Bitcoin

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Bitcoin

Bitcoin Supply Shock: The Exchange Float

Bitcoin Magazine says the supply of Bitcoin on exchanges just hit a seven-month low and tells you to "plan accordingly." This is a standing page that tracks that number by hand, says which provider it came from, and keeps asking the awkward question: did the coins leave for good, or just for a diffe

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Bitcoin

Twenty-Eight Questions, Nine Thousand Answers

A $15 trillion asset manager footnoted a study saying AI models would save in Bitcoin and spend in stablecoins, and the footnote became a headline. I went to the study. Thirty-six chatbots, twenty-eight distinct questions, and a spread from 91.3% to 18.3% that tells you more about who trained the ch

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Bitcoin

The Rule That Never Mentioned Lightning

FinCEN withdrew its 2023 proposal to label crypto mixing a "primary money laundering concern." I read the withdrawal notice and the original proposal. Neither says the word Lightning, but the proposal's definition of mixing was written so broadly that a literal reading brushes against how Lightning

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Mining

Is Bitcoin "Tokenized Compute"? Jason Lowery's AI Argument, Checked

Jason Lowery, the MIT researcher behind Softwar, posted that Bitcoin is "tokenized compute" and that AI will need BTC to afford its own actions. Some links in that chain hold and some strain. Here is what his thesis actually says, what the numbers on AI payments look like today, and where I think th

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History

Bitcoin Didn't Start in 2008

The whitepaper is nine pages and cites eight sources. Behind those eight sits a thirty-four-year pile of other people's work, from TCP/IP in 1974 to Hal Finney in 2004. Here is the whole stack in two minutes of video.

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Self-custody

One Send, Three Recipients, One Fee

Lightning in a Jar can now pay several people in a single on-chain send, silent-payment addresses included. The builder posted a test spend; I found it in the blockchain, checked the arithmetic, and looked for the matching change in the public repository. Here is what that one transaction shows, wha

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Self-custody

The Vault Rule Got Rewritten the Day Before She Left

Today the SEC proposed the rule that decides whether your financial advisor can actually hold crypto for you, and it does something the custody rule hasn't done since it was written in response to Bernie Madoff: let the advisor be the vault. It also quietly blesses something the industry has been do

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Bitcoin

The Great Power That Can't Use SWIFT

"Our country can either be a great power, or it will not exist at all," Dmitry Medvedev told regional party officials on September 16. That's the Kremlin's own case for why the war continues — existential, civilizational, not up for negotiation. I wanted to know what that case looks like from the in

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Bitcoin

Two Bits at a Time, Through a Stranger's iPhone

Tonight Calle posted a photo of a thumb-sized board taped to a battery, a screen reading "FIND MY NUTS," and a terminal showing a 409-byte bitcoin ecash token reassembled on the other end. It traveled with no internet connection on the sending side. Every piece of it was carried by iPhones that happ

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Bitcoin

Two-Tenths of a Percent, If Illinois Can See You

Illinois just became the first state to tax Bitcoin transactions directly — a 0.2% Digital Asset Tax Act taking effect January 1, 2027. I went looking for what it actually reaches, using two Kankakee residents as the test case: one who owns a Bitcoin ETF inside an ordinary brokerage account, and one

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Treasury companies

The Committee That Won't Say Its Own Name

A policy paper published today calls index providers "Wall Street's invisible committee." I went and found the actual committees — six unnamed people at MSCI who can decide whether Bitcoin counts as an operating asset, a board at FTSE Russell that is contractually forbidden from naming its own membe

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Self-custody

The Jar Ships What It Promised

Two things I flagged as "he says so, but I can't see it yet" in my last two Lightning in a Jar posts — a recovery scheme for silent payments, and Nostr Wallet Connect — showed up in the public repository overnight. I went and checked. Both are there, and the code backs up what he told me.

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Bitcoin

The Coins Exchanges Won't Let Back In

CoinJoin — a real, measurable Bitcoin privacy technique — mixes coins in a way that risk-scoring vendors flag and some exchanges won't cleanly accept back. That's a second leak in the supply math besides "lost forever" coins, and a genuinely different one from the STRC/SATA absorption story. I went

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