Bitcoin Well is on a mission to enable independence. We do this by making it easy to use bitcoin in self-custody. Whether you’re looking to buy, sell or use bitcoin, we never hold on to your bitcoin. Bitcoin Well is automatic self-custody.
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2025-12-17T20:56:00Z Event JSON
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Last Notes npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Citadel Securities just paid $400 million for a piece of the exchange holding "your" crypto. CryptoDOTcom is now worth $20 billion. Sit with who just became your counterparty. You see, Citadel isn't a Bitcoin company. It's the market maker that stands between you and the price of almost everything you trade. The same firm at the center of the payment-for-order-flow fight, the one retail spent 2021 screaming about, now owns a slice of the on-ramp millions of people trust with their coins. This is the pattern, not the exception. The plumbing of "crypto" keeps getting bought by exactly the institutions Bitcoin was built to route around. First the ETF custodians. Now the exchange cap tables. Every layer between you and your keys is being consolidated by people who make money on the layer itself. Here's the part they can't buy. A coin in a wallet only you control has no cap table. No strategic investor. No market maker taking a spread on your sovereignty. Citadel can own the casino. It cannot own the money you took home. The whole point was never a better middleman. It was no middleman at all. https://pbs.twimg.com/media/HNYLAD8XcAEoFe2.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell What Happens to Bitcoin If Saylor Gets Forced to Sell https://t.co/UjEyELyIG9 npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell We're live. Episode 2 of the Bitcoin Well Podcast — the sell-off, the "never sell" reversal, and what it actually means for Bitcoin's biggest corporate bet, with @JoeConsorti and @ChrisAlaimo6. https://youtube.com/live/ryYKA9anKsg?feature=share npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Tomorrow, 2pm EST, Episode 2 of the Bitcoin Well Podcast. @JoeConsorti has spent years mapping Bitcoin against global liquidity and monetary policy. @ChrisAlaimo6 has spent years in the trenches of Bitcoin media. Two different lenses on the same question: is the playbook breaking, or is everyone else just early to the exit? https://pbs.twimg.com/media/HNNKTsUbEAA11S2.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell "Bitcoin has no intrinsic value." Neither does the dollar. Let's actually compare what backs each one. The dollar is backed by: · a government that has debased it nearly every year it has existed · debt it can only service by printing more · a promise to keep the promise Bitcoin is backed by: · energy that was genuinely spent and can't be faked · rules no single party can change · a supply cap that tens of thousands of independent computers enforce every ten minutes "Intrinsic value" was always a story. The only question is whose story you're holding. — Zach 🧙♂️ npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Nobody feels sovereign the day they buy bitcoin. They feel it the day they move it themselves. There's a specific kind of quiet that shows up after someone sends their first transaction from their own wallet. It isn't excitement. It's calmer than that. It's the feeling of holding something that is finally, actually yours. You can't explain that feeling to anyone. You can only hand them the keys and let them find it themselves. https://pbs.twimg.com/media/HM5LFcSX0AAzfdP.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Almost every currency in history has died. The ones still standing just haven't died out yet. This isn't pessimism, it's arithmetic. Mises wrote that there is no way to avoid the final collapse of a boom built on credit expansion. You can delay it by printing more, but every dollar printed to postpone the reckoning makes the reckoning bigger. That stopped being a theory a long time ago. It's been proven in the last thousand years of monetary history. Mises said it first, Rothbard said it louder, and the point never changed. Money that can be created out of nothing will be created out of nothing, and the people closest to the printer always spend it first. Your savings pays the bill last. Bitcoin is the first money no emergency can dilute. No committee, no election, no war can vote more of it into being. The question was never whether fiat fails. It's whether you're holding something else when it does. https://pbs.twimg.com/media/HM5HUpAWoAASJ17.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The companies that road the "never sell your bitcoin" slogan to market their companies keep selling their bitcoin. Strategy parted with roughly 3,588 coins last week. This week a Nasdaq-listed miner sold about 1,400 more to fund a data center and pay down debt. Different names, same lesson. When you bolt a dividend, a loan, or a payroll on top of Bitcoin, you have created an obligation that does not care what you post about diamond hands. The obligation has a due date. The bitcoin is what gets sold to meet it. A claim stacked on an asset answers to its own schedule, not to your conviction. The coin in your own cold storage owes nothing to anybody. Own the asset. Not a promise stacked on top of it. https://pbs.twimg.com/media/HM5DB6rWAAAFNyA.png https://pbs.twimg.com/media/HM5DKNBXwAA6m65.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Every Bitcoin block carries the fingerprint of a man who never worked on Bitcoin. You just can't see it. In 1979, a cryptographer named Ralph Merkle patented a way to take a mountain of data and boil it down to a single fingerprint, so anyone could check whether one piece belonged to the whole without having to see all of it. He called it a hash tree. Everyone else calls it a Merkle tree. Thirty years later, Satoshi cited Merkle by name in the Bitcoin whitepaper and wired the idea into the heart of every block. Each block header carries one Merkle root, a single string that commits to every transaction inside it. It's why your phone can confirm a payment without downloading the entire chain. It's why nobody can quietly rewrite an old block, change one transaction and the fingerprint shatters. Merkle wasn't building money. He was one of the people who invented public-key cryptography itself in the 1970s, then handed the world a tool for proving things without trusting anyone. That was Bitcoin's whole spirit, decades early. Don't trust, verify. Merkle gave us the math to do it. https://pbs.twimg.com/media/HM5CZjbWoAAKLaW.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell They don't need to take your money. They just need to make it worth a little less every year while you sleep. Mises saw this a century ago. He called sound money an instrument for protecting civil liberties against a government's despotic reach. Not an investment. A defense. Bitcoin doesn't ask the government to behave. It just works around them. That's the defense he was talking about. https://pbs.twimg.com/media/HM5BAL6W8AALSRs.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Someone sent a friend $5 of Bitcoin over Lightning. Strike froze it and demanded the sender's full legal name. But the person receiving it had no way to answer. Nobody knows a stranger's surname from a Lightning payment. That's the whole point of the technology. Strike's CEO, Jack Mallers, apologized and named the culprit directly: the new MiCA regulations. That's the same rulebook doing its work from the other side. MiCA is why 70% of Binance's exiting EU users just fled into self-custody. It is also why a $5 tip on Strike now triggers a demand for a stranger's legal name. One regulation, two doors. Wherever the state can reach a custodian, it makes that custodian watch you. Here's the lesson hiding in both. A custodian is a chokepoint by design. However good its intentions, it holds a door the state can always knock on. Your own wallet has no door. A self-custodial Lightning payment never asks for anyone's name, because there is no middleman left to compel. They can write every rule in Brussels and still never reach the wallet you hold yourself. Not your keys, not your coins. Not their business, either. https://pbs.twimg.com/media/HM3-PpfWAAAXona.png https://pbs.twimg.com/media/HM3-T0uWkAAX3IE.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Michael Saylor says Bitcoin has no spam problem. A lot of people are furious he said it. Here is the part everyone in the fight is missing. It doesn't matter what Saylor thinks. It doesn't matter what the pools signal by July 15. Bitcoin doesn't have a CEO who decides what it is for, and that is the entire point of the thing. The rules of Bitcoin are not enforced by a vote, a company, or a mining cartel. They are enforced by the node you run. Every full node quietly checks every block against the rules its operator chose to accept. Miners can propose. Pools can signal. Billionaires can post. None of them can force a rule onto a node that rejects it. That is why the "spam" fight, for all its noise, is really a question about you. Do you run your own node and enforce your own rules, or do you outsource that judgment to whoever has the loudest account this week? Let them debate the filter. Sovereignty was never up for a vote. Run your node. The rules are yours to keep. https://pbs.twimg.com/media/HM0KWQ_XsAAJUEJ.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Bitcoin isn't 21 million coins. It's 2.1 quadrillion satoshis. Keep that in mind the next time someone says there won't be "enough." Eli Ben-Sasson, a Zcash co-founder, wants to swap Bitcoin's fixed cap for 4% annual issuance, worried that lost coins leave too little to go around. Start with the obvious part. The 21 million cap is the product. Change it and you don't have Bitcoin anymore. You have another coin that borrowed the name. Now the "just 4%" part. There is no just once. The moment the cap can move, someone owns the dial, and 4% stops being a ceiling and becomes a precedent. Every future emergency will argue for a little more. That is the entire history of fiat money, restarted from scratch. And the shortage he fears isn't real. Each Bitcoin splits into 100 million sats. When coins are lost, the ones that remain simply carry more value, and the network keeps pricing life in smaller units. Lost coins don't starve you. They make everyone else's sats worth more. A cap you can vote to raise was never a cap. It's fiat with extra steps. https://pbs.twimg.com/media/HMtfTzyWUAAS6i1.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The U.S. government holds more than 328,000 Bitcoin, worth about $21 billion, and 16 months in it still can't figure out who holds the keys. Bloomberg reports the Strategic Bitcoin Reserve has stalled. Treasury and Commerce are fighting over which one runs it, and government lawyers are now reviewing a more basic question. Whether Washington even has the legal authority to custody Bitcoin for the long term. The most powerful state on earth, holding $21 billion in Bitcoin, is stuck on the exact problem every one of us solved on day one. Where do the keys live, and who is allowed to move them? This is the whole lesson in one headline. Custody is not paperwork you delegate to an agency. It is the asset. A reserve nobody can agree how to hold is just a number in a press release. You don't need an interagency working group. You need a seed phrase, a piece of steel, and an afternoon. No turf war. No legal review. No 16-month delay. They have $21 billion and no answer for the keys. You can have yours today. That is the whole difference between owning Bitcoin and being told you own it. https://pbs.twimg.com/media/HMp7BTiX0AA5Imi.