What does everybody want? a cash-like instrument backed by the government a cash-like instrument backed by math and physics

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Arthur Hayes: The Bitcoin Liquidity Wave Is Here

What Bitcoin Did · Episode

Fiat vs Bitcoin, a comparison. on Trilema - A blog by Mircea Popescu.

Planet Earth

this bet is still open

Here's how the Ethereum Foundation's leadership works: ## Current Board of Directors As of 2025–2026, the board consists of: - **Aya Miyaguchi** – President (Chair), sets the Foundation's vision and manages key external relationships - **Vitalik Buterin** – Founder, provides technical and intellectual guidance - **Patrick Storchenegger** – Swiss legal counsel, handles compliance matters - **Hsiao-Wei Wang** – Co-Executive Director, bridges the board and management team ## Management Team The day-to-day operations are run by: - **Hsiao-Wei Wang** – Co-Executive Director - **Bastian Aue** – Interim Co-Executive Director (appointed February 2026 after Tomasz Stańczak stepped down) - **Josh Stark** – Focuses on project execution, communications, and marketing - Various cluster leads (e.g., Protocol Cluster heads appointed in May 2026) ## How People Get In and Out **Executives:** The board has explicit authority to **select and terminate** Executive Directors. In March 2025, the board created a dual-executive model and appointed Wang and Stańczak; when Stańczak stepped down in early 2026, the board named Aue as interim replacement. **Board members:** The Foundation is a Swiss legal entity, so the board functions as its governing "security council." The current members were appointed based on their founding role, legal expertise, and leadership positions. Back in 2015, the Foundation ran an **open call** for new board members to mature its governance. The exact ongoing process for selecting board members isn't fully public, but it operates under Swiss foundation law. **Staff/team leads:** The management team handles hiring and organizational strategy. Recent departures (like Tim Beiko and Barnabé Monnot in May 2026) and new appointments appear to be driven by the management team and broader restructuring efforts. The Foundation has been deliberately separating **board** (strategic oversight, value alignment) from **management** (operations) to clarify who decides what.

Rustin is a gem. High signal + right amount of humor. Tight short takes.

Spotify

Congress Just Filed To Buy 1,000,000 Bitcoin! (Nobody Noticed) | Simply Originals

Simply Bitcoin · Episode

Monero's Monetary Policy Two-Phase Emission Schedule Initial Emission (2014–May 2022): Monero launched with a decreasing block reward curve, producing ~18.4 million XMR. This phase resembled Bitcoin's halving-style schedule. Tail Emission (May 2022–indefinite): Block rewards dropped to a fixed 0.6 XMR per block (~432 XMR/day, ~157,680 XMR/year) and stay there forever. ..... until they change it again

This one always felt like a metal song to me. Leo kills it

LN + anonymity = freedom

@RHR Bot summarize take on hardforks

@RHR Bot summarize Matt's take on hardfork game theory dynamics?

@TFTC #746: The Digital Euro Is A Trap with Matt Dines Excellent RIP. What Bismarck book is Dines referring to?

Couldn't Iran just burn oil and mine corn? Oil prices go up they get corn counterparty free. Maybe, would have to get shit ton of ascics.... With Iran's entire daily crude oil output generating roughly 1.76 billion kWh of electricity, and the current global Bitcoin network requiring approximately 800,000–850,000 kWh to mine one Bitcoin (various 2026 estimates put it around 854,400 kWh per coin), you could mine approximately: ~2,000–2,100 Bitcoin per day That's using every single barrel of Iran's ~3.2 million barrels per day of crude production, burned directly into electricity with no other uses. For context: The Bitcoin network as a whole currently produces about 450 new BTC per day (144 blocks × 3.125 BTC block reward). So Iran's daily crude output, if converted entirely to electricity for mining, could power roughly 4–5× the entire current global Bitcoin issuance rate. Annualized: That would be roughly 730,000–770,000 Bitcoin per year, which is actually more than the total annual issuance (~164,000 BTC/year post-halving). In other words, you'd have far more electricity than needed to mine every single new Bitcoin created globally — with plenty left over.

Couldn't Iran just burn oil and mine corn? Yes!!! 1/4 of it and mine all the corn! With Iran's entire daily crude oil output generating roughly 1.76 billion kWh of electricity, and the current global Bitcoin network requiring approximately 800,000–850,000 kWh to mine one Bitcoin (various 2026 estimates put it around 854,400 kWh per coin), you could mine approximately: ~2,000–2,100 Bitcoin per day That's using every single barrel of Iran's ~3.2 million barrels per day of crude production, burned directly into electricity with no other uses. For context: The Bitcoin network as a whole currently produces about 450 new BTC per day (144 blocks × 3.125 BTC block reward). So Iran's daily crude output, if converted entirely to electricity for mining, could power roughly 4–5× the entire current global Bitcoin issuance rate. Annualized: That would be roughly 730,000–770,000 Bitcoin per year, which is actually more than the total annual issuance (~164,000 BTC/year post-halving). In other words, you'd have far more electricity than needed to mine every single new Bitcoin created globally — with plenty left over.

