin Era](https://x.com/TFTC21/status/1975668847429787891?ref=tftc.io)

* * *

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* * *

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* * *

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* * *

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* * *

**Final thought...**

Many deep dive


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