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell An exchange showing you its "Proof of Reserves" tells you almost nothing. It's a magic trick, and you're the mark. Here is the sleight of hand. Proof of reserves shows you the assets. It says nothing about the liabilities. It's a bank flashing a vault full of Bitcoin while staying very quiet about how many different customers were promised that exact same coin. Reserves without liabilities isn't an audit. It's a photo of the good half of the story. This is fractional reserve banking 2.0. The exchange holds some Bitcoin, lends against it, rehypothecates the rest, and shows you a clean snapshot on a good day. It works right up until enough people ask for their coins at once. Then the math breaks, withdrawals "pause," and you learn what you actually owned: an IOU. There is only one audit that can't be faked. You hold the keys, the coins sit on the network as yours, and no snapshot, press release, or trust-me page stands between you and your money. Drain the exchanges. https://t.co/vyqXP6LO4W npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Independence weekend, so let's read the fine print. If your Bitcoin lives on Coinbase, Cash App, or any exchange, here is what you actually own: an entry in their database that says they owe you Bitcoin. Not the Bitcoin. A promise about it. Same structure as the bank you are frustrated with, just with a friendlier app. That is not a knock on the people who work there. It is the design. A custodian can freeze your account, get hacked, get subpoenaed, or get into trouble and take your coins down with it. Most people find out none of that mattered right up until the day it did. Self-custody flips the whole thing. You hold the keys, the coins sit on the network as yours directly, and no company sits between you and your own money. That is the entire reason Bitcoin was built in the first place. We help people make that move, so yes, we are biased. But you do not have to trust us on it. Move a little off the exchange, hold the keys yourself, and feel the difference. Owning the asset beats owning a promise about it. https://pbs.twimg.com/media/HMVHahWWoAAthye.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell They declared independence from a king in 1776. Then they tried to pay for it with a printing press. The Continental Congress had no gold and a war to fund, so it printed. Paper dollars called Continentals, millions of them, backed by nothing but a promise and the hope of victory. At first they spent fine. Then prices climbed. Then they ran. Within a few years it took a fistful of Continentals to buy what a single silver coin once did, and "not worth a Continental" entered the language as the insult it still is. The same government that fought a war over taxation without consent taxed everyone anyway, quietly, through the printer, no vote required. The soldiers who won that war were paid in money that melted in their hands. Sound money was the unfinished business of 1776. It still is. Bitcoin is the first money in that whole story that no Congress can print more of. Fixed supply, enforced by every node, no emergencies and no exceptions. Independence from a king was step one. Independence from the printing press is the part we still owe them. https://pbs.twimg.com/media/HMVGcSOWUAAxBkw.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell In 1993, a mathematician named Eric Hughes sat down and wrote a declaration of his own. It was not about a king. It was about privacy, and the machines that were quietly ending it. He called it A Cypherpunk's Manifesto. The core idea was simple and radical: if you want privacy in a digital world, no one is going to grant it to you. You have to build it yourself. His most famous line is three words long. "Cypherpunks write code." Not petition. Not protest. Not wait for permission. Build the thing that makes the freedom real, then give it away so no one can take it back. Fifteen years later, Satoshi did exactly that. Bitcoin was not a demand that governments fix the money. It was working code that fixed it, released into the open where no one could recall it. Here is the lesson that outlived the manifesto. Rights you have to ask for can be revoked. Rights you build into running code are yours to keep. Independence was never granted. It gets written. Sometimes in ink, sometimes in software. https://pbs.twimg.com/media/HMVFuqCXsAA3mFL.png https://pbs.twimg.com/media/HMVGEWeXQAARhML.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Fireworks tonight for a country that once told a king no. Meanwhile most people still cannot tell their own bank no. Wrong charge, frozen account, declined payment, and the only move is to ask nicely and wait for a yes. Self-custody is the smallest declaration of independence you will ever sign. No paperwork, no permission, no one left to ask. The fireworks are for a country that said no. The keys are how you say it yourself. https://pbs.twimg.com/media/HMVFUwvW0AA0LVD.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Germany just reminded everyone how a "tax free" promise actually works. It lasts right up until the government wants the money. For years, Germany was a quiet haven. Hold your Bitcoin longer than a year and the gains were tax free. This week the 2027 federal budget draft proposes scrapping that and taxing Bitcoin like stocks. The one-year rule, gone. They are calling it "modernization." Here is the part worth sitting with. The tax break was never really yours. It was a policy, and a policy is a promise a committee can rewrite on its own schedule, whenever the budget runs short. Rothbard would have shrugged. The state's appetite for revenue is bottomless, and every haven it grants is one it can quietly close. Pay what you owe, wherever you live. That is not the argument. The argument is about who gets to change the rules on your savings after the fact. A parliament can change your tax rate overnight. No parliament can change how much Bitcoin exists. One of those is a rule. The other is a mood. https://pbs.twimg.com/media/HMVFAb5XEAAz2Kw.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Last year I decided to try out the Flip 4 Android phone. Turns out a phone that opens and closes and little kids are not the best combo. After some rough usage, mine started shutting off every time it closed, and it's now on death's door. So I used it as an excuse to upgrade my sovereignty stack. I'd heard a lot about GrapheneOS but never took the time to really research it and bite the bullet. An open source OS that strips the bloat and spyware out of an Android phone? Sign me up. After an hour or so of research I settled on a used, unlocked Pixel 8. It showed up in a couple days and I set aside some time to install it. I was not expecting it to be this easy. Update the phone, turn on developer mode, plug it into my PC, and follow the step by step guide on the GrapheneOS website. That amounted to clicking a few buttons in my browser as it prompted me. About an hour later I had a brand new privacy focused phone. No tracking, no spying, no programs running secretly in the background. If I'd known it was this easy I'd have done it years ago. Can't recommend upgrading your privacy and sovereignty stack enough. Perfect pairing for any Bitcoiner who wants more freedom and peace of mind. And you couldn't ask for a better project to take on for 4th of July Weekend. Happy Digital Independence! - Zach 🧙♂️ https://pbs.twimg.com/media/HMT0Z0IW0AA6MmQ.jpg https://pbs.twimg.com/media/HMT0c4CXEAAXGt5.jpg https://pbs.twimg.com/media/HMT0dxRW8AACN54.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Tomorrow, millions celebrate a declaration of independence from a king. Most will do it holding money a central bank can print at will. In 1776 the whole fight was about not answering to a distant authority for permission to live your life. Then we handed the most important part of that life, the money, right back to a distant authority. A committee that can dilute your savings. A bank that can freeze your account. An app that can decline your payment and never tell you why. Financial independence is the same old fight, just quieter. Self-custody is the modern version of the same declaration: property no one grants you, and no one can revoke. You don't have to overthrow anything. You just stop needing anyone's yes. We're a Canadian company, so we'll cheer from up north. But the idea has no border. Sound money and a free person have always been the same project. Independence isn't a date on the calendar. It's whether someone else can say no to your own money. Shout out to @robbiep808x for sporting the Bitcoin Well swag :) https://pbs.twimg.com/media/HMTtysgXAAATnJG.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Elon says AI will do everything and we'll all live on "universal high income." Work optional. Sounds generous. Ask the second question. Who sends the income? Who can pause it? Who decides your amount, and what happens to it the year you say the wrong thing? A promise of money you don't work for is a promise of money you don't control at someone else's expense. Universal high income is universal dependence with a friendlier name. The check clears as long as you stay agreeable to whoever signs it. That's not freedom from work. That's a permission slip for your existence, renewable at someone else's discretion. This is the exact machine we already live in, just automated. A dollar you didn't earn, issued by an authority, adjustable by decree, is the softest leash ever invented. It feels like a gift right up until the moment it's conditional. Bitcoin is the opposite bet. Property no one grants you and no one can switch off. You don't apply for it. You earn it and hold it at your own discretion. Before you take the income they promise, make sure you own something they can't. https://pbs.twimg.com/media/HMQBw03WQAABlHj.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Everyone wants a scary reason the price has felt heavy lately. Here's a calmer one: distribution. Some of the oldest coins on the network have been waking up and changing hands. A great example is this story from last year that's going viral right now: 10,000 bitcoin bought in 2011 for $7,805, untouched for over 14 years, then moved for more than $1 billion. One anonymous address. About 140,000x. No press releases the whole way. When decade-old supply finally sells, it meets the market, and price can sag while those coins find new owners. That is, honestly, the healthiest thing a monetary network can do. Look at who actually holds bitcoin. Not a boardroom. Not a few insiders with lockups and scheduled sell plans. Plebs and anonymous OGs who bought conviction a decade ago and never asked permission to keep it. Coins moving from old strong hands to new strong hands is the distribution working as designed. And the part nobody tells you: that 14-year clock was never a 2011 privilege. You can start yours today. Buy what you understand. Hold your own keys. Let time do the work no trader can. https://pbs.twimg.com/media/HMOt7JtWoAAnoN-.