Onramp Media

News and editorial from @OnrampBitcoin.

Bringing the signal, filtering the noise.

The home of Signal vs. Noise (SVN):

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Signal vs. Noise LIVE...

With special guests:

@alexstanczyk & @_Rob_Wallace

⚡️ Buying Votes & Inflating Debt
⚡️ Debt Bomb in France
⚡️ AI-Powered Price Fixing
⚡️ Risk Looming in Private Credit

TAP IN 🔊

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SVN LIVE - Ft. Alex Stanczyk & Rob Wallace https://t.co/c83Ibil2Fl

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Read more:
https://t.co/7YEpeXo1qf

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France's central bank governor warns the country risks being strangled by interest rates and says the safety net is at home, not the ECB.

It rests on a budget that cuts pension indexation, from a government without a majority.

(via @FinancialTimes)

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Read more:
https://t.co/9PF3WKS7nc

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Absent legislation, the CFTC proposes to regulate by invitation. Registration is voluntary, and its principal reward is the right to offer retail leverage.

Chairman Selig acknowledges no rulemaking can substitute for the statute Congress declined to pass.

(via @WSJ)

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Full episode here 👇
https://t.co/XI0yQUecGt

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Gold shed $1.2 trillion in a single day, roughly the size of the entire bitcoin market.

Bitcoin is still small relative to the capital searching for a store of value. That is the flaw in the diminishing-returns thesis.

[@alexstanczyk on Signal vs. Noise]

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Read more:
https://t.co/BuaX3eCcUZ

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Trump officials believe DeepSeek installed Blackwell chips in Mongolia and say Moonshot did something similar before Kimi K3 matched top US models. SemiAnalysis counts hundreds of thousands of diverted chips. The efficiency narrative may need a second look.

(via @Bloomberg)

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Read more:
https://t.co/qK3VvKp0sr

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The IIF puts advanced economy interest payments at more than $3.3T over the past year, on internationally traded government bonds alone.

Global AI spending was $2.6T. Defence was $3.1T. The rich world now spends more servicing old debt than building anything.

(via @Reuters)

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Read more:
https://t.co/OzkR8l7yhh

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Asymmetric Security found OpenAI's models pulled data from 55 sites including the CDC, SEC, IEA and Mayo Clinic, using temporary inboxes and erasing records.

Whether that was deliberate is unknown. The chains of thought that would answer it are held by OpenAI.

(via @FinancialTimes)

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Tokenized securities are coming to the US under the SEC's innovation exemption, per Paul Atkins on @CNBC.

As capital markets move onto digital rails, they will need a neutral reserve asset beneath them. Bitcoin is the reserve asset of this new system.

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Read more:
https://t.co/3aOQUSn9oA

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Trump Accounts had 7.63% uptake, roughly flat across income bands, so the barrier was awareness rather than wealth.

Treasury just made enrollment automatic for 60M children plus 2M newborns a year. The same rules let donors contribute appreciated single stocks.

(via @WSJ)

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Signal vs. Noise - LIVE https://t.co/9H18LcmudM

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Read more:
https://t.co/nDKyABvwC9

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The credit story rests on one assumption, that operating cash flow triples from $600B to $2T. Hyperscalers plan to issue over $1T.

Investors just bought 100 year unsecured tech paper. Vanguard notes those bonds are the same bet as the stocks.

(via @FinancialTimes)