💯

we’re on the verge of bitcoin potentially becoming a reserve currency as they move to eliminate unrealized gains taxes. yet here we are arguing about filling nodes with junk data that is absolutely unnecessary. the lack of perspective is staggering. we can’t see the forest for the trees and we’re never content with the incredible progress that we’ve already made.

bitcoin’s very definition is peer-to-peer cash. it’s not dropbox. even op_return or inscription envelopes canonly squeeze in a few mb per hour, taking decades to rival a cheap cloud dropbox plan. bitcoin is money, not a file server.

remember when vitalik approached to use bitcoin for non-monetary data and we said fuck off. wild how much water’s gone under the bridge since then.

people don’t give a fuck until it hits their own portfolio. that’s when “minority concerns” suddenly get promoted to “majority panic” but by then it’s already too late.

The Treasury just issued interim guidance exempting corporations from counting unrealized gains/losses on Bitcoin under the Corporate Alternative Minimum Tax (CAMT) fixing what threatened to tax paper gains. No better development for Bitcoin than this one. Now it’s time to push for eliminating capital gains taxes more broadly, not just for companies.

Banks get rescued. You don’t.

💯

the idea that fees alone stop spam sounds good on paper, but breaks down fast when you look at real attacks. fees swing around. on a quiet sunday morning, an attacker can jam blocks with junk for pennies. by the time fees rise, the junk is already locked in and every node has to store it forever. not every attacker cares about burning money. governments (especially governments who want bitcoin to die) ideological actors, rival coins, or just rich trolls can spam even when fees are high. think about that for a second and you’ll realize that this action immediately invites some actors/bodies to throw unlimited resources at trying to kill bitcoin. economic deterrence only works on people with limited resources who care about economics. spammers pay miners, but the cost lands on everyone else. every node has to download, process, and store spam transactions forever. the bitcoin blockchain itself remained neutral 'til now, it's simply a ledger of txs. the problematic content emerges only when specialized software interprets blockchain data in ways that reconstruct harmful material. until now, the defense was that bitcoin doesnt support data, it requires extra tools and software to transform it to CSAM. however, with the introduction of core 30, this distinction becomes less tenable. 30 effectively transforms every participating node into a component of a distributed storage system making operators potentially complicit in hosting content rather than merely maintaining tx records. this shift fundamentally changes the nature of node operation from passive record-keeping to active data hosting, raising new questions about liability and responsibility for network participants. another words every node running core 30 effectively becomes part of the data-storage layer and thats a big problem! if bitcoin is money and if you’re a monetary maximalist, there’s no such thing as “legitimate or interesting content” on the network beyond tx data.

my conclusion is that the whole op_return operation is about pissing off monetary maximalists who also happen to be big hodlers pushing them to sell and leave. and they’re doing it pretty successfully.

a non-believer in monetary maximalism trying to be a bitcoin authority is like an atheist with good bible knowledge trying to lead sunday church prayers.

we all started as monetary maximalists. some stayed, others drifted.

if you’re fundamentally right, you don’t need technical skill to defend it. if you’re fundamentally wrong, no amount of technical skill can save it.

gonna be fun

random saturday thought: stables are gonna be big, very big. but no way they let eth eat this whole market. global finance already knows: eth is tech, and bitcoin is money. only the money survives, tech comes and goes. they’ll keep inventing new L1s for the next 5 to 10 yrs, but in the end everything will settle on bitcoin.

we’re not in an ai bubble (yet). my favorite indicator: nvidia at 26x forward earnings. in the dotcom bubble cisco traded at 60x, wasn’t nearly as crucial, and wasn’t growing 40%+ revenue.

being a bitcoin dev is more about stewardship than authority. at this point in time, i’m not 100% convinced that protecting the protocol’s principles, aligning with its users, and the idea of bitcoin are at the top of core devs’ priority list and that’s a real risk for me. this is how i feel today.

biggest existential risk to bitcoin is that a group of devs decide their vision matters more than the idea of bitcoin itself. think about that!

remember when core supporters with borrowed opinions from their idols laughed at bitcoiners running knots. now they’re the ones posting charts counting v30. i just want tens of different clients running bitcoin so these creatures stop pushing their borrowed opinions on others who think different. i couldn’t care less about knots but lately these clowns been pissing me off.

market gods punishing the leveraged sinners. much, much higher we go.