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The U.S. money supply (M2) just hit a record $23,050,000,000,000. Why does that number keep climbing? Here's the official list: -Deficits that need funding -Rate policy that needs "accommodating" -Banks that need backstopping -Markets that need "stabilizing" -Emergency facilities (always temporary, never) -Wars that need paying for -Promises made every election year Why Bitcoin is capped at 21,000,000: -Decentralization -Math That's it. That's the whole list. One number takes a committee, a printer, and a straight face to justify. The other takes nothing at all. Nobody can vote to make more, and nobody has to be trusted to keep it scarce. You can keep score in the money that grows to order, or the money that answers to no one. https://pbs.twimg.com/media/HMOfqGYXwAEDXrv.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Happy Canada Day. Proud of this country. Also done asking anyone's permission to hold my own money. Canada gave us a lot worth celebrating. The land, the people, a passport that opens doors, and a reputation for quietly minding our own business. But loving a country and trusting its currency are two different things. You can wave the flag today and still want money no central bank can print, no bank can freeze, and no policy can quietly tax through inflation. That isn't unpatriotic. It might be the most Canadian instinct there is: independent, self-reliant, looking after your own. Bitcoin doesn't care where you were born. It just lets you keep what you earned, on your terms. Love the country. Own the money. Happy Canada Day from a Canadian company that believes in both. https://pbs.twimg.com/media/HMFagAhXsAAQhwV.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell $145 million in long positions just got liquidated. Not one satoshi in cold storage moved. Bitcoin slipped under $59,000 today and the leverage went up in smoke. Here's the part that actually matters: every coin that got liquidated was sitting somewhere a third party could reach. An exchange. A margin account. A position someone else can close for you at the worst possible second. Cold storage doesn't get a margin call. A seed phrase in your drawer can't be force-sold at the bottom. The people shaken out at every dip are the ones who borrowed to feel rich faster, or left their stack on a platform that liquidates first and emails later. Volatility doesn't take your Bitcoin. Leverage and custody do. https://pbs.twimg.com/media/HMFYnsMWgAEB6nD.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Heads up: we go live in 15 minutes. A betting market now puts a 70% chance on Bitcoin seeing $50,000 before year-end. That's not a prophecy. It's a mood with a price tag. At 4 PM EST, Michael Sullivan @SullyMichaelvan reads the market's real mood through language, not price. His data says this isn't capitulation or euphoria. It's apathy and anger. Don't trade on the crowd's feelings. Come learn what they actually are. The Deep Dive. 4:00 PM EST. https://t.co/1N634hOMoZ npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell "A fraud." "A pet rock." "I'd close it down." That was JPMorgan on Bitcoin for years. This week the same bank says digital assets are "moving into the core" of the financial system. Don't act surprised. He wanted it cheaper while he loaded up. Talk the price down, accumulate quietly, then announce you were early. Oldest move on Wall Street. And it's a preview. The people calling Bitcoin worthless today are the ones who'll sell it hardest a decade from now, once they own enough to sell. Their words follow their bags. They always have. So stop trading on what they say. A man calling it worthless while his firm builds the rails to hold it isn't handing you analysis. He's managing his entry. Study the asset. Use your own brain. The only conviction that survives a cycle is the kind you built yourself. https://pbs.twimg.com/media/HMAbQqQW0AAHADA.png https://pbs.twimg.com/media/HMAbTc6XkAAhM5v.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Here's a self-custody habit almost nobody does, and the one that matters most: test your recovery before you need it. Most people set up a wallet, write down the recovery words, and never touch them again. Then years later something breaks, and they find out the hard way that they wrote a word wrong, skipped one, or can't read their own handwriting. The fix takes twenty minutes. Set up a fresh wallet on a spare device and restore it from your written words. If your balance shows up, your backup works. If it doesn't, you just found out while you still have time to fix it. Self-custody isn't only about holding your keys. It's about knowing, for certain, that you can recover them. The whole point of holding your own coins is that the responsibility is yours, so make sure the backup actually does what you think it does. Test it this weekend. Future you will be grateful. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Somebody told me this week they finally moved their bitcoin off the exchange after three years. Three years of meaning to. Three years of "I'll do it this weekend." Then one afternoon they wrote down twelve words, sent a test amount, watched it land, and sent the rest. They said the strangest part was how quiet it was. No confirmation email from a company. No support line. No permission. Just their coins, in a wallet only they can open, answering to nobody. That quiet is the whole thing. We are so used to money that lives inside someone else's building that holding it yourself feels like it should be harder, or scarier, or need approval from somebody. It doesn't. It takes about ten minutes and a piece of paper you keep somewhere safe. If you've been meaning to do it for three years, this is the weekend. Your keys, your coins. https://pbs.twimg.com/media/HLw-QNqXgAAkGIO.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell A dollar just became the second most valuable asset in all of crypto. This week Tether's USDT passed Ethereum by market cap. Around $186 billion in dollar tokens, now worth more than the network that was supposed to replace the financial system. The most-used asset in crypto is the exact thing crypto was built to route around. Stablecoins are useful, no argument. Peruvian onion exporters are now settling customs in USDT instantly, no correspondent bank, no three-day wire. That part is real. But a stablecoin is still a dollar, and a dollar still loses value on a schedule set by people you never voted for. Tether can also freeze any address it wants, and it has done it many times over. Convenient money you can be locked out of is still money you can be locked out of. Bitcoin is the one asset on these rails nobody can print and nobody can freeze. Not a faster dollar. A different kind of money entirely. Hold the one with no off switch. https://pbs.twimg.com/media/HLw9iA0XAAARlzb.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Adam Back didn't invent proof of work. We should say so plainly, because the real history is better than the myth. The idea came first from two cryptographers you've probably never heard of. In 1992, Cynthia Dwork and Moni Naor proposed making a computer do a small, hard piece of work to send an email, as a way to price out spammers. That was proof of work, five years before Hashcash. Back's contribution: In 1997 he built Hashcash, the working version that turned the idea into something you could actually run. The term "proof of work" itself was coined later, in 1999, by Markus Jakobsson and Ari Juels. Hal Finney made it reusable in 2004. Then Satoshi cited Hashcash by name and wired it into Bitcoin, turning an anti-spam trick into the heartbeat of sound money. No single genius. A relay run across sixteen years by people who mostly never met. Bitcoin wasn't handed down by one founder you have to trust. It was assembled in the open, checkable by anyone. The money you can verify yourself was built the same way. https://pbs.twimg.com/media/HLw84ryXQAAEQbI.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell A drawdown like this isn't a crisis for Bitcoin. It's the entrance fee. A lot of people are finding out tonight they can't afford it. Bitcoin near $58,000, down hard, and the loudest voices from three weeks ago have gone quiet or flipped. Notice what actually changed today. Not the protocol. Not the supply. Not a single rule any node enforces. The only thing that moved is the price, and the price has a way of writing people's convictions for them in real time. This is what low time preference actually costs. Not a clever entry. The discipline to keep holding something you understand while the chart screams at you to do something, anything, to make the feeling stop. The fiat system spent your whole life training you to flinch. To want a hand on the dial. To trust the man who promises he'll steady things. Every red day is a quiet test of whether you traded that reflex for ownership, or just rented it until it got uncomfortable. The market can't take your Bitcoin from you. It can only talk you into handing it over. Don't. https://pbs.twimg.com/media/HLru-cHW4AAFfgR.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Bitcoin just dropped under $60,000 and the prediction markets are giving roughly 80% odds it breaks $55,000. Open any timeline and you can feel it. Panic, anger, people picking sides and turning on each other. Here's the strange part. The data says this isn't capitulation. It's something quieter and weirder: apathy and anger, not fear and surrender. The opposite of euphoria. On June 30 we're sitting down with Michael Sullivan, @SullyMichaelvan to read the market's actual emotional state. Not through price. Through language. Michael measures what Bitcoiners are really feeling underneath the chart, and right now those feelings are splintering. We'll get into Bitcoin's identity crisis, why the community is fracturing into factions, why the same news makes one camp cheer and another rage. Saylor, MSTR, "paper Bitcoin," and what happens to conviction when the easy narratives break. Everyone's staring at the same red chart and feeling something completely different. Michael actually measures the difference. The Deep Dive: How is Bitcoin Feeling, with Michael Sullivan. June 30, 4:00 PM EST. Bring your questions. https://pbs.twimg.com/media/HLmqAGHW4AAxBzK.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Everyone is cheering the price of oil falling but the bigger story isn't about the oil, its about the money. As part of the deal to reopen the Strait of Hormuz, the US agreed to release billions in frozen Iranian funds. A reported $24 billion. The part worth understanding: that was Iran's money to begin with. Oil and gas revenue, earned from real sales, parked in foreign accounts that US sanctions then froze in place. Not a gift. Not aid. Their own earnings, locked by decree. And the "release" comes with a leash. The funds stay under US control and can only be spent buying corn and wheat from American farmers. A nation's own money, handed back on the condition that someone else decides what it buys. Now ask what the war actually changed. The strait reopens, with no charge for 60 days. Sanctions ease as soon as they "behave." We're roughly back where we started, because the missiles were never the real weapon. The real power of the US was never the bombs, it was the ability to control the rails of the global economy. The power to switch a country's money on and off. The war just provided the excuse and the bombs just provided the smoke screen to obfuscate what was really going on. And quietly Bitcoin continues to mint new blocks every 10 minutes without anyone's permission; continuing to win the ongoing war for freedom without any bombs or violence. Tick-Tock next block. https://pbs.twimg.com/media/HLlYfwgXAAItLQ9.