We're seeing members of Congress inadvertently figure out why Bitcoin works bc they instinctively know why Facebook + "crypto" is bad. This is a watershed moment in time that we will look back on.
Before the sun sets take 7-1/2 minutes and watch this video of @DrJackKruse and then research the Landauer principle. If what’s he’s saying is relevant (and I believe it is) we now understand the Core attack vector on the baselayer of Bitcoin and that it is indeed existential.
you can store your bitcoin for 15+ years without touching it at all
then you can just decide to move them and everything works, no one can stop you
this is why we support resilience and backwards compatibility, and why bitcoin is a unique and powerful asset and network 💡
Throughout my career, I’ve truly enjoyed partnering with so many Australians across traditional finance and crypto. Many have become some of my greatest friends and I love them dearly. But not today.
SEC Commissioner @HesterPeirce:
I do not celebrate everything that is going on in the markets now. Financial products that fan a momentary hope of great riches in the same way lottery tickets do are dull and uninteresting to me. I expect that some of these novelties will fade away as investors lose interest, and their legal, technological, and market infrastructure will be repurposed for more durable investment and risk management products.
The financial markets innovations that give me an adrenaline rush are those that help capital markets fulfill their core objective of serving investors, entrepreneurs, growing companies, the economy, and society at large. I love seeing new products and services that enable people to build resilient investment portfolios to provide security for them and their families. Another favorite is innovative products and services that make it easy and fun for retail investors to understand their investments and the associated expenses. I welcome market developments that facilitate the matching of people with great ideas and promising companies with investors—including people who come from different backgrounds, geographies, and social circles than the entrepreneurs. I champion innovations that enable investors to buy or sell when they want to with low transaction costs. These aspects of the capital markets drew me to this job and remain the ones that inspire me still to be here eight years later.
- May 8, 2026
SHOTS FIRED: Morgan Stanley is rolling out crypto trading on its E*Trade platform for 50bps/trade, undercutting Schwab's 75bps (who undercut Coinbase). If I know Schwab, they likely won't let this stand. Others will prob undercut too. By the time the dust settles it'll be pretty dirt cheap to trade crypto everywhere- just was we saw with btc ETF exp ratios prior to launch. This is why TradFi is no joke and crypto exchanges should be scared.
“How Real is the Quantum Threat?”
this was one of the best panels of the whole conference imo
@reardencode@jamesob@cryptoquick@apruden08 each represented and defended their positions very well. and it had some great spicy moments 🌶️
full video from yesterday in vegas
I continue to think that the crypto markets got the Warsh appointment wrong. A new Fed-Treasury Accord is the plan...has been all along. Additional coordination, or any shift in responsibilities to @SecScottBessent and the @USTreasury will bullish for crypto IMO--once things settle. At least for the next 3 years.
While independence is important, so is accountability.
The great thing about democratic elections is that they have consequences.
Thank you to @SenLummis for your continued efforts in the Senate to advance critical market structure legislation for digital assets.
As I said during my testimony, it is vital that the CLARITY Act is signed into law.
The digital asset revolution is here, and I am confident that with leadership from both sides of the aisle we can get this across the finish line.
The spot bitcoin ETFs are coming into 2026 like a lion, +$1.2 in flows in first two days of year w/ everyone eating. That's a $150b/yr pace. Told ya'll if they can take in $22b when it's raining, imagine when the sun is shining.
₿REAKING: NVIDIA CEO Jensen Huang says, “Bitcoin mining is taking excess energy and storing it into a new form. It's called currency. And you take that currency wherever you like. So you took energy from one place and now you've transported it everywhere.”
People are underestimating the impact and severity of this v30 bug.
For those who are not following, Bitcoin Core disclosed a new critical bug in their client today that, under the right circumstances, can delete all of a user’s wallets and backups (i.e., wallet files and anything else stored in the wallet directory).
People are acting like legacy wallet migration is some obscure edge case. But v30.0 explicitly stopped loading or creating BDB legacy wallets, so anyone who upgraded to v30 and still had a legacy wallet in Bitcoin Core effectively had only one path forward: migrate it.
So the same client that essentially forces you to migrate also can delete your wallets (and therefore your access to your bitcoin) if your migration is unsuccessful.
So, how rare is this?
People point out that it has to be an "unnamed legacy wallet" but they don't mention that by that we mean the old default-style wallet.dat (common for older installs that carried it forward). "legacy wallets" were the default wallet type until April 2022 (before 23.0, new wallets were "legacy" by default).
Also, the migration needs to fail. This won't be the majority of migrations obviously, but there are many plausible ways to trigger this. The most popular example is someone who pruned their node while their wallet wasn't loaded, which can cause the migrated wallet load step to fail, leading to the cleanup path, which then deletes your entire wallet directory and everything in it, including any other wallets and files you keep there (including migration-created rollback backups).
So to summarize:
The client that no longer supports the wallet type that was the default until 2022, and forces users with legacy wallets to migrate to a new wallet, is the same client that can delete all of your wallets and everything in the wallet folder if your migration fails, and that failure can happen simply by having pruned your node while your wallet wasn’t loaded.
Anyone calling that a nothing burger does not deserve to give opinions on Bitcoin software or development.
This is not the kids table. We have always rightfully been extremely critical of even the smallest changes; this is why. If this software were adopted at any real scale we would have seen (and may see) massive losses from such a careless mistake.
This is why you don't rush to update. Imagine if Luke had made a mistake like this? They would use it as evidence to never ever touch his software again. Well, I think this is pretty good evidence to be way less trusting of Core's increasingly centralized review processes.
Volatility is good for bitcoin. This is how bitcoin eliminates imbalances as soon as they appear. Short term volatility for long term stability, the literal opposite model pursued by central banks, suppressing volatility in the short term while creating long-term instability.
Excited to share that Pointsville closed its Series A led by Valor Capital Group! Investors include Tether, Itaú’s founding family, Nubank’s co-founder, Temasek-backed Superscrypt, Credit Saison, SNZ & others. The next era of market infrastructure is here!https://t.co/PaXVPsRgoc
My conviction in bitcoin was fully solidified after I had been running a node for a while. At some point it dawned on me that by doing so, I get to set my own rules for the money I use, and nobody can change that arbitrarily. Sovereign money through sovereign rules.
Bitcoin’s energy use is its strength, not a flaw, says @phil_geiger.
By tying money to real-world energy, #Bitcoin enforces a fixed 21M supply, the first monetary system immune to manipulation or debasement.
Read more: https://t.co/PIOlzs64CR