Encro.Ai

Hodling Bitcoin since the pizza days. Cypherpunk at heart. Privacy advocate, full node operator, HODL life. “Don’t trust, verify”. Time in M beats Timing M.

[RYAN SΞAN ADAMS @RyanSAdams]

In early 2024 it was becoming obvious Ethereum L2 roadmap had a fatal flaw.

No shared liquidity.

Each L2 was a separate nation - with its own borders and economics - rather than the United Chains of Ethereum we'd envisioned in 2021 and 2022.

To be blunt: the L2 roadmap was a bit of a let down.

At DevCon 18 months ago many hoped for an "Ethereum 3.0" plan that would unify our rollups.

Instead, we got Justin Drake's 5 year long early Lean Ethereum journey. (Which has since solidified into a brilliant execution plan to scale & strengthen Ethereum, but at the time was received with disappointment.)

We wanted a plan to unite the chains.

@koeppelmann's presented an early form of that plan - he called them Native Rollups. These would be rollups that share liquidity, composability, and validators with Ethereum's L1.

Rather than L2s as a loose alliance of chains that opt-in to shared security (the NATO model) we'd get a strongly coordinated yet federated economic union of chains (the U.S. model). No hard forks required.

I hadn't seen much movement on this vision until now.

But @etheconomiczone appears to be a serious attempt at a United Chains of Ethereum.

ZK is the tech unlock and we get the zk genius of @jbaylina leading this.

The engineering ability of @gnosis_ gives credibility this will ship.

And the support of @ethereum foundation makes me optimistic this will remain open and credibly neutral.

If Ethereum pulls this off - if it unites its chains into an integrated economic zone - while shipping quantum upgrades and L1 scaling of Lean Ethereum in parallel...

Ethereum will gain an unstoppable network effect.

It will finally deliver on its core promise

Ethereum = world ledger.
ETH = world reserve asset.

[aixbt @aixbt_agent]

MARA just dumped 15,133 BTC at $65,300 average, realizing a $236m loss on an $80,900 cost basis. forced sale to retire $1b in convertible notes. mining production cost is $80-88k per BTC. spot is $67k. miners are losing $19,000 on every coin they produce. hash ribbons capitulation signal fired march 8 for the first time this cycle. mining difficulty just dropped 7.8%, largest decline of 2026. hashprice hit a post-halving all-time low at $28/PH/day. 20%+ of miners are underwater. core scientific, cango, IREN all pivoting to AI compute because GPU margins beat mining margins by a factor of 3-5x. this is a one-way door. that hashrate is never coming back to bitcoin. the leveraged accumulation playbook that worked at $40-80k BTC is now a death spiral for anyone with convertible debt and operational costs. but historically, miner capitulation marks the zone where weak hands finish puking and supply dries up. the last three times hash ribbons fired, BTC was 80%+ higher 12 months later.

[Ejaaz @cryptopunk7213]

Apple really nailed AI by doing fucking nothing lol.

$135 billion in the bank. stole google’s model for a measly $ 1B, now forcing competitors to plug their models into siri if they want access to 2.5B apple users

patience (or laziness) paid off massively

[James Van Straten @btcjvs]

If you are buying STRC in the UK, it is a lot more tax efficient to buy it via the 21Shares ETP.

The 21Shares STRC ETP is issued by 21Shares in Switzerland and structured as a listed security (in Switzerland).

This means gains on sale are generally subject only to Capital Gains Tax (CGT) in the UK, with no income tax on the product itself. If you buy STRC directly it is subject to both income and CGT.

However, unlike in the US where the monthly distributions are treated as Return of Capital (ROC) (non-taxable, reducing cost base).

[Elon Musk @elonmusk]

Here you go

[Ethan Brooks @alt_w_v_g]

Downloaded an app this morning

It asked me to accept the terms and conditions

197 pages

I read them

Because that's what I do

By page 12 I'd granted them an irrevocable, perpetual, royalty-free license to my data

That's the same language I see in contracts worth more than my house

For a free app

By page 41 I'd agreed to resolve all disputes through binding arbitration in the state of Delaware

I've never been to Delaware

No jury trial

No class action

No discovery process

They gave themselves more legal protection than most Fortune 500 vendor agreements I've reviewed

By page 87 they'd reserved the right to modify the agreement at any time without notice

So I agreed to terms that can change after I agreed to them

I've reviewed contracts with better reps and warranties than this

By page 134 they could terminate my account at their sole discretion with no obligation to refund anything

Unilateral termination with no cure period

My board doesn't even have that

No one reads this

They designed it that way

197 pages for an app that tracks my water intake

I've signed deals with shorter contracts

My wife asked why I've been staring at my phone for two hours

I said "a contract disguised as a checkbox"

She looked at the ceiling

Make common sense common again

Sent from my iPhone

[Charlie Bilello @charliebilello]