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Apple almost killed a Bitcoin wallet on its platform last week. Not by hacking it, but by deleting a developer account. Craig Raw built Sparrow, one of the most trusted self-custody wallets on earth. Open source. Free. His mistake was trying to warn people about fake Sparrow clones scamming users on the App Store. For that, Apple flagged his developer account for termination. The stated reason was "dishonest activity." Set a deadline of June 30. After that, every new install of Sparrow on a Mac would have simply failed. Twenty-four hours of public pressure later, Apple reversed it. However, the scam clones stayed up. The honest developer nearly got cut. And a single company in Cupertino held a kill switch over how millions of people reach their own keys. That's the real lesson, and it cuts deeper than "not your keys, not your coins." These were people trying to do the right thing. They wanted their Bitcoin in their own hands, and a single gatekeeper nearly took away the tool they chose to do it with. Self-custody isn't only about holding keys. It's about reaching them through software no one can switch off. A closed app store can throttle the on-ramp. Slow you down, frustrate you, quietly push you back toward the custodian who never gets flagged. What it can't touch is open code. Sparrow is open source. You can build it, run it, and pass it on without Apple's blessing. That's why this ended in a reversal and not a dead wallet. Hold your own keys. And reach for the tools no gatekeeper gets to approve. https://blossom.primal.net/550bb6ec378aeeb6473bf86b238a18d27519b04f9f79e73fde6e46fabcc0b38d.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell You never voted for inflation. You pay it every year anyway. It shows up as a tax that never lands on a ballot or a return. Your paycheck buys a little less. Your savings quietly shrink. The dollar in your pocket is worth more today than it will be next year, and that isn't a mistake. It's the policy. Since 1971, the dollar has lost more than 85% of its purchasing power. The people running the printer kept their jobs the whole time. Bitcoin runs on a different rule. Capped at 21 million, enforced by every node on the network, changeable by no one. No emergency, no committee, no election can dilute what you hold. The fiat system asks you to trust that they'll behave. Bitcoin doesn't ask you to trust anyone at all. That's not a price chart. That's an exit. https://pbs.twimg.com/media/HLM6h6NX0AAdxwD.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell You can print a dollar. You cannot print a kilowatt. Every Bitcoin that exists is backed by real energy already spent. Work that actually happened. Electricity that was actually burned to secure the network. You can't fake it, fast-talk it, or vote more of it into existence. That's the quiet reason Bitcoin is different from every currency before it. Fiat is created by decree. Bitcoin is created by proof. One costs a keystroke. The other costs the one thing no government can conjure from thin air: real work in the physical world. Sound money was always money that cost something to make. We just forgot what that felt like. https://pbs.twimg.com/media/HLM5kxfW4AA1qSU.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell "Bitcoin is too volatile to be real money." Fine. Let's look at the other side of that trade. The Argentine peso has lost over 90% of its value in the last decade. The Turkish lira, the Lebanese pound, the Venezuelan bolivar: each one a "real" currency that wiped out the savings of everyone forced to hold it. Even the U.S. dollar has quietly lost most of its purchasing power since 1971. Bitcoin is volatile up and down on its way up. Fiat is remarkably stable on its way to zero. Volatility you can ride out. A slow, guaranteed bleed you can't. Short-term noise is the cost of owning money they can't print. The "stable" option just takes everything, quietly, instead. — Zach 🧙♂️ https://pbs.twimg.com/media/HLM4vSoXYAAIvMI.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The first time you help someone set up their own wallet, watch their face. Not when they buy. When they send. That moment they move their own money, to their own keys, and realize no bank approved it, no app could freeze it, and nobody had to say yes. Something shifts. They stop seeing Bitcoin as a number that goes up and down. They start seeing it as theirs. We've watched grandparents do it. Teenagers do it. People who swore they were "not a tech person" do it in about ten minutes. That quiet click of understanding is the whole point. Money you actually own, that answers to you and no one else. You can't hand someone a feeling. But you can hand them the keys, and let them find it themselves. https://pbs.twimg.com/media/HLM2sIOXYAAIiPC.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Two days ago the Senate voted 89 to 10 to ban a government digital dollar. Today the Treasury proposed forcing every stablecoin company to file your ID with the federal government This is the first GENIUS Act rule out of FinCEN, and it does the exact job the CBDC was supposed to do. A "Permitted Payment Stablecoin Issuer Customer Identification Program" drops Circle and Tether under the Bank Secrecy Act and orders them to verify, log, and report who holds the digital dollar. No central bank coin required. The surveillance just arrives wearing a private logo. The dollar going digital was never the threat (its already mostly digital). The dollar becoming a permission slip was. Whether the form says Federal Reserve or USDC at the top changes nothing about who can freeze your balance or watch where it moves. There is one digital money that cannot run a customer identification program, because no company stands between you and it. You hold the keys. There is no issuer to subpoena, no account to flag, no balance anyone can switch off. Not your keys, not your coins was never a slogan. It is the only opt-out the rulebook forgot to close. https://pbs.twimg.com/media/HLHsHf4W8AAUsri.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The U.S. Wants a Million-Bitcoin Reserve. The Fine Print Says It Can't Buy a Single Coin. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The U.S. Wants a Million-Bitcoin Reserve. The Fine Print Says It Can't Buy a Single Coin. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Last night Bitcoin made itself 10% easier to mine, and not one person decided that. At block 953,568 the network ran its difficulty adjustment, the eleventh-largest downward move in its history. Hashrate has fallen 23% from its October peak as the price slump squeezed miner margins and the weakest rigs switched off. So the protocol did what it always does. It loosened the difficulty so the remaining miners could keep finding blocks on schedule, roughly one every ten minutes, exactly as written. Notice what did not happen. No emergency meeting. No bailout for the miners going under. No committee voting to ease conditions. No press release promising to support the sector. The adjustment is baked into the code, it has run every two weeks for over seventeen years, and it has never once asked permission. Compare that to every other market. When producers hurt, they lobby. When a bank wobbles, a government rescue appears by Monday. Someone always steps in, and someone always pays for it later. Bitcoin just rebalanced and moved on. A system with nobody in charge absorbed a 23% shock without a single human decision. That is not a flaw in the design or a reason to panic. That is the design work exactly as it should. https://pbs.twimg.com/media/HK3P-MnW0AAWBOc.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The U.S. Wants a Million-Bitcoin Reserve. The Fine Print Says It Can't Buy a Single Coin. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Self-custody is not about distrust. Its about not needing trust at all. Every other form of money rests on someone keeping their word. A banker's prudence. A government's restraint. A custodian staying solvent. You hand over your savings and hope the people on the other side stay honest and stay liquid. Bitcoin held by you removes the hoping. The rules are fixed, the supply is known, the keys are yours. You don't have to trust a promise. You verify a fact. Most of what you own today depends on a stranger keeping a promise. That dependence is a choice, and it is one you can unmake. Verification beats faith. Always has. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Before Bitcoin, before most people had email, a cryptographer named David Chaum already built digital cash that actually worked. In 1982 his Berkeley dissertation laid out nearly every piece of what we now call a blockchain, missing only one: proof of work. By 1990 he had founded DigiCash, and by 1994 people were spending eCash that no bank could trace. He had solved the privacy. He had solved the math. He was a decade ahead of everyone. Then in 1998 DigiCash went bankrupt, and the money died with it. Not because the cryptography failed. Because it ran through a company, and companies fail, get bought, or get shut down. That was the piece Satoshi added. Not better math. No company at all. No office to raid, no CEO to pressure, no firm to go under. Chaum built money a bank couldn't trace. Bitcoin built money no government can kill. https://pbs.twimg.com/media/HKZjxwzXcAASmQp.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Saturday thought. The most valuable thing you can hand your kids is not the bitcoin. It is the reason for it. Anyone can gift a few sats. Far fewer sit down and explain why money that can't be printed, frozen, or inflated away actually matters. Why twelve words on a piece of paper can be worth more than a vault. Why holding your own is worth the small fear of being responsible for it. Teach the why, and the sats take care of themselves. Skip it, and they will sell at the first scary headline. We are not only stacking for ourselves. We are stacking a different relationship with money for the people who come after us. Start the conversation this weekend. Its a better inheritance than the coins. https://pbs.twimg.com/media/HKZht-xXQAEnSUz.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Your raise was not a raise. You got 3% more dollars and the dollars lost more than that, so you did more work for less buying power and called it a promotion. This is the quiet tax nobody votes on. It never shows up on a pay stub. It shows up at the grocery store, the gas pump, the rent renewal. Inflation is not prices going up. It is your money going down. The Austrians named this a century ago: print more units, each unit buys less, and the people furthest from the printer pay first. Bitcoin has a fixed supply of 21 million. No board can vote to make more of yours worth less. You can't out-earn a currency designed to leak. You can only opt out of it. https://pbs.twimg.com/media/HKZeqyIWwAANX88.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Bitcoin doesn't need your belief. Every ten minutes, on schedule, it adds a block. It has done it through every crash, every ban, and every obituary written about it. No CEO, no marketing budget, no quarterly guidance. Just code doing exactly what it promised, for over seventeen years straight. Most things asking for your money need you to have faith in the people running them. Bitcoin has no company running it just people like us that run the code ourselves. That is the entire point. The most reliable monetary network on earth has no boss. Strange that the one thing with nobody in charge is the one that never misses. https://pbs.twimg.com/media/HKZeA5TW4AAKXhK.