Tony

dev / bitcoin / freedom - building stability without stablecoins ⚖️⚡️

[Tony @tonklauz]

Here’s the 3-minute TLDR of Stable Channels. It lets you to peg some of your bitcoin to a dollar value 👇

[Tony @tonklauz]

Bank for International Settlements worried someone might do international settlements without their bank

[CoinDesk @CoinDesk]

JUST IN: The Bank for International Settlements warns dollar-backed stablecoins can bypass capital controls, finding them largely unaffected by foreign exchange restrictions that governments use to limit money flows.

[Tony @tonklauz]

Bitcoin market cap accounts for Bitcoin’s rough total use as money.

Market cap at cycle bottoms (~30-day moving avg):
2015 – $3 billion
2019 – $60 billion
2022 – $300 billion
2026* – $1.3 trillion (*so far)

[Tony @tonklauz]

Bitcoin market cap accounts for Bitcoin’s rough total use as money.

Market cap at cycle bottoms (~30-day moving avg):
2015 – $3 billion
2019 – $60 billion
2022 – $300 billion
2026* – $1.3 trillion (*so far)

[Tony @tonklauz]

The total addressable market for money is $1 quadrillion+

[Julian 📜 @_julian256_]

seems like a good time to work on bitcoin and make it genuinely better money

there is so much untapped potential for improving programmability, scalability, privacy and user experience

[Tony @tonklauz]

Shot / chaser

[Tony @tonklauz]

The last U.S. dollar minted with approximately $1 of intrinsic commodity value was the Peace Silver Dollar of 1935. That silver alone is worth $47 today.

[Stephan Livera @stephanlivera]

Tony does some interesting stuff with Stable Channels, it's an interesting self custodial spin on keeping fiat stable value but in bitcoin/lightning.

[Tony @tonklauz]

I left a comfortable job at JP Morgan to work on self-custodial Lightning mobile apps.

It’s one of the hardest engineering problems in crypto; many people consider it impossible.

I spend hundreds of hours every year chasing eye-bleedingly obscure bugs. I love it! #bitcoin

[Tony @tonklauz]

Imagine a money and a monetary system where you can deposit that money into any financial institution around the world, in seconds.

How valuable would that be?

[Spark @spark]

Starting today, @Polymarket now supports instant Bitcoin deposits over Lightning, powered by Spark.

> Deposit BTC straight to Polymarket, faster and more privately.

[Tony @tonklauz]

BTC volatility keeps falling each cycle, but it’s still too high for everyday money: most people can’t tolerate a 50% drawdown in a few months.

Stablecoins dominate now, but stabilized BTC balances can make BTC more usable without dragging users back into fiat.

[Tony @tonklauz]

NSA, 1996: open-source crypto is dangerous
Microsoft, 2006: open-source OS is dangerous
JP Morgan, 2016: open-source money is dangerous
Anthropic, 2026: open-source AI is dangerous

See the pattern? 🤑

[Tony @tonklauz]

Despite the haters, Microstrategy / @Strategy Inc.'s market cap is up 26x since it turned to bitcoin in Aug. 2020

[Tony @tonklauz]

The temporary nature of the proposed BIP-110 soft-fork is so weird. It makes the proposal look amateurish IMO @dathon_ohm

[Tony @tonklauz]

The OP_RETURN change was a “technically correct” nothingburger and a huge strategic footgun.

It alienated users, eroded trust in devs, and made actually important upgrades like covenants less likely.

Bitcoin dev needs to focus on the big picture, not divisive nitpicks.

[Tony @tonklauz]

The proposed rule implementing GENIUS Act’s KYC/AML/BSA requirements, from FinCen, the OCC, the FDIC, the Fed, etc., is 117 pages long.

What’s the point of stablecoins once they get neutered by Big Gov and Big Banks? #bitcoin

[Tony @tonklauz]

Any centralized pegged asset risks a run and depeg: from bank runs and FX pegs to TerraUSD and STRC.

The answer isn’t more and better centralized pegs, but decentralized alternatives like stable channels, which offer self-custody and more predictable unwind and exit mechanisms.

[grubles @notgrubles]

Much more interested in stable channels over stablecoins. You shouldn't need an entirely new asset issued by some centralized 3rd party just to have a balance paired to a static USD value.

[Tony @tonklauz]

Awesome! 👏