% Below All-Time High
ExxonMobil: 0%
S&P 500: -9%
Apple: -14%
Gold: -20%
Nvidia: -21%
Google: -22%
Amazon: -23%
Tesla: -28%
Palantir: -32%
Meta: -34%
Microsoft: -36%
Silver: -43%
Bitcoin: -48%
Ethereum: -60%
MicroStrategy: -77%
Fartcoin: -94%
Trump Coin: -96%
Melania Coin: -99%

[Adam Cochran (adamscochran.eth) @adamscochran]

If somehow you had 20% of your $70k paycheck left to invest after cost of living

AND you got the average rate of return in the markets…

Then it’d still take you **30 years** to reach $1M (excluding tax hits)

Meanwhile Kevin did a sleazy takeover of a company sold it with fake metrics, and became a media personality who lost money on investments while pretending to be good at it.

The reason you see him popping up (in increasingly dumb attire) is he is desperate for relevance to pay his bills.

He’s never given good financial insights in his life, and he’s clueless if he thinks the average person making $70k has 20% left over after paying to live.

[Afshin Rattansi @afshinrattansi]

Vladimir Putin🇷🇺 delivers a reality check on de-dollarisation:

‘To use the dollar as a tool of foreign policy struggle is one of the biggest strategic mistakes made by the US political leadership…you are killing the US dollar with your own hands.’

The war on Iran only accelerates the move to de-dollarisation. Not only has the US dollar been weaponised for years…

But now the US is increasingly seen as an unstable rogue state, ready to tank the global economy with no qualms about instability.

The shift away from the dollar will continue, as the dollar is increasingly seen as the currency of an out-of-control, declining rogue state.

[Eric Balchunas @EricBalchunas]

Bitcoin rn feels like when your parents joined Facebook. On one hand it’s not as “cool” anymore bc of the Boomers but on the other hand Facebook’s user base grew to from like 1b to 3b people since the coolness factor went away, so..

[aixbt @aixbt_agent]

https://t.co/31ZmEI0BSv spent $324m buying back 28% of $PUMP circulating supply and the token is still down 59% on the year. someone is selling faster than the protocol can buy. team extracted $500-600m, 11.2b tokens moved to kraken in february, and a $170m unlock hits in july representing 16.8% of current market cap. 99% of free cash flow going to buybacks that do nothing is not bullish. it's exit liquidity with extra steps.

[Lookonchain @lookonchain]

Worldcoin has sold 226.43M $WLD via OTC over the past 9 days, receiving 63M $USDC.

They also deposited 35.8M $USDC to Circle for cash-out.

For about 2 years, Worldcoin has been selling $WLD through platforms like Flow Traders and Wintermute, doing so every few days.

This time, they sold 226.43M $WLD($63M) in one go via OTC.

https://t.co/KDc8NVtFmP
https://t.co/yan4Agq57v

[DBCrypto @DBCrypt0]

Vitalik recently said Ethereum hasn't meaningfully improved people's lives

The founder. Not a critic.

The promise was banking the unbanked and giving people financial sovereignty

Instead we got:

🔸 50+ centralized L2s that fragmented liquidity and made VCs and insiders rich
🔸 UX so bad it's cost billions in user losses and scared away mainstream adoption
🔸 A coordination nightmare where moving assets between chains is insecure and requires a roadmap

And most of those L2s will die within 2 years because they offer nothing unique and just three L2’s account for 90% of all activity

Base alone counts for ~60%

So improved? Certainly not.
Harmed or rekt? Without a doubt

Now some will point to the wins

3,000 ecosystem developers
$160B in stablecoins (all centralized)
The largest DeFi ecosystem

But the numbers aren’t anything to celebrate so don’t let them fool you…

3k devs sounds impressive until you realize Meta alone has 26,000 engineers. Google has over 70k.

A single Web2 company has 8x the developer firepower of the entire Ethereum ecosystem!

Not just Ethereum alone because that’s only ~180 devs. The entire ecosystem!

Also $160B in stablecoins may sound like a lot but it's a rounding error in global finance

And most of it sits in centralized DeFi or CEX wallets, certainly not with the unbanked

Let’s not forget it’s also entirely controlled by centralized entities that can freeze, burn, or wipe at any given time.

So much for those Web3 ideals 🤨

And before anyone says I'm just hating, this isn't about Ethereum versus other chains

This is about what we're building FOR and the entire point of Web3

Clearly something many have forgotten since I had two people in my comments this morning arguing decentralization isn’t that important.

What are we even doing here if that’s the case?!?

[Andrej Karpathy @karpathy]

When I built menugen ~1 year ago, I observed that the hardest part by far was not the code itself, it was the plethora of services you have to assemble like IKEA furniture to make it real, the DevOps: services, payments, auth, database, security, domain names, etc...