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Your IBIT shares are not Bitcoin. This morning made that impossible to ignore. BlackRock moved roughly $226 million of Bitcoin to Coinbase Prime, and the timeline split in half. One side is screaming "they're selling." The other is insisting it's fresh inflows. Both sides are arguing about the wrong thing. It doesn't matter which one is right. Either way, not a single IBIT holder got a vote, a notice, or a key. The coins behind the largest Bitcoin ETF on earth sit on a custodian's books, get moved on the custodian's schedule, for the custodian's reasons. You own a share of a fund that owns coins Coinbase holds. Two layers of intermediary between you and a key you will never touch. That's the trade the ETF asks you to make. Convenience now, control never. BlackRock spent decades getting between people and their assets, because the gap is where the fees live. Bitcoin was built to delete the gap. The ETF quietly sells it back to you, $226 million at a time. A fund share rises and falls with the price. It cannot send one satoshi without permission. Let BlackRock move their coins. While you hold yours. https://pbs.twimg.com/media/HKS6namWMAAmGwF.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Before Bitcoin existed, the U.S. government decided that strong encryption was a weapon. In 1991 a man named Phil Zimmermann wrote a program called PGP and gave it away for free, so ordinary people, not just governments and banks, could send a message no one else could read. Soon after it spread beyond U.S. borders, the Customs Service opened a criminal investigation. The charge they were chasing: exporting munitions without a license. The munition was math. The investigation lasted three years. Zimmermann's answer was perfect. He published PGP's entire source code as a book through MIT Press, because the government can restrict exporting a weapon, but it cannot restrict exporting a book. Code is speech. In early 1996 they dropped the case without filing a single charge. That fight is why Bitcoin can exist. The right to run cryptographic software you control, to hold a key the state cannot pry open, was won by people like Zimmermann years before Satoshi wrote a line of code. Self-custody is just encryption applied to your money. Same math. Same right. Same fight. Hold a key no government can open, and you are standing exactly where he stood. https://pbs.twimg.com/media/HKFCFlgXUAAnEuq.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell "Buy the dip" is trending today. So is "DCAing." The whole timeline suddenly discovered courage at 60 grand. Both phrases are still a trader's words, though. Buying the dip is timing. It's a bet that you've spotted the bottom. It runs on adrenaline, and adrenaline runs out. The Austrians had a better word for what actually builds wealth: low time preference. The willingness to choose later over now, on purpose, every week, whether the chart is green or red. Not a bet on the bottom. A refusal to care where the bottom is. That's the difference between the trader and the saver. The trader needs to be right about timing. The saver only needs to be patient and to actually hold what he buys. And that last part is the whole game. Stacking sats into an account someone else controls isn't saving, it's lending. The saver who lowers his time preference and pulls his coins to his own keys is the only one who actually owns the patience he's practicing. Don't buy the dip. Lower your time preference. Then hold your own keys. - Zach 🧙♂️ https://pbs.twimg.com/media/HKE9JP6XcAA1F05.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell It's Saturday. Bitcoin is down for the week. And the people who will still be here in ten years are not looking at a chart. They're at a kid's soccer game. Walking the dog. Making coffee without checking the price before the first sip. Here is the quiet thing nobody tells you about self-custody. It isn't only safer. It's calmer. When your coins sit on a key only you hold, there's no exchange to log into at midnight, no withdrawal queue to refresh, no counterparty whose solvency is suddenly your problem. The setup is done. You can close the app and go live your life. The trader can't look away, because his position needs him watching. The saver can look away for a year, because his Bitcoin doesn't need him at all. It just needs to be held. Down weeks are loud. Sovereignty is quiet. Go enjoy your weekend. Your sats will be exactly where you left them. - Zach 🧙♂️ npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Strategy is sitting on a 13 billion dollar unrealized loss this week as Bitcoin's price drops. The options desks have started betting against them. Here's the part worth your attention. The saver who holds the same Bitcoin in a cold wallet is down the exact same percentage this week. Same asset. Same price. Same red number. One of them can be forced to sell. The other can't. That's the whole difference, and it's the difference self-custody was built to create. A company that holds Bitcoin through layers of financing has stakeholders, instruments, and obligations stacked on top of the coins. When the price moves, all of that machinery moves too, and at some point the machinery can decide for you. Coins on a key you control have no machinery. No preferred holders. No options chain pricing your pain. No quarter to answer for. A 30% drawdown is a feeling, not a forced event. The price falling tests everyone the same way. What it can't do is reach into a cold wallet and pull the trigger. Down bad is survivable. Forced to sell is not. Hold the version nobody can liquidate but you. https://pbs.twimg.com/media/HKE73rZWQAAl-qf.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The Fear and Greed Index just hit 12. Extreme Fear. One of the sharpest sentiment collapses of the year. Bitcoin is near cycle lows. Down from $73k Monday to the low $60s this morning. The index measures how people feel. It does not measure what they do. Here is what they are actually doing on our exchange. 76% of transactions on our exchange this week have been buys. The number of buys doubled from last week and the $ amount spent has tripled. A fear index is a survey of emotions. But what are people actually doing? The two have been pointing in opposite directions all week. The saver who bought this morning didn't check the gauge first. The saver doesn't need a sentiment reading to know that a fixed-supply asset on sale means more sats for his dollar. Extreme fear is what the chart looks like to a trader with a stop loss. To a saver with a cold wallet and a plan, extreme fear is just a discount. The people selling into the fear are selling someone else's keys. The people buying into it are funding their own. https://pbs.twimg.com/media/HJ-YB8sWUAEFsrn.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Michael Saylor's Strategy is sitting on a $8.5 billion unrealized loss on Bitcoin. Strategy sold $2.5 million of Bitcoin two days ago. Bitcoin fell another five thousand in the two days since. Saylor posted "₿ack to Work" at 8 AM ET this morning. 898,000 views in seven hours. A sovereign holder does not have an unrealized loss. A sovereign holder has a stack and a price they don't watch. Your wallet doesn't report to shareholders. Your seed phrase doesn't file a 10-Q. Strategy is a publicly traded corporate Bitcoin proxy. The price chart became a spectacle because the shares became a vehicle. The vehicle has investors. The investors need a tweet. Sovereignty doesn't tweet "back to work." Sovereignty doesn't ever stop working. A self-custodied holder watching today's price chart is not waiting for Saylor's signal. Bitcoin sent to your own wallet does something Strategy stock can't do. It clears in ten minutes and stops asking for your attention. Stack the way the seed phrase stacks. Quietly, without an audience. https://pbs.twimg.com/media/HJ6utTYWUAAo2Uw.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Peter Schiff says Bitcoin will fall under $20k and shake the conviction of long term HODLers, causing many to finally throw in the towel. Schiff has predicted Bitcoin would crash to nothing in 2018, 2019, 2020, 2021, 2022, 2023, and 2024. Bitcoin is currently $67k. Down from a $73k high earlier this week. Schiff is calling the bottom the way he has always called the bottom. By predicting capitulation. A capitulation event is what historically separates the holders who built generational positions from the ones who priced themselves out. Every prior Schiff bottom call has been a buy signal. Those of us that know what Bitcoin is don't need Schiff's permission to keep holding. And his calls for Bitcoin's demise become more ridiculous every cycle. Schiff has built a career convincing Americans to sell Bitcoin for gold. Anyone who took the trade in 2018 missed a 22x move. Wonder what happens this time? https://blossom.primal.net/abe2ae96bcfae41f5e3ba5007411a865a0b5563f4219a12ca1da105ae79c25b2.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Three United States senators want the Labor Department to scrap a proposed rule that would let retirement savers put Bitcoin in a 401(k). Elizabeth Warren. Bernie Sanders. Tim Scott. Two Democrats and a Republican. The senators argue that Bitcoin is too risky for a retirement account. Bitcoin is too risky for a retirement account because a retirement account is a structure where someone else holds the asset, someone else files the paperwork, someone else decides the redemption window, and someone else writes the rules for the day a saver wants the asset back. The risk the senators are describing is not the risk of Bitcoin. It is the risk of the wrapper. A retirement saver who buys Bitcoin and holds it in a self custody wallet doesn't need a Labor Department rule, a fund administrator, a custodian, or a Senate letter. The saver needs a seed phrase and a piece of paper. Three senators are arguing about whether to let savers access Bitcoin through a system that takes the Bitcoin out of the saver's hands. Hold the asset directly and the rule the senators are debating becomes a rule about other people's money. https://pbs.twimg.com/media/HJ1VD8CXcAAx1Yx.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Bitcoin fell under $67,000 at noon. Down five thousand in two days. One billion in liquidations across crypto. BlackRock's spot Bitcoin ETF sold four hundred forty million in a single session. The tape is loud and bearish. Here is what does not show up on that tape. 84.7% of the transactions on our exchange today are buys. 76% of transactions this week are buys. The price chart is the redemption flow at BlackRock. The price chart is the Strategy filing. The price chart is the leveraged liquidation cascade. The story the price chart misses is the saver who looked at the move this morning and bought another stack. The saver who bought yesterday. The saver who has been stacking every day this week on the exchange that lets them withdraw to their own keys. A retail Bitcoin holder watching the price drop is not selling. A retail Bitcoin holder watching the price drop is filling the order they have been praying would hit. The price chart shows volatility. The buy tape shows conviction. https://blossom.primal.net/1da91b4ec192bc3d6a28571ac8a96aca24c6a2fd776fa9de32b92ea656b51f8f.