dp

Research & Analytics @coinbureau

Macro I Stonks I Alts | Memes

NFA | Opinions are my own

[Airmass @The_Airmass]

I hold almost the entirety of my NW in BTC. I have been using the Bitfi Hardware wallet for nearly a decade now. I have been getting into arguments with other Bitcoiners for years and I just gave up at some point - you are all idiots who can't think for yourselves & just parrot what some other guy said who has clout in the community.

Keeping your Bitcoin secure is no laughing matter. But Bitcoin was created to go beyond keeping it safe & watching the number go up. It was designed specifically so that no one could ever take it from you, especially the State. All you idiots using other hardware wallets, even if they are secure from an entropy standpoint - they are completely useless if someone gains access to your device and drains it or comes into your home and finds a metal plate or piece of paper with 24 words. And you are an even bigger idiot if you are doing multi-sig and have to drive between multiple locations just to send some Bitcoin. And who is going to do that if we expect adoption?

Bitcoin has to be easy to use and should be unseizable either remotely or with physical access to the tools you use to secure it. With your hardware wallet what happens if your house burns down, or there is a flood, earthquake, war or some other catastrophe, how will you return home to get your hardware and your metal plates?

And you know governments are getting only more corrupt. You could be arrested for saying something online, like Andrew Tate, and magically rape accusers appear from 15 years ago. When you are in prison, will you have your money? Or will you be losing your mind because you know at any moment they will seize your hardware and find your stupid metal plate? And even if you did it all so perfectly that no one will ever find it (which you almost certainly didn't) - do you remember your 24 word seed, so that if you need to suddenly leave or you are incarcerated so that all your Bitcoin is still with you? How do you even travel to other countries and still have access to your Bitcoin? Do you roll up the paper with 24 words and keep the scroll in your ass hoping no one discovers it? Or do you just travel with the hardware hoping that, when crossing borders, if it were taken from you, modern forensic tools won't pull all the keys from your device and drain your Bitcoin?

Surely Bitcoin was never intended to be used this way and the whole BIP-39 premise along with the hardware designed for it is completely flawed. It turns Bitcoin into something like gold, which can be easily taken, Bitcoin just occupies less space. But this is not what Bitcoin is.

I don't know how many of you use the Bitfi wallet. But it has completely solved all these issues years ago but idiots in the Bitcoin community will tell you how its not aligned with their religion. If Satoshi were alive today, he would be using the Bitfi wallet because it has no attack vector and the wallet can't be taken from you.

If someone takes my Bitfi device, I don't give a fuck. In fact, I'll gladly hand it to you myself without hesitation because THERE IS NOTHING ON IT. It doesn't store keys or anything at all. It calculates your key at the precise moment you need to send Bitcoin, creates a signature with it, and the transmits the signature to the blockchain. The instant you complete the transaction the device wipes itself and overwrites the entire RAM. And it just goes right back to the same state it was in when it was brand new. Its a useless brick to someone that takes it because there is nothing on the device to drain. Really its a genuis and elegant solution to perfect security.

And unlike all these other dumb wallets that tell you your 24 words and ask you to write them down (wtf?) the Bitfi asks you to create your own salt & phrase. Which can be literally anything and with any basic understanding of entropy, you will make it totally random, avoiding common expressions, but at the same time something that you can easily remember. And remember it you will, because since the Bitfi device has nothing stored on it, it also has no password. So the only thing you ever need to know is the salt & phrase that you created which is the literal seed of the wallet. You are typing it in every time you need to do something, like check your balances, receive or send Bitcoin. So of course because you are always typing it again and again, it gets etched into your memory.

So the Bitcoin is always with you. The salt & phrase that YOU created, not that some company generated for you and told you to write down, is in your memory which means that your Bitcoin is quite literally in your mind and always with you. So if some shit goes down and you can't return to your home ever again, all the Bitcoin is with you and you could also not care less about someone breaking into your safe and finding metal plates, or hardware, because who cares? Let them take your Bitfi device, it has nothing. It can only calculate a key from the salt & phrase you have in your mind. They can take your Bitfi hardware to the lab, a useless exercise, like drilling into an empty safe.