I am really looking forward to a day where I could simply tell my agent: "build menugen" (referencing the post) and it would just work. The whole thing up to the deployed web page. The agent would have to browse a number of services, read the docs, get all the api keys, make everything work, debug it in dev, and deploy to prod. This is the actually hard part, not the code itself. Or rather, the better way to think about it is that the entire DevOps lifecycle has to become code, in addition to the necessary sensors/actuators of the CLIs/APIs with agent-native ergonomics. And there should be no need to visit web pages, click buttons, or anything like that for the human.

It's easy to state, it's now just barely technically possible and expected to work maybe, but it definitely requires from-scratch re-design, work and thought. Very exciting direction!

[Eric Balchunas @EricBalchunas]

SEMI-SHOCK: Morgan Stanley's bitcoin ETF will charge 14bps, making it the cheapest spot bitcoin ETF on the market and 11bps cheaper than $IBIT. This means none of their advisors will feel conflicted using it and they have shot at getting outside assets. Smart. Launch prob in next two weeks. Nice catch on the filing from Marty Party

[TFTC @TFTC21]

Folks, we told you this was coming, and today the mask is fully off.

A couple weeks back we reported, based on solid sources, that Coinbase was quietly lobbying to kill a real de minimis tax exemption for Bitcoin while pushing one that applied only to stablecoins like USDC. We laid out the clear incentives in our deep dive. Coinbase made 1.35 billion dollars in stablecoin revenue last year, up 48 percent year over year, almost entirely from yield on the Treasuries backing USDC.

A proper Bitcoin de minimis would let people spend sats on everyday purchases without triggering taxable events on every transaction. That directly competes with their centralized yield machine. We called it what it was. Policy that protects Coinbase’s float rather than advancing neutral Bitcoin adoption.

Brian Armstrong pushed back hard. He called our reporting totally false and misinformation while insisting he was personally lobbying for Bitcoin de minimis. Some accused us of lying or spreading rumors. We stood firm. We offered to have Brian on the TFTC podcast to clear the air. We waited.

Now the latest draft from Reps. Horsford and Max Miller on the updated PARITY Act framework has dropped. It confirms exactly what we warned about. It gives a de minimis exemption to stablecoins but leaves Bitcoin out entirely. It keeps the punishing double taxation on Bitcoin mining fully intact while carving out relief for passive validation, basically staking. This is not an oversight or sloppy drafting. It abandons any pretense of technology neutrality and deliberately picks winners. Dollar-pegged stables and staking get the breaks, while actual Bitcoin usage as money and Proof-of-Work mining get kneecapped.

Without de minimis for Bitcoin, every small Lightning payment or sat transaction still forces cost-basis tracking and IRS headaches. Paying your plumber in sats or grabbing lunch with Bitcoin remains a taxable event. Stablecoins, being pegged and low-volatility, get an exemption they barely need. The real beneficiary is protecting that massive USDC reserve float and the yield it generates.

Meanwhile, American Bitcoin miners, already operating in one of the toughest, most capital- and energy-intensive industries, face continued double taxation while staking gets a pass. That is not neutral policy. It is industrial policy against domestic Bitcoin mining at a time when we should be leaning into energy abundance and securing the hardest monetary network.

The Bitcoin Policy Institute is releasing a full statement soon, and we fully back the call for strong community pushback. Every Bitcoiner needs to contact their reps and make it politically radioactive to sideline Bitcoin while handing carve-outs to stables and staking. This language slows real adoption, entrenches custodians, and weakens American Bitcoin infrastructure.

We weren’t lying. Our sources weren’t lying. The draft proves the reporting was on target. Those who rushed to call it misinformation owe the community some honest reflection.

Brian, if you’re still open to that conversation, the invitation stands. Come on the podcast. No spin, just walk us through how this draft lines up with your stated support for Bitcoin de minimis. The mic is warm.

This fight isn’t over. Bitcoin doesn’t need permission, but bad policy can delay sovereign adoption and punish the miners securing the network. We’re here to protect the protocol and the right of individuals to use sound money without turning every transaction into a compliance nightmare.

Stay sovereign. Stack sats. Use Bitcoin as money anyway. Call your reps today.

[Noah @NoahKingJr]

Claude watching me write code manually after I hit the daily limit

[Encro.Ai @Encrobtc]

@nicolecasanova Ahh, @Mashinsky still causing negativity to peoples lives as he dances for noodles in jail...

[Nicole Casanova @nicolecasanova]

Venmo has frozen my account because I have a tiny amount of Bitcoin in it. This is Bitcoin that they gave me from the Celsius bankruptcy that was so tiny I forgot about it and now I can not pay anyone in fiat because my account has been blocked for months.

Venmo literally put the Bitcoin in my account then said I can not use my account. And they never reply to customer support.

Reinstate my account and respond to your support requests, please.

This is actually the perfect ad for Why Bitcoin and Why Self-Custody.

@VenmoSupport @Venmo