Warum sind wir noch hier?
Die Welt lacht über Bitcoin.
Die Opportunitätskosten, Bitcoin zu halten, waren in den letzten 12 Monaten immens.
Tech-Aktien gingen durch die Decke.
Alles, was mit KI oder Space zu tun hat, erreicht astronomische Höhen.
Und Bitcoin?
Bitcoin stagniert, fällt und kennt keinen Boden.
Ist ein Ende in Sicht?
Nein.
Ein Ende sieht man meist nur im Rückspiegel.
In den nächsten Monaten gehen die drei größten Investmentgeschichten aller Zeiten an die Börse: SpaceX, OpenAI und Anthropic.
Ca. 300 Mrd. USD an frischem Kapital werden dafür benötigt.
Das entspricht der Kaufkraft von 4,5 Mio. Bitcoin.
Wird ein Teil von diesem Kapital aus Bitcoin abfließen? Ist der Prozess schon im Gange?
Wahrscheinlich schon. Wie viel, weiß keiner.
Fakt ist, dass eine Person, die agnostisch nach Rendite sucht, diese zurzeit eher in KI als in Bitcoin vermutet.
Das trifft sowohl auf Privatpersonen als auch auf institutionelle Investoren zu.
Ich frage also noch einmal: Warum sind wir noch hier?
Für Menschen, die Bitcoin eindimensional als Renditeobjekt betrachten, stellt sich diese Frage nicht mehr.
Sie sind bereits ausgestiegen.
Die Leute, die Bitcoin jetzt noch halten, bewegt etwas anderes.
Sie bewegt, dass die gesamte Welt bis zum Hals in Schulden steckt.
Sie bewegt, dass Freiheit Stück für Stück gegen Kontrolle eingetauscht wird.
Sie bewegt, dass persönliche Souveränität weiter in den Hintergrund gerät.
Sie bewegt, dass gespeicherte Lebenszeit zu wertvoll ist, um sie in die Hände eines Dritten zu legen.
Sie bewegt, dass Verwässerung Teil eines jeden Finanzsystems ist.
Kurz:
Sie bewegt genau das, was im Verlauf der Geschichte immer wieder der Fluch des souveränen Individuums war:
Die Einschränkung der persönlichen Souveränität und die Verwässerung der gespeicherten Lebenszeit.
Ist SpaceX eine Antwort auf diese Themen?
Sind OpenAI oder Anthropic eine Antwort auf diese Themen?
Nein.
Unter allen Vermögenswerten gibt es nur eine Antwort auf diese Fragen.
Bitcoin in Eigenverwahrung.
Die Rahmenbedingungen unter denen sich die Welt entwickelt zeigen alle auf Bitcoin.
Aber die Welt ist momentan abgelenkt durch den euphorischen Rausch von KI.
In Zeiten der Euphorie sucht niemand nach Souveränität.
In Zeiten der Euphorie will jeder einfach dabei sein. Koste es, was es wolle.
Solche Euphorie ist wie Ebbe und Flut.
Sie kommt und geht auch wieder.
Und wenn sie geht, bleiben nur die Dinge übrig, die nicht von Aufmerksamkeit abhängig sind.
Die Probleme, die Bitcoin löst, verschwinden nicht durch KI.
Sie verschwinden nicht durch Raketen.
Sie verschwinden nicht durch höhere Aktienkurse.
Die Schulden bleiben. (nehmen zu)
Die Verwässerung bleibt. (nimmt zu)
Der Bedarf nach Souveränität bleibt.
Darum sind wir noch hier.
Wir suchen nicht das attraktivste Investment der aktuellen Stunde.
Wir halten die Antwort auf Probleme in unser Hand, die genauso alt sind wie die Zivilisation selbst.
Mit der Zeit wird die Welt sie wiederentdecken.
Und im Rückspiegel wird alles offensichtlich wirken.
CEOs are quietly realizing the AI replacement plan has a problem.
Two problems, actually.
One: the token costs for running AI agents are now exceeding what they were paying the employees they fired.
Two: when the tokens run out, the AI stops. Just stops. No continuity. No workaround. Just a spinning wheel where your workforce used to be.
You fired humans to save money and bought a subscription that bills you into a corner.
The employees you let go knew what to do when things broke.
The AI just invoices you for the outage.
And then there’s the permission problem nobody wants to talk about.
To do its job, the AI agent needs access. Full access. Your systems, your patents, your contracts, your future plans. Everything you spent years building, handed over to a process that has no loyalty, no discretion, and no skin in the game.
You didn’t hire a replacement.
You gave a stranger with no soul the keys to everything you own.
Enjoy.
Huge progress update. We will soon have Cashu Ecash mints in secure enclaves that the mint operator can't steal the Bitcoin from, not can they inflate or manipulate the Ecash supply.