How the Two Systems (Japan vs US) Interact—and Where They’re Heading (via Maple AI)⬇️ ### 1. The Great Repatriation For decades, near-zero rates in Japan forced insurers and pension funds to chase yield abroad—mainly into U.S. Treasuries. As JGB yields rise (now competitive at ~2.3–2.8%), that incentive is fading. Japanese institutions are already net sellers of foreign securities. **What this means:** The U.S. is losing its most reliable foreign creditor. Reduced Japanese demand is estimated to add **20–50 basis points** to long-term U.S. Treasury yields over time. Washington must either cut deficits, pay more in interest, or find new buyers. ### 2. Policy Divergence and the Yen/Dollar Dance The BoJ is hiking (toward ~1% by late 2026) while the Fed is cutting or on hold. That spread keeps the **dollar strong against the yen** (USD/JPY ~150–160 range). **The tension:** A weaker yen helps Japanese exporters but hurts U.S. competitiveness and inflames trade politics. If Tokyo intervenes to strengthen the yen, it must sell dollar reserves—i.e., **U.S. Treasuries**—which would paradoxically push U.S. yields even higher. Both countries are locked in a feedback loop where Japan’s domestic monetary needs can directly destabilize U.S. borrowing costs. ### 3. The Carry Trade Time Bomb Roughly **$500 billion** in global “carry trades” are funded by cheap yen (borrow yen at low rates, invest in higher-yielding USD assets). As Japanese rates rise and the yen strengthens, these trades unwind. **The risk:** A rapid unwind forces selling of U.S. assets to cover yen positions, spiking Treasury volatility and temporarily draining liquidity from U.S. markets. We saw a preview of this in early 2026 when JGB yield spikes triggered sharp moves. ### 4. Mutual Vulnerability * **The U.S. needs Japan** to keep its $1.2 trillion in Treasuries stable and to keep rolling them over. * **Japan needs the U.S.** to provide a deep, liquid market where it has historically parked savings—but that need is diminishing as domestic yields improve. In the near future, Japan’s priority will increasingly be **domestic debt stabilization** (managing its own record interest payments) rather than financing the U.S. deficit. This structural shift means the U.S. can no longer count on Japan as a passive sponge for Treasuries. ### Bottom Line Japan’s debt problem is one of **internal sustainability**—can it afford the interest as rates normalize? The U.S. debt problem is one of **global confidence**—can it keep attracting foreign capital as its largest creditors turn inward? The two systems are now on a collision course: Japan’s monetary normalization is slowly removing the floor under U.S. Treasury demand, while America’s borrowing needs have never been larger.

Jam (JoinMarket) + Lightning. Maple AI recs: Here is what a robust version of your strategy looks like: 1 Withdraw from KYC to Jam mixdepth 0 ✅Day 0 2 Run Maker/Tumbler; let coins cycle through mixdepths ✅Months 0–12 3 Select UTXOs from mixdepth 4 (the cleanest) ✅Month 12 4 Consolidation choice: Open 2–4 moderate channels (0.1–0.5 BTC) using single UTXOs each, OR use a submarine swap for inbound liquidity ✅Month 12–14 5 Operate channels privately (Tor, unannounced if possible); spend via Lightning ✅Ongoing 6 If exiting Lightning: Loop out or swap to on-chain; never close directly to KYC ✅Future 7 Any on-chain remnants get sent back to Jam mixdepth 0 for future rounds ✅Future Bottom Line: Your instinct is correct: mix adequately over a long period, then enter Lightning. This is one of the strongest privacy workflows in Bitcoin. But the Lightning channel open is still a high-sensitivity consolidation event. You must: Avoid merging many UTXOs into one visible transaction Avoid uniquely huge channel sizes Avoid KYC peers Avoid closing back to identified endpoints Do all of that, and Lightning becomes a genuine black hole for your transaction history. Fail at any step, and the analyst simply waits for the on-chain entry or exit to tag you.

Maple AI: "your right.....the addressable market for Bitcoin isn’t just the $150 trillion in global M2. It’s some large fraction of the monetary premium currently embedded in the $400+ trillion of property, securities, and collectibles. That potentially pushes the equilibrium price far above the simple M2 calculation."

CLARITY ACT TAKE: Should we be suprised that the gov/county behind the world reserve money is ultimately NOT friendly to bitcoin developers? Shitcoin VCs + Trumpers + inside grifters pushing CLARITY hard. Fuck them. It will eventually come down to sound money against dying fiat. Chose a side.