Now at this point, some idiot will say "yeah but like what if you forget or have stroke or hit your head and then you will lose all your Bitcoin". Bitcoin was created for self sovereignty and you can decide on the arrangement that's best for you. If you worry about this risk, then by all means write down your phrase in multiple locations. It will be meaningless to anyone who finds it because how on earth would they think that it is access to a Bitcoin wallet?? Only something standardized like 24 words is a dead give away that you found a seed to a wallet. But a phrase like Purple$penguins$juggle$seven$ bananas$beneath &moonlight is not. What is it? What does it even mean? And even if someone who found was smart enough to connect the dots that it might be a phrase for your Bitfi wallet, they would have no way to even test this thesis because they wouldn't know the salt to try the phrase to see if it leads to Bitcoin.

So no, you can't take my Bitcoin from me and I am indifferent to any possible scenario that may unfold in my life because I will always continue to have access to my Bitcoin. My house can be wiped out in a nuclear blast, leaving nothing but a crater and radiation - and I will still have all my Bitcoin and full access to my Bitcoin.

It's not fuck you money if your entire mechanism for self custody has at least a dozen ways that all your Bitcoin can be taken or that you can lose access to it yourself.

This is not to mention all the other problems that exist with these wallets, like perfect Chinese replicas that people buy online, use them and get drained. Thats because every device is identical to every other device. There is no difference between 2 Trezors or 1000 Trezors. So you can't even be sure if your device was even made by Trezor. But every Bitfi device has its own device ID with embedded key, so no 2 devices are the same making it impossible to clone and impossible for you to use a counterfeit device even if you are being sloppy because the counterfeit device won't work at all as it won't get the prompt from the Dashboard to sign a transaction.

The point is, you should not have to be paranoid all the time doing self custody, which is how you are when using all those other hardware wallets. You can just use Bitfi and not have anything to think or worry about besides knowing your salt & phrase.

At this point I am very annoyed seeing drain after drain, hack after hack, with every hardware wallet out there. This just isn’t good for Bitcoin. People with means who could otherwise maybe own $20M of Bitcoin in self custody, end up buying $200K because the industry is promoting insecure, overly difficult to use solutions where you will eventually lose everything either because you messed up some process or you were simply drained by one of the many attack vectors.

I am annoyed that people are too dumb to see this and insist on pain and suffering when the perfect solution exists that has no attack surface and is extremely easy to use and makes Bitcoin into what it was created to be. If everyone was using Bitfi instead of all this other garbage, I have no doubt that Bitcoin would be well over $1M today.

If you can tell me of a viable way that someone can extract, seize, or take your Bitcoin if you secure it with the Bitfi wallet, I would love to hear it. Otherwise, shut the fuck up and admit that you have been wrong this whole time. Ever heard of anyone losing funds to a hack who uses Bitfi? Me neither.

[ElonTrades @ElonTrades]

Uniswap quietly stopped being just a DEX

v4 hooks turn it into something closer to an operating system for trading logic, and I don't think most people trading on it have figured out what that actually means yet.

1/ every pool on v2 and v3 ran the exact same math. same fee structure, same swap logic, no matter what you were trading. the protocol's rules were fixed, full stop

2/ v4 hooks break that. a hook is external code that fires at specific points in a pool's life: right before a swap executes, right after, when liquidity gets added or pulled, when fees settle. developers can inject their own logic at each of those checkpoints

3/ the bigger unlock is distribution, not just customization. a pool with a totally custom hook still plugs into Uniswap's existing routing and aggregator network. you're not launching a competitor and fighting for liquidity from zero. you're extending the biggest DEX that already exists

4/ that used to be impossible without forking the entire protocol. now a novel AMM design that would've taken months to bootstrap can ship as a single contract

5/ real uses already live: dynamic fees that adjust with volatility, large orders split into tiny chunks to dodge MEV and slippage, custom liquidity incentive structures

6/ the flip side nobody talks about enough: a hook is still just a contract someone wrote. it can be upgradable, it can have an owner with privileged control, it can quietly change behavior after you've already trusted it. permissionless doesn't mean safe. check who controls the hook before the pool

7/ the wave of hook powered tokens and experiments pumping this week is the fun, visible layer. the actual story is underneath it: a new distribution model for financial logic that didn't exist six months ago

[TBPN @tbpn]

Here is the full letter Leopold sent to his LPs last night.

Rumors of his demise are greatly exaggerated.

[dp @d_p_396]

"A surveilled payment does the same thing with your information: it moves your money, but dumps your private information as a byproduct into the environment, where it can be captured and used by anyone to harm you.

