Jeff

Building @bsdmoney

[Jeff @stackatron]

The only question is paying 1% or 7%?

[Shehzan @MarediaShehzan]

Lava's weekly bitcoin-backed loan volume has doubled over the last 2 weeks. We're seeing this largely driven by increased confidence in bitcoin.

[Jeff @stackatron]

@louiseivan @Stacks Nice what is your video stack these days?

[Jeff @stackatron]

@maxlevelorc @AnonBTC21M @Strike @Stacks Yep, I’m so retarded that I will now build a new Bitcoin service and name it ‘Strike’

[Jeff @stackatron]

Amazing. @Strike integrates @stacks and announces support for bridging between Stacks chain and Bitcoin. 👏👏👏

[Jack Mallers @jackmallers]

Announcing Stacks. Organize your savings on @Strike.

🗂️ Organize your bitcoin into distinct Stacks
🔁 Set up separate no-fee DCAs for each
↔️ Move bitcoin between Stacks

Available everywhere @Strike is, for personal and business accounts 🫡

[Jeff @stackatron]

Two things Bitcoin can be in 2026:

1. An asset you store on someone's balance sheet.

2. An asset you use as rails finance.

@bsdmoney is in the second category — a dollar minted when you lock BTC.

[Treasury @Treasury_BTC]

Bitcoin on a balance sheet is one use. Bitcoin as rails is the other.

Each set of Bitcoins can carry its own spending policy, enabling fully programmable digital money.

@Tierotiero and @Tychoonnasch dive deeper on 21On.

[Jeff @stackatron]

@AnonBTC21M @Strike @Stacks Announcement says Stacks and 'Move bitcoin between Stacks' which I assume is bridging.

¯\_(ツ)_/¯

[Jeff @stackatron]

@mattcrv @Stacks But Jacks tweet says “Move bitcoin between Stacks”? You mean the sBTC bridge?

[Jeff @stackatron]

Saylor should start with a small test

[Scott Army @scottarmy_]

Not super deep on MSTR but here’s a (maybe not so) crazy idea.

MSTR needs help with its cap structure. Let’s do a thought experiment to solve paying the yield on its preferred STRC.

MSTR holds about 847k BTC valued roughly at $50B at today’s price of $60k. If they keep that all in cold storage, use the new BTC yield protocol with Stacks (STX) to generate BTC yield while keeping their BTC in cold storage, they would have to buy 5% of their BTC holdings ($2.5B) of STX and then would be generating about 3% yield in BTC terms annually on a go forward basis.

This is roughly $1.5B annually - again using today’s prices - which starts to close the gap big time on what is required for STRC dividend yield. Everyone is (admittedly) upset that Saylor has now chosen to sell BTC.

What if you only sell the rewards programmatically and not the core stack - making BTC a productive asset. BTC yield at 3% annually is roughly $1-3B annually being generous with price fluctuations based on the last 12 months ($50-120k USD)

This can start to cover off the preferred dividends through yield and as the BTC holdings grow, the excess (create a transparent framework!) can be added to the total BTC holdings - thus sticking with the original thesis of growing the BTC stack.

Problems with this: STX is only a $300mm market cap. The buy demand far outweighs the supply for this to work. I’m sure they could get creative though if the mechanics of the protocol works. Maybe do a large token issuance done like a PIPE?

This also forces more transparency of holdings as you time lock the BTC on L1 and time lock the STX, but this shouldn’t be an issue if the BTC is all there.

The real promise of DATs should be that they are more productive versions of holding spot. That only really works if there are ways to generate revenue above and beyond spot price appreciation. Selling a NAV premium only works if the underlying asset held is extremely scarce and hard to obtain.

Just a random thought exercise. NFA/ DYOR. Disclosure: long STX and long a tiny bit of MSTR for a trade.

[Jeff @stackatron]

A DeFi Bitcoin loan is different — the BTC stays in a smart contract you can read. Every dollar of borrowing that shifts from one to the other is BTC exiting counterparty risk.

[Jeff @stackatron]

A CeFi Bitcoin loan isn't a Bitcoin loan. You handed your BTC to a company. They lent you dollars against their liability, not your asset.

When Genesis blew up, the "Bitcoin" behind those loans went to bankruptcy court.

[Jeff @stackatron]

@WatcherGuru ethereum:0xf326c8c9a691319f6330e27aa4a39f2d22c88dc5 activate God candle

[Jeff @stackatron]

The "safest stablecoin" conversation is always about yield. The other side of the same coin: borrow cost.

BTC-backed borrowing usually means expensive:

- Coinbase BTC-loans: 10%+
- Ledn: mid-single-digits
- Lava: rate not disclosed publicly

BSD borrow rate: 0–0.5%

[Liquity @LiquityProtocol]

Safe stablecoins — is the yield any good?

Everyone knows $BOLD is among the safest stablecoins. But does that compromise the yield?

Why, no!

Among the top 10 safest stablecoins, BOLD offers clearlythe best yield.

Stay safe. Earn well.
https://t.co/nqW2Hxg9Vl

[Jeff @stackatron]

Revolut just launched a stablecoin that blocks non-EU accounts. Not surprising. Circle can freeze USDC balances at the contract level and has, more than once. Tether the same. Blocking and freezing your dollars is not a bug in the design, it IS the design.

[Ethereum Institutional @ethereuminsti]

Revolut, a leading fintech with 80 million customers globally, is launching a Euro stablecoin on Ethereum.

Welcome to @Ethereum, EURR.

[Jeff @stackatron]

@themarketradar Sir, you are accused of calculating dangerous maths. Many billion dangerous multiplications!

[Jeff @stackatron]

Liquity OG: "As much as I'd love to dump my core tokens into EtherFi and borrow against them, I never will."

Hewrote the design brief for BSD without meaning to.

Single-user collateral. Direct redemption. You never hand your BTC to someone else's yield loop.

[Bojan @bjnpck]

The Avici & co. hack shows why I only top up cards with what I intend to spend soon.

As much as I’d love to dump my core tokens into EtherFi and borrow against them, I never will.

[Bullish @Bullish]

1/2 📣 New digital asset listing: @Stacks (blockstack:native), the native asset of the Stacks network, and $sBTC, are now available to trade on Bullish in eligible regions.

Available pairs:
◾STX/USDC
◾sBTC/USDC
◾sBTC/BTC

[stacks.btc @Stacks]

Meet the new sBTC signers: @TheTieIO, @ankr, and @HashKeyCloud 🤝

sBTC: how Bitcoin moves from the base layer into Stacks and back.

Three more names strengthening the most institutional-grade decentralized signer set for Bitcoin capital moving between layers.

[Jeff @stackatron]

Yikes. Tough weekend for the Liquid team. An Elements consensus bug let attackers mint ~4,000 fake L-BTC and peg out for real BTC.

[SideSwap @side_swap]

Re today's Liquid incident: the ~4,000 BTC peg-out went through SideSwap's peg-out service on a customer order. As @Liquid_BTC confirmed, our PAK was not compromised. The L-BTC came from an Elements bug, not from any SideSwap system. Peg-in/out paused while Liquid is. Updates here.

[Jeff @stackatron]

This energy

[prinz @deredleritt3r]

Sam Altman:

"Much, much, much more capable models coming soon."

"The next generation of models are going to be sobering for everybody."

"The weight of responsibility in front of us."

[Stacking DAO @StackingDao]

stBTC is live on @Stacks.

Deposit and earn Bitcoin Staking yield that auto-compounds in BTC, up to a 2.6% target yield produced by Stacks Bitcoin Staking.

Allocation is limited, first come first serve.