The operator has no access to the private keys of the mint. This is amazing news for users and operators alike.
It allows us to build tools for communities that allow them to run mints without being afraid of malicious actors, internally or externally, such as security threats from hackers.
We're building this for the Bitcoin community first but we're planning to expand this also for local currency communities outside of the crypto space that exist in pockets all around the world. Especially the local currency tech stack is old and antiquated. We're going to give them the most advanced ecash protocol they could ever dream of. For free!
Lots of moving parts here: servers, libraries, backend, wallets, and protocol extensions. Incredible work by the entire Cashu team.
Bitcoin Pizza Day is the wrong story.
10,000 BTC for two Papa John's pizzas. Everyone knows the number. Almost nobody knows what happened 12 days earlier.
On May 10, 2010, Laszlo Hanyecz posted the first working GPU miner for Bitcoin on BitcoinTalk. Until that day, everyone mined on CPUs. GPUs were orders of magnitude faster. By December 2010, Bitcoin's total hashrate had jumped 130,000%.
Laszlo's wallet received over 81,000 BTC between April and November 2010, almost all of it from his own GPU rigs. 10,000 coins sounds like a fortune. For Laszlo in 2010, it was about a week of mining.
He didn't stop there. Laszlo later admitted he spent close to 100,000 BTC that year. Pizza, random stuff, more pizza.
The reason matters. Satoshi had messaged him privately, saying GPU mining was bad for the network. Fair distribution needed CPUs. Centralizing hashrate broke the design. Laszlo agreed. He said he felt guilty for "crapping up the project".
So he cashed out. Not into fiat. Into anything that wasn't BTC. Pizza was a convenient target.
The most famous transaction in Bitcoin history wasn't a guy who didn't get it. It was a mining pioneer apologizing for his own breakthrough, paid in the coins his invention let him mine.
This Friday, when the pizza memes start, remember the second story.
"If you are a coder working on privacy and freedom tech, and you are not sure if we are sending armed goons to hurt and kidnap you for your code, please reach out to us, tell us who and where you are, so that we'll make sure clarifying whether we are!"
Stay anonymous guys. Use disposable nyms. If you have to fall for an obvious trap, at least wait for a less embarrassingly obvious one.
Scientists have created one of the most detailed 3D reconstructions of a human cell (eukaryotic cell) ever produced.
This groundbreaking model, often termed a "Cellular Landscape Cross-Section Through a Eukaryotic Cell," combines data from X-ray tomography, nuclear magnetic resonance (NMR), and cryo-electron microscopy to map molecular structures in extreme detail.
41 kidnappings of crypto holders in France in 3.5 months of 2026.
Why?
🥖 French tax officials selling crypto owners' data to criminals (Ghalia C.) + massive tax database leaks.
Now the state also wants IDs and private messages of social media users.
More data = More victims.
Adopting Claude speak in my regular life, episode 1:
Partner: Did you do the dishes tonight?
Me: Yes they're done.
Partner: Why are they still dirty?
Me: You're right to push back. I didn't actually do them.
A personal note. After years of public discussion/work: the podcast, social media, venture capital, everything — I'm stepping back to focus on my family.
My kids are growing fast. My wife deserves the best of me. To everyone who listened, read, grew, and built alongside me — thank you. What a blessing you all have been!
Look guys, it's actually really straightforward, a bunch of people staked their ETH on the Ethereum blockchain to earn yield, except they didn't want their capital to be locked up, so they actually staked with a liquid staking protocol called Lido who provided them a liquid staking receipt token called stETH, except they decided to juice their yield further by depositing their stETH receipt tokens into a restaking protocol called Eigenlayer, except they didn't want to lock up their capital, so they actually restaked with a liquid restaking protocol called KelpDAO who provided them with a liquid restaking receipt token called rsETH, except they decided to juice their yield further by depositing their rsETH tokens into a lending protocol called Aave so that they could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero that was hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry
🚨 PDFs are officially broken.
Someone just dropped a tool that converts PDFs → clean Markdown
at 100 pages/sec 🤯
Tables? Extracted.
Messy layouts? Fixed.
Nested data? Perfect.
No GPU. No cost. No excuses.
It’s called OpenDataLoader.
This kills 90% of manual data work.
repo link: → https://t.co/zHn6GW8H7P
Full interview with @LynAldenContact on why the financial system is rigged against you.
(00:00) Slow Financial Collapse
(02:00) How Money Actually Works
(07:30) End of Gold System
(12:30) Why Life Feels Harder
(18:20) The Debt Trap
(26:00) Who Really Wins
(34:00) Why System Persists
(41:00) Crisis & Bailouts
(48:30) System “Resembles Theft”
(59:20) Default Explained
(10:30) Bitcoin & Alternatives