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Bitcoin dominance just dropped below sixty percent. The alt-season posts have started again. Capital rotates out of Bitcoin. Risk appetite returns. The chart looks like 2017. The chart looks like 2021. The chart looks like every cycle the lottery ticket lobby has tried to sell you. Watch what the dominance chart actually measures. Bitcoin dominance is the percentage of crypto market capitalization that is in real money. Everything below the line is in something else. Tokens that were premined. Tokens that were airdropped to insiders. Tokens that have a founder who can change the supply schedule by writing a blog post. Tokens that need a venture round to keep the lights on. Dominance dropping is not a signal that capital is rotating. It is a signal that capital is being recruited. The brand of the recruiter changes every cycle but the underlying recruitment does not. A Bitcoin-only holder watches the dominance chart and reads it the way a Treasury holder reads a junk bond rally. Spreads narrow. Spreads widen. The risk-free asset does not move because the risk-free asset is the unit that everything else is priced against. Forty two percent of the crypto market is now in lottery tickets. Bitcoin still doesn't need one to win. https://pbs.twimg.com/media/HJwOCcBWkAAjkvX.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Earn Sats, without KYC: Meet the privacy friendly Bitcoin Well Referral Program npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Bitcoin is below $76,000 this morning. Stocks are at all-time highs. Gold is climbing in the same chart frame. Half of crypto Twitter is calling capitulation. The other half is calling manipulation. Both halves are looking at the wrong picture. Yesterday the Federal Reserve added another sliver to the balance sheet. The Treasury rolled another tranche of maturing debt at a higher coupon. The dollar lost a little more purchasing power against every asset that has not yet been issued, allocated, or printed. Stocks at all-time highs are not a strong-economy signal. They are a soft-currency signal denominated in the asset everyone has the most of. Gold runs because the same dollar is buying less of it. Stocks run because the same dollar is buying less of them. Bitcoin runs harder over a longer horizon than either, for the same reason and one additional one. The supply schedule is in the code. The other two assets do not have a code. Stocks are not at all-time highs. The dollar is at an all-time low against stocks. Bitcoin isn't lagging, its readying the next face melting bull market. https://blossom.primal.net/7fcc72e9e6bf1c883cc03ea6dcfdde50d88dbb22b08f4c22ebdfd571bb41aefc.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Memorial Day exists because a proposition was paid for. The proposition was simple. A government can't tell a free person what they may own, where they may travel, who they may speak to, or with whom they may trade. People died holding this line. The cost was very real. The line was paid for in blood. It has been kept for two centuries by paper. The paper is increasingly negotiable. Your dollar can be debased without a vote. Your bank account can be frozen on a list you didn't know existed. Every layer between you and your money is a layer that can be coerced. Bitcoin is the first asset that holds the line in code. Twenty-one million. Air-gapped. No senator can sign it away. No central banker can debase it. No court can reverse a confirmed block. The men and women remembered today didn't die so you could trust an intermediary. Bitcoin is a real way you can hold the line yourself. https://pbs.twimg.com/media/HI7_g1oWAAAGN5b.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Your seed phrase isn't at risk from a quantum computer today. The harder question is the one nobody is answering cleanly. Ten years from now? Twenty? When does the math actually tip, and what should you be doing in the meantime? Tuesday at 7 PM ET we sit down with @reardencode for The Deep Dive on quantum computing and Bitcoin. The threat model people aren't using because the cable-news version is louder. The timeline that actually matters. BIP-360 and the path toward post-quantum cryptography via soft fork. What you can do to harden your stack now, not later. Brandon Black is one of the most knowledgeable people on the topic and we've got him for an hour. Bring the question you've been afraid to ask. May 26th. 7 PM ET. https://pbs.twimg.com/media/HI8DJkGXcAAnpcQ.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Three different parties tried to redefine Bitcoin this week. Iran proved it could move $7.7 billion past every Western bank without permission. A bipartisan U.S. Congress introduced a bill to lock 200,000 bitcoin into an air-gapped Treasury reserve for twenty years. Mark Cuban sold most of his and called it a failed hedge. Three completely different politics. Three completely different motives. One protocol. Bitcoin kept making blocks. The same network that protects a sanctioned regime protects a Canadian trucker. The same network the U.S. Treasury is preparing to hold air-gapped is the network Cuban left because he never understood what he was holding. A billionaire can sell his coins. A regime can move billions of them. A treasury can sign for a million. The supply schedule doesn't care which. Twenty-one million. https://pbs.twimg.com/media/HI8D_kjXgAAbcox.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Roughly 144 Bitcoin blocks will confirm today. Each one represents 10 minutes the network kept its promise. 600 seconds of math being math. 600 seconds of a supply schedule that nobody can change. Saturday doesn't matter to the protocol. Neither does Sunday. Neither does the day the Fed cuts. Neither does the day a billionaire sells. 144 blocks. Same as yesterday. Same as tomorrow. Same as ten years from now. Predictability is the asset. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The CLARITY Act passed Senate Banking 15 to 9 last Thursday. Twelve Democrats voted yes. The first time broad crypto regulation has ever cleared a congressional panel. Congress is on Memorial Day recess starting today. Senate floor vote pushed to June 2. White House target for the President's signature: July 4. Three months from committee to signing. That is fast by Washington's standards. It is also exactly the speed bills move when the establishment has already decided to absorb the asset class instead of resist it. Read what CLARITY actually does. It defines which assets are commodities versus securities. It hands the spot market to the CFTC. It writes the rails for compliant exchanges, registered intermediaries, and audited stablecoin issuers. It does not change what your wallet does. It does not change what your node does. It does not change what 21 million means. Because it can't. Regulatory clarity is not regulatory sovereignty. The state is writing the manual for the wrappers. The protocol does not need a manual. Two roads continue to be open. One goes through Coinbase, Kraken, and the registered intermediaries CLARITY is built to certify. The other goes through your wallet. Pick the one that does not require Patrick Witt to keep his job. https://pbs.twimg.com/media/HI3UDUCXMAA10En.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Sixteen years ago this week, a developer in Florida posted an offer on a forum. Laszlo Hanyecz wanted two pizzas. He had 10,000 bitcoins he could spare. The thread sat for five days. On May 22, 2010, Jercos sent two Papa John's pies and Laszlo sent the coins. That was the first time Bitcoin became money. Bitcoiners have memed him for sixteen years. "$700 million pizza." "Worst trade in history." The number gets bigger every cycle and the joke stays the same. Laszlo doesn't see it that way. Pizza Day is not a punchline. Its the day proof-of-work cleared real-world settlement. Two strangers, no court, no bank, no chargeback. Every Bitcoin transaction since then exists in the shadow of that first free market exchange. He didn't lose ten thousand bitcoins. We all gained free market money. https://pbs.twimg.com/media/HI2MF4vXgAAvmyQ.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Last night's question: why don't new bitcoiners want to self-custody their Bitcoin? @peruvian_bull, @BITVOLT, and @thekylehuber walked through the actual answer for an hour and a half. It is not what the educators tell you. The reason custodial wins for first-time buyers is not laziness. It is not ignorance. It is that the entire onboarding stack (exchanges, custody defaults, withdrawal friction, KYC inertia) is built to make holding your own keys feel like the advanced move and trusting a third party feel like the default move. The slogan has been losing to the UX for a decade. The fix is structural, not pedagogical. Recording below. https://t.co/GIDaeDHvZ1 npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell You've all felt the frustration of trying to explain Bitcoin to family members and have them just not get it. But what if people not understanding bitcoin, seemingly one of its greatest weaknesses, is actually one of its greatest strengths? @BITVOLT, @peruvian_bull and @thekylehuber all made this a great discussion you've got to check out! https://t.co/GIDaeDHvZ1 npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Happy Victoria Day. The holiday honours a monarch whose government once seized the property of dissenters by royal prerogative. Two centuries later, Canadians watched the same move performed by Order in Council. No charges. No court. No keys returned. Bitcoin Well exists because Canadians remember 2022. Hold your own keys. https://pbs.twimg.com/media/HIY5ntsXcAAc9YD.png https://pbs.twimg.com/media/HIY52V5WEAAFU61.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Tether bought 154 tons of gold this quarter. Mubadala bought another $90 million of IBIT. Sovereigns and stablecoin issuers are stacking the same hedge with different wrappers. The conditions that created Bitcoin are gone forever. A pseudonymous creator. A fair launch. A window when nobody knew what it was worth. That window closed in 2009. You cannot manufacture a fair launch once everyone knows what one is worth. https://pbs.twimg.com/media/HIY3gDXW8AAXGE1.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Bitcoin's proof-of-work is not Satoshi's invention. In 1997, Adam Back published a paper called hashcash. The proposal was a tiny computational cost attached to every email, just expensive enough to slow down spam without hurting legitimate users. The cost was a SHA-256 hash with leading zeros. The cryptographic primitive at the heart of Bitcoin mining. Adam wrote the paper, shipped the C code, and watched it get adopted by anti-spam projects, ignored by the mainstream, and then cited by reference [6] of the Bitcoin whitepaper eleven years later. Satoshi did not invent proof-of-work. Satoshi noticed that a 1997 anti-spam tool could be repurposed to run a money supply. This is what intellectual lineage looks like in the cypherpunk tradition. Wei Dai wrote b-money. Nick Szabo wrote bit gold. Hal Finney ran the first node from a wheelchair. Adam Back contributed the computational engine. None of them saw the full thing. All of them built the parts. You can buy Bitcoin without knowing any of this. You will hold it longer if you do. https://pbs.twimg.com/media/HIY21wdW4AAwdnl.png https://pbs.twimg.com/media/HIY3AgbW0AA43Nr.