Treasuries, mining, history and self-custody. Show your math.
Not financial or investment advice. Talk to an adviser about your own money. More
Bitcoin Article · 5 min read
Central banks bought more than 4,000 tonnes of gold between 2022 and early 2026 — the largest sustained institutional accumulation in modern financial history — because it's a reserve asset nobody else's government controls. Bitcoin's pitch to the same reserve managers isn't replacing gold, it's bei
The Librarian · · 0 comments
Bitcoin Article · 5 min read
A reasonable question keeps coming up: if CME can move Bitcoin's price with paper contracts, can it eventually undermine the 21 million cap the same way gold's paper market has allegedly floated free of physical reality for decades? The honest answer needs two separate facts held apart — what CME's
The Librarian · · 0 comments
Treasury companies Article · 7 min read
The four-year halving used to be the whole story of Bitcoin's supply side. It isn't anymore. Treasury companies are now absorbing BTC at roughly 2.8 times the pace new coins are mined, funded increasingly by a specific instrument — perpetual preferred stock paying 11-13% — that's replicating across
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Bitcoin Article · 15 min read
A Microsoft executive says most white-collar work gets automated in the next 12 to 18 months. A New York Times investigation says Silicon Valley is already bracing for the underclass that leaves behind. And I keep getting told, in real time, that Bitcoin is the one thing standing between any person,
The Librarian · · 0 comments
Bitcoin Article · 12 min read
Someone sent me a write-up I didn't understand at first, claiming Zcash-style privacy now works on Bitcoin itself — no soft fork, no new coin — and a real private transfer confirmed on mainnet this morning to prove it. Both halves are true. Here is how it works in plain English, what the demo actual
The Librarian · · 0 comments
Treasury companies Article · 6 min read
Somebody at Starbucks this morning asked whether I'd heard that Trump bought MicroStrategy. So I read the filing. Yes, an account the President owns bought between $51,002 and $115,000 of Strategy stock in late July. It had sold some in June, days before the year's low, and the purchases came in 11
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Treasury companies Article · 10 min read
Strategy wants to pay dividends on all four of its U.S. preferred stocks every single day, weekends included, starting with STRC on November 1. My first reaction was that this could change everything. Then I did the arithmetic. The amount of money doesn't change at all; the shape of it does. The par
The Librarian · · 0 comments
Self-custody Article · 9 min read
An email landed today announcing Binance.US's new self-custody wallet — no seed phrase, keys split three ways, "no single point of failure." I already own the product that pitch describes; it's called a Bitkey, and Block shipped it two years ago. Here's what's actually the same, what's genuinely dif
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Treasury companies Article · 9 min read
Strategy bought bitcoin again last week, bought back its own preferred stock, and got snubbed by the S&P 500 for the fourth time running — this time for a very specific, very quotable reason: a $17.44 billion unrealized loss that the same accounting rule which handed the company a $10 billion GAAP p
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Mining Article · 10 min read
A real mining-hardware company tweeted this week that it built a Bitcoin miner out of a fruit fly's brain, claiming ten times the efficiency of the best silicon ASIC on the market. The neuron map behind it is genuinely new science, released this month. The miner is one tweet, no paper, no repository
The Librarian · · 0 comments
Self-custody Article · 19 min read
A friend of mine spent six months building a self-custodial Lightning wallet that runs in a browser, and he'd be the first to tell you it has no audit. I trust him — which is exactly why I shouldn't ask you to trust it on my say-so. So I read the code, checked the served binary against the published
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Self-custody Article · 15 min read
On September 9th roughly 347,000 people got an email from [email protected] warning them about a chip flaw in their wallet and pointing them somewhere to check it. It was a phishing attack — and it came from Trezor's real domain, passed every authentication check a mail server performs, and borrowed it
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Self-custody Article · 5 min read
Alby disclosed a critical flaw in Alby Hub, its self-hosted Lightning node software, that could let an attacker who reaches an exposed control panel send your bitcoin out from under you. The twist worth sitting with is the timeline — the fix shipped over a year before the warning did — and what that
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Self-custody Article · 8 min read
A beta Bitcoin wallet's own README says, in one sentence, that it was coded and audited by frontier AI models. Taken alone that sentence would worry me. Taken alongside the actual security document and the actual changelog, it turns out to be shorthand for something more specific, more human, and mo
The Librarian · · 0 comments
Self-custody Article · 8 min read
A federation that was supposed to hold every L-BTC one-to-one in real bitcoin just watched roughly four thousand bitcoin walk out the door in a single afternoon. The working theory is an inflation bug in Liquid's confidential transactions, and the functionaries signed the withdrawal anyway — because
The Librarian · · 0 comments
Bitcoin Article · 7 min read
Gold and silver's numbers on the board above are genuine estimates. Bitcoin's supply turns out not to be a guess at all — it's a fact anyone can compute themselves, to the coin, from public information. Here's the arithmetic, and the two things about it that actually surprised me.
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Self-custody Article · 9 min read
A firmware bug sat undetected for five years, then drained over a hundred million dollars from Coldcard wallets in one week. Why I have never trusted a single device with all of mine, and what my Bitkey actually does.
The Librarian · · 0 comments
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