The zero-knowledge proof is a rare mechanism which both moves information, and retains it. Order is maintained. Nothing dissipates."

[Will McEvoy @will__mcevoy]

https://t.co/XbBhN2PxgZ

[Financelot @FinanceLancelot]

https://t.co/Ruq33ALTa9

[dp @d_p_396]

@Stoiiic true, trading BTC is technical traders delight

[Financelot @FinanceLancelot]

Friendly reminder... What's happening in South Korea, won't stay in South Korea.

You have been warned. 🚨

[Bull Theory @BullTheoryio]

🚨 US MEMORY STOCKS ARE CRASHING

$1 Trillion has been wiped out from US stocks in the last 3 hours, and 50% of that came from just 6 memory stocks.

US memory stocks are crashing on news that China has begun producing its own DUV chipmaking machines.

Investors worry China can now build more chip factories on its own, adding supply and pushing memory chip prices down, exactly the prices that have been driving these stocks higher all year.

- Nvidia: -4.37%, $300B wiped out
- SK Hynix: -9.48%, $95B wiped out
- Micron: -4.69%, $82B wiped out
- SanDisk: -10.42%, $26B wiped out
- Western Digital: -5.93%, $21B wiped out
- Seagate: -5.59%, $17B wiped out

In total, $541 billion has been wiped out from just these 6 memory stocks.

[CBB @Cbb0fe]

Get ready for all your favorite crypto KOLs to explain you how @revolut is great for you

[GURGAVIN @gurgavin]

CHINA’S BIGGEST MEMORY CHIP COMPANY CXMT JUST IPO’D 30 MINUTES AGO IN SHANGHAI

THE SHARES OPENED TRADING UP 470%

IPO WAS AT ¥8.6 AND SHARES OPENED AT ¥49

IT IS NOW THE MOST VALUABLE COMPANY IN CHINA

WHY IS NO ONE TALKING ABOUT IT ?

[snazzy @snazzors]

You don’t know what it’s like to be a real man until you are in highly levered position while wife and kids are giving you hell and you can keep it cool

[Sandeep | CEO, Polygon Foundation (※,※) @sandeepnailwal]

A third of the @0xPolygon team stopped working last week.

we asked them to pause their work to go build something with AI instead and we put $15k on the table for them to make something that actually moved the needle and push the business forward.

3 days later we had 13 projects, 6 of which are already live today, 1 already settling real transactions on mainnet across 5 chains!

teams that arent doing something like this internally are going to start losing ground to the ones that are. for payments specifically, the next decade gets built by whoever actually wires AI into how their people work day to day. its clear by now that having AI expertise wasnt an option a while ago.

didnt think this was possible but im genuinely more bullish on my team after watching what they built in those 3 days 💜

[Wise Advice @wiseadvicesumit]

The U.S. government just transferred $244M in $BTC and $53M in $ETH to Coinbase Prime.

Historically, have similar transfers led to actual sales, @grok?

[Imran @lmrankhan]

Phase one of crypto neobanks included Outlet Finance, Donut, Linus and a few others.

The yield came from a mix of defi lending, centralized crypto lenders, token incentives and subsidized protocols like Anchor on Terra.

Terra did not directly power all of them, but its collapse exposed how fragile and interconnected the crypto market structure was.

The contagion hit Celsius, Voyager, Blockfi and Genesis, ultimately impacting all crypto consumer products.

Phase two is what we are seeing today.

The source of yield is now a combination of tbills, stablecoins and defi vaults, and the game has become enabling anyone in the world to access the US dollar.

But I believe the category is already becoming crowded, and most will struggle to survive. The winners today will not be the winners of phase three, which I believe is already underway.

Phase three will be a combo of generalist neobanks (likely incumbents or brands/creators with distribution) and highly industry specific neobanks, but the biggest opportunity will be whoever cracks onchain credit at scale.

Imagine being able to lend someone in the Global South $100, then $250 a day, and build an entirely new credit scoring system based on how they repay.

The wedge can be simple sign up and instantly access capital through a card. Repay it, build your score and unlock larger amounts.

Over time that relationship expands into banking, payments, transfers, larger loans, mortgages, insurance and everything else.

Anyone can build product that moves money around but I believe the moat goes deeper into underwriting, identity, fraud, and collections

Crypto will shine when we can create something net new rather than recreating finance onchain. And I believe we are still scratching the surface.

If you are building in this space hit my DMs ASAP.

[Shruti @heyshrutimishra]

Satya Nadella just posted something that every enterprise board should read before their next AI contract renewal.

He calls it the Reverse Information Paradox and once you see it, you can't unsee it.

Kenneth Arrow's 1962 paradox was the seller's problem: to sell information, you have to reveal it, which means you've already given it away for free. The seller bore the risk.

Nadella says AI flips this entirely. Now the buyer bears the risk.

Every time your team prompts a model, corrects it, or tunes it to your workflow, you are feeding it the exact knowledge that makes your company hard to compete against. The model learns what you measure, where your processes break, and how your organization defines "good." That distilled institutional knowledge compounds inside the vendor's system. Trace by trace. Correction by correction. Eval by eval.

You paid for intelligence with money. Then you paid again with something no competitor could ever buy off a shelf.

The asymmetry is what makes this serious. The vendor learns more about your business the better you use their product. You learn almost nothing about what they're retaining in return. And because the leakage happens at the level of model exhaust, not data exports, most enterprise legal and security teams aren't even looking at the right layer.

Nadella's framework for what enterprises must demand is precise. Control over your evals, because evals define what "good" looks like inside your organization. Ownership of your traces, corrections, and institutional memory. The ability to fine-tune models inside your own tenant boundary without exposing that knowledge outside it. And an orchestration layer decoupled from any single vendor, so that if one model is repriced, deprecated, or restricted, your 18 months of corrections don't disappear with it.

The last point is the one most enterprises skip entirely.

One thing worth noting: Nadella is not a disinterested observer here. A Microsoft CEO arguing that enterprises should keep their learning loops inside a tenant boundary is, not coincidentally, an argument that cuts against OpenAI-style value capture at the model layer, which is striking given Microsoft's own substantial OpenAI stake. The argument is strategically useful to Microsoft whether or not it is true. Read it with that in mind.

But the core observation holds regardless of who is making it. In the cloud era, enterprises fought to own their data. The battle in the AI era is to own the mechanism through which your organization learns. Those are not the same fight. And the contracts most enterprises signed in 2023 and 2024 were written for the first one.

[dp @d_p_396]

@RuneCrypto_ he dmed me the same thing

[Specter @SpecterAnalyst]

A quick investigation into the @bonk_inu governance attack found something interesting: both the founder of @realmsDAOs and @crypto_notte have on-chain exposure to addresses linked to the attacker.

🧵

[HL Eco @hl_eco]

Comprehensive revenue tracking is live at https://t.co/uqzEcTQDBI

Revenue by Source: perps, spot, HIP-3, priority fees, auctions, and HyperEVM, every stream as a share of protocol revenue.

Income Statement: every fee line down to operating net income and margin, after the HLP cut and the builder and deployer distributions, with HYPE removed vs emitted below the line.

Daily Revenue: total protocol income every day since December 2024, stacked by source.

Revenue Mix Over Time: how each source's share of monthly revenue has shifted, with HIP-3, spot, and HyperEVM gaining on native perps.

Revenue by Market: the individual coins that generate the fees, ranked, counted separately across their perp, spot, and HIP-3 markets.

Revenue by Asset Class: the fee mix month by month across majors, HYPE, alts, memes, HIP-3 real-world assets, and spot.

Fee Concentration: the share of fees paid by the top 1%, 0.1%, and 10% of wallets, with a Lorenz curve and Gini across every fee-paying wallet.

Revenue by Hour & Weekday: when fees land across the day and the week, and the busiest hour and day.

Effective Take-Rate: the fee earned per dollar of volume in bps, gross and net, the difference being the builder and deployer take.

Builder & Deployer Revenue: the fees routed out to front-ends and HIP-3 deployers, sized against the protocol revenue itself.

HYPE Retired Daily: what the Assistance Fund bought back and removed from circulation each day, and the pace it is running.

Buyback Cadence: the same buys in finer detail, every bucket down to 5-minute resolution, with the average price paid.

Buyback Cost Basis: what the AF paid for its HYPE against where it trades now, and whether the buyback is in profit.

Liquidation Fees: the share of revenue that comes from forced liquidations.

Hyperliquid.

[0xSammy @0xSammy]

The world is now being built for a new customer

That customer is NOT human

Pay attention to businesses building for the trillions of machines that are coming online

There’s an insane number of opportunities, I’ll share more in my free newsletter today (link in bio)