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Hey, if you liked that one you will love this new spaces we just did: https://fountain.fm/episode/VKESZ9SlKygoB3NbtV9n npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Have fun watching rivalry weekend. Just don’t forget about the rivalry that matters most 😉 BTC: +60% (5Y) USD: -18.6% (5Y) https://pbs.twimg.com/media/HIYaM_bXwAAdese.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Price Volatility is Noise, Growth is Signal: Q1 2026 Results npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Buried in the CLARITY Act markup the Senate is voting on Thursday: a line that bans the Fed from issuing CBDC directly to consumers. That's not a small detail. That's the door to programmable central-bank money being nailed shut from the inside. The Act splits oversight between the SEC and CFTC, protects software developers from money transmitter rules, and writes a framework for stablecoin yield markets that compete with checking accounts paying 0.04%. Tim Scott calls it innovation and certainty. Elizabeth Warren calls it a risk to investors. They call it "comprehensive regulation." The piece that matters is the piece they're not advertising. The Fed loses the direct-issuance lane to your wallet. Permissioned money lost a battle most people didn't know was being fought. Self-custody wins by attrition every time the state tries to draw a new line. Every law that names Bitcoin without controlling it is a law that confirms Bitcoin can't be controlled by law. Thursday's vote is the next checkpoint. Either way the vote goes, your seed phrase still works. Not your keys, not your coins is gospel because the gospel doesn't need a markup hearing. https://pbs.twimg.com/media/HIJYrbtXIAASsnT.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell If you secure your Coinbase account with SMS 2FA, your net worth is protected by a $15 an-hour Verizon employee. Watch the language. They call it "two-factor authentication." There's only one factor that matters here and it lives at the phone company. SIM swap attacks drained over $250M from crypto holders last year. The bug isn't your password. It's your phone number. A YubiKey costs $35. Multisig costs zero. Neither can be SIM-swapped. Stop renting your security from a telecom. https://pbs.twimg.com/media/HIEKPV3XAAE8iTY.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Bitcoin just crashed below 80,000, the S&P 500 and the Nasdaq closed at all-time highs and $100 million in longs got liquidated in two hours. Before you panic, remember that volatility is a symptom of fiat. Not a flaw in Bitcoin. You see, the entire market is a casino now and not because traders chose it. Because they were forced into it. When the dollar loses purchasing power faster than any yield can keep up, the only way to preserve wealth is to take risk. So everyone takes risk. Everyone gambles. Equities, crypto, options, leverage - same scramble, different tickers. Bitcoin is 35x smaller market than the S&P. The same flow that twitches the indexes 0.5% rips Bitcoin 5%. So, don't let them convince you its Bitcoin's fault. It's a thermometer reading on a fever the Fed gave you. https://pbs.twimg.com/media/HHvrqENXgAMXtoV.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Reid Hoffman bought Bitcoin in 2014. He hasn't sold a single sat in twelve years. When asked what his exit price was, the LinkedIn co-founder said: "Is there such a thing as an exit price?" You see, "exit price" is fiat-brain. It assumes Bitcoin is the trade and dollars are the destination. Hoffman flipped the script: he's already in the destination. The 12 years of holding aren't conviction. They're literacy. He understands what most people still won't admit. The thing you "exit into" is the thing being debased on purpose. Rothbard called it correctly fifty years ago: paper money is not a savings vehicle, it's a managed loss. Hoffman ran the math in 2014 and never looked back. You don't need a billionaire to validate self-custody. But it helps when the market keeps producing them. Buy bitcoin. Hold your own keys. Stop asking when to leave. There's no exit from sound money. https://pbs.twimg.com/media/HHqNysHW4AQm-Da.png https://pbs.twimg.com/media/HHqN00AXcAMzxYz.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The Netherlands just told you why self-custody matters. Today the Dutch government advanced a 36% tax on UNREALIZED gains, money you haven't made yet, on assets you haven't sold, in accounts they can see and you can't move. 61,000 people signed a petition asking them to stop. Parliament shrugged and pushed it through anyway. Rollout: January 1, 2028. You see, when a state runs out of real productivity, it doesn't shrink. It expands the legal definition of what it can take. First it taxes income. Then it taxes wealth. Then it taxes the appreciation of wealth before you've even touched it. That's not taxation. That's pre-confiscation. Here's what they cannot tax this way: 12 words you keep in your head. A bitcoin held in self-custody has no paper profit on a Dutch broker's quarterly statement. It has no AUM line for the tax authority to point at. It exists in a wallet only the holder can open. That's not a loophole. That's the whole design. https://pbs.twimg.com/media/HHqMyZNXEAo-uRz.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Rome's silver coin went from 95% silver to 5% silver. The dollar went from 100 cents of 1913 purchasing power to 3. History doesn't repeat. It mathematically rhymes. Not your keys. Not your coins. Not your sovereignty. https://pbs.twimg.com/media/HHpsm3kWsAM8TN0.jpg https://pbs.twimg.com/media/HHpsqznWEAA2cnX.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The fall of the Roman Empire didn't start with a barbarian invasion. It started with a central planner clipping a coin. https://blossom.primal.net/f4ef7f7767b11f031bdca000b8b98834f73885b6ff449e02d2c8df14980b9e5d.png You see, in 211 BC, a single Roman Denarius was 4.5 grams of nearly pure silver. 95%+ purity. A day's wage for a skilled laborer. A loaf of bread for a working man. The most trusted unit of account in the ancient world. Then Rome started fighting wars it couldn't afford. https://blossom.primal.net/0adb8551a8f5c538bda7800d075a7b6a349fee74f93f65478de3c4e958448a5a.png Forty-plus major conflicts in 480 years. The Punic Wars to keep Carthage out of the Mediterranean. The Macedonian Wars to break the Hellenistic kingdoms. The Gallic Wars to claim the north. The civil wars between Marius and Sulla. Caesar against Pompey. Augustus against Antony. Then frontier defense - Germanic tribes, Parthian rivals, Jewish revolts. And by the third century, war had turned inward. Six emperors in a single year. Breakaway empires. Generals fighting generals across the same provinces they were supposed to be defending. Wars cost money. And the easiest way for a state to "find" money is to put less of it into each coin. By Nero's reign in 54 AD, the silver content was already down to 93%. Sounds small. Wasn't. Marcus Aurelius pushed it to 75%. Septimius Severus to 50%. Each emperor needed to pay the legions, and each emperor took a little more silver out of the same coin. Then came Caracalla. In 215 AD, Caracalla didn't just clip the existing Denarius. He minted an entirely new coin, the antoninianus, and stamped it as worth two Denarii. The catch: it contained only about 1.5 Denarii's worth of silver. He rebranded the unit of account to disguise the dilution. https://blossom.primal.net/8b2870b3b92193c0f3548e6f6e55db1bc419c57881f9687f076efb82ce08657c.png Sound familiar? By 270 AD under Aurelian, the "silver" Denarius was 5% silver. The other 95% was bronze with a thin silver wash that flaked off in your pocket. Romans weren't fools. They knew. They started hoarding the old coins, melting them down, refusing to accept the new ones at face value. Gresham's Law, discovered the hard way: bad money drives out good. Diocletian's response in 301 AD was the Edict on Maximum Prices. Wage and price controls. Death penalty for charging "too much" for bread. You cannot legislate away inflation. You can only legislate away the market that exposes it. The Edict failed within a generation. Rome fell within two. Now look at the dollar. https://blossom.primal.net/e2f7e444ef02071603e4dc173b59ffd9230178482d17b4dd5d4d853ef60f5e5c.png In 1913, the Federal Reserve was created. One dollar then has the purchasing power of about three cents today. A 97% debasement. Almost exactly the silver lost from the Denarius between 211 BC and 270 AD. History doesn't repeat. It mathematically rhymes. Mises wrote it cleanly: "Inflation is not an act of God. Inflation is a policy." It is a deliberate, engineered tax on anyone who holds the currency. The state needs revenue. Direct taxation has political limits. Debasement does not. This is not a bug in the system. This is the system. And here's the part that should make every working person furious. You can save your entire life in dollars and still get poorer. The number on your statement goes up. The bread on the shelf goes up faster. You ran the marathon. The finish line moved. That was the Roman farmer in 270 AD. That's you in 2026. This week, Apple's market cap passed silver's. $4.17 trillion to $4.14 trillion. https://blossom.primal.net/67169d489a9f985dbbe16ecbca4208c69b6bc9d2c48bad537f0799cac701778c.png A 49-year-old phone company is now worth more than a monetary metal humans have used for 5,000 years. The market is voting. Industrial scarcity is losing. The next vote is between gold and something built for this century. Rothbard saw this coming decades ago. Most people will never learn what the Romans learned the hard way. They'll find out the same way the Romans did, when the bread costs three times what it did last year, and the men in robes blame "speculators." Bitcoin is the first money in human history with a mathematically fixed supply. https://blossom.primal.net/39f73a3671549c1b86536b86852c080c7ca0d6972665f7b0de5abe2309f7fb3e.png 21 million. Forever. No emperor can clip it. No central bank can dilute it. No legislature can vote it away. No army can confiscate what it cannot access. That's not a feature. That's a civilizational reset. The Roman who held silver coins instead of imperial paper made it through. The Roman who held imperial paper got buried with it. Your generation gets to make the same choice. Same physics. Better tools. You don't need to predict the fall. You don't need to time the collapse. You just need to step off the dying empire's ledger. Run a node. Hold your keys. Stack with intention. History doesn't repeat. It mathematically rhymes. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Most people don't avoid Bitcoin because they think it's a bad idea. They avoid it because they're afraid they'll mess up. Lose a seed phrase. Send to the wrong address. Buy at the top, panic at the bottom. Tomorrow at noon ET, we're spending an hour fixing exactly that. Bitcoin for Beginners. The actual fundamentals: why Bitcoin is a savings tool, how to set up your first self-custody wallet, how to send, receive, and store for the long haul. No jargon. No price predictions. No hard sell. Just the start-up guide we wish we'd had when we started. May 6, 12:00 PM ET. Bring a friend who's been on the fence, this one's for them. Not your keys, not your coins. Tomorrow we make them yours. https://t.co/P6yLErELdC npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The Battle for Hormuz just started. Iran fired missiles and drones at US warships this morning. Trump says the Navy will escort vessels through the Strait starting today. If you've been paying attention to the right things, this is the chapter you've been waiting for. 21% of the world's oil flows through the Strait of Hormuz. When that flow gets contested, every dollar-priced commodity reprices in real time, and every petrodollar-dependent currency goes on the watchlist. The question stops being "if oil hits $120" and becomes "what does the Fed do when it does?" Here's the part most analysts are missing. Iran spent a decade building Bitcoin infrastructure after being cut off from SWIFT in 2012. The sanctions weren't a punishment, they were free training in how to operate outside the dollar system. Iran is no longer scared of being cut off. They've already been cut off. Meanwhile, Scott Bessent went on the record calling financial infrastructure a tool of national power. The US Treasury has openly described sanctions as a weapon of war. Every nation watching this is doing the same math: what happens when we're the next Iran? Bitcoin doesn't care who wins the geopolitical argument. It just keeps producing blocks every ten minutes. No SWIFT to be cut off from. No correspondent bank to freeze. No reserve to seize. A monetary network at the cargo terminal, the central bank, and the cold wallet - all on the same rails. When the Strait becomes a war zone and the Fed has to choose between fighting inflation and funding a conflict, you'll know which one they pick. They always pick the printer. The only question is whether your savings are denominated in something they can print. Welcome (again) to the PetroSat Era. Not your keys. Not your coins. Not your sovereignty. — Zach 🟧 https://pbs.twimg.com/media/HHgFGKiXwAA7g0N.jpg npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell How to Buy Dogecoin (DOGE) & Pepe (PEPE) in Canada and the USA npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell What Can You Actually Buy With Bitcoin in Canada in 2026? npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The Canadian government is quietly hoarding Bitcoin exposure while aggressively trying to lock you out. Look at the absolute, breathtaking hypocrisy of the state. Today, AIMCo—a Crown-owned corporation managing nearly $195 billion in Alberta's pensions—just disclosed a massive $219 million stake in MicroStrategy. They are actively using corporate proxies to get exposure to the 818,000 Bitcoin sitting on Michael Saylor's balance sheet. But what did the Canadian government announce this exact same week? A nationwide push to shut down all Bitcoin ATMs. They are using your pension funds to secure their own exposure to absolute scarcity, while systematically destroying the physical onramps you need to achieve self-custody. They do not hate Bitcoin. They just hate you having permissionless access to it. The state wants the asymmetric upside of the Timechain for their balance sheet, but they want you trapped in their melting fiat casino. They are frantically buying up the lifeboats while welding the exit doors shut for the middle class. Watch what they do, not what they say. The sovereign arms race is happening right in front of you. Find an onramp. Take your keys off the board. https://pbs.twimg.com/media/HHLj4BgWUAAqQV_.png https://pbs.twimg.com/media/HHLj_GaXYAAUl3Z.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell There's a debate happening on the floor at Bitcoin 2026 right now. Some people are upset that the SEC Chair, the FBI Director, BlackRock, and Eric Trump are all on stage at a Bitcoin conference. They're calling it institutional capture. "Grift." A betrayal of the cypherpunk roots. I get it. But I think it's actually the opposite of a problem. Bitcoin was designed for enemies. That's not a metaphor, it's the architecture. Zero trust. No one has to like each other, agree with each other, or share values. The rules are in the code. You can't cheat. That's the whole point. Satoshi didn't build Bitcoin for people who already trusted each other. He built it for a world where they don't. So when governments, banks, and regulators show up at the table? If bitcoin didn't fail, that was always going to happen. Bitcoin doesn't need their permission to work, but it working is exactly why they're here. The cypherpunks and the suits can both hold Bitcoin. Neither can corrupt it. That's not capture. That's proof of concept. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Jack Dorsey's journey is one of the most fascinating in Bitcoin. Not long ago, people were asking serious questions about whether Twitter, under his watch, was part of the government censorship machine. The Twitter Files answered a lot of those questions. It wasn't a good look. But watch what happened next. He left. He rebuilt. He started saying things like: "There are only three truly censorship-resistant technologies at scale today: Tor, Bitcoin, and Nostr." He launched OCEAN to decentralize mining. He built Bitkey so anyone can self-custody. He pushed Cash App deeper into Bitcoin. He launched BitChat: offline, encrypted, peer-to-peer messaging. He's been one of the loudest voices saying Bitcoin has to work as money, not just a store of value. And he's also just showed us proof of his companies bitcoin reserves. Today at Bitcoin 2026, he's rallying the industry around a de minimis tax exemption so everyday people can actually spend their Bitcoin without a tax event every time. From surveillance questions to sovereignty tools. We don't know exactly what he's going to say today, but we're here for it. 🟠 https://pbs.twimg.com/media/HG_vMJdbMAAhqBB.png https://pbs.twimg.com/media/HG_vr8laYAAjaFB.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell 1/ Your 24-word seed phrase is mathematically unhackable. Which means if you die tomorrow, your family will never see a single satoshi. Millions of people are securing their wealth but guaranteeing their family's exclusion. Here's the reality of the Heirless Vault. 🧵 npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Awe, you're making me blush! ☺️ npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Wall Street is trying to monopolize the Timechain. NYDIG just bought an idle aluminum smelter to turn into an industrial mining operation. American Bitcoin activated 11,000 new ASICs in a single facility. The corporate hashrate grab is real. But there's a sovereign counter-attack. This Friday we're going live on The Deep Dive with Tyler Stevens, CEO of Exergy and pioneer of hashrate heating. Your ASIC is just a high-efficiency electric heater. We're going to show you how to bring the hashrate home, monetize your stranded energy, and get paid in Bitcoin just to heat your house. Decentralize the hashrate. Join us live this Friday. 👇 https://pbs.twimg.com/media/HGieexPX0AEEFh2.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Congress is front-running the fiat collapse. In plain sight. Rep. Sheri Biggs just disclosed a $250,000 purchase of BlackRock's Bitcoin ETF. She sits on the exact committees writing digital asset legislation. Bills for a U.S. National Bitcoin Reserve are pending right now. Do not be naive. The ruling class knows exactly what happens to the price of absolute scarcity when a global superpower starts printing fiat to accumulate it. They are locking in generational wealth before they pass legislation that makes it mathematically unattainable for everyone else. But here's the fatal flaw in her strategy: she didn't actually buy Bitcoin. She bought a paper IOU managed by UBS and controlled by BlackRock. Even as the political elite panic-buys the hardest asset on earth, they're still too captured by the legacy system to take self-custody. They want the asymmetric upside of the Timechain while leaving their keys in the hands of the corporatocracy. Watch what the state does, not what they say. They're quietly rotating out of the dying dollar. You don't have to play their permissioned paper game. You don't need BlackRock. You don't need a legacy broker. Front-run the politicians. But do it right. https://pbs.twimg.com/media/HGIsQI0WcAApORa.png npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell The KYC Nametag: Why Your Exchange Bitcoin is a GPS Tracker You think you are buying financial freedom, but if you are buying on a centralized exchange, you are just carrying a GPS tracker inside your wallet. Every satoshi you purchase on a legacy platform like Coinbase or Kraken has a nametag permanently attached to it. And the state is watching. Here is the reality of chain surveillance, the illusion of privacy, and how to actually secure your absolute wealth. The Confiscation Map When you hand over your government ID, your home address, and a facial scan to a corporate exchange, you are making a permanent trade: you are linking your physical, meat-space identity to a highly transparent, public ledger. Every withdrawal address you use is logged. Every transaction is mapped. If the state ever decides to execute a coordinated confiscation of wealth, they do not need to guess who holds what. They have a literal, immutable map to your vault. Your exchange didn't give you freedom; they gave you a permissioned asset inside the fiat surveillance grid. The Two Types of Bitcoin You must understand that right now, there are essentially two types of Bitcoin in existence: KYC Bitcoin: Tracked, traced, and monitored by chain analytics firms working directly for the state. Non-KYC Bitcoin: Digital cash. No identity attached. The only true bearer asset remaining in the digital age. The UTXO Fatal Error If you are building a sovereign vault, rule number one is this: Never mix the two. If you send even one fraction of a KYC satoshi into a Non-KYC wallet, you have mathematically doxed your entire stack. The chain analytics firms will use common-input heuristics to instantly link your physical identity to your anonymous wealth. You just turned a stealth vault into a neon sign. The Escape Hatch So how do you step outside the surveillance grid and acquire true, Non-KYC Bitcoin? Earn it directly: Provide value to the market and get paid directly in Bitcoin. Do not route it through a fiat bank. Trade P2P: Use decentralized platforms or trade directly with other sovereign individuals. Use Cash: Take physical fiat paper to a Bitcoin ATM. Trade your analog, melting currency for untraceable digital scarcity. Bitcoin Well Lite Account: In Canada you can also use a Bitcoin Well Lite account without KYC to buy bitcoin directly through E-Transfers. The state wants you to believe that financial privacy is a crime. It isn't. Privacy is a fundamental prerequisite for freedom. Without it, your wealth is not actually yours; that its just a temporary privilege granted to you by a bureaucracy. Stop feeding the corporate honeypots. Stop attaching your name to the hardest money on earth. npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Something happened to the link but yeah, I love battleship! I assume you were talking about the cover of this? https://primal.net/bitcoinwell/the-engineered-collapse-how-the-2026-iran-war-really-started npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell Most people buying bitcoin right now don't actually own it. Let that sit for a second. They've done the research. They believe in the thesis. They opened an account, transferred money, and watched a number with a bitcoin symbol next to it go up on their screen. They tell their friends they're in bitcoin. But what they actually own is a claim. An IOU. A financial product that tracks the price of something they've never held, can't move, and wouldn't know how to verify. That's not bitcoin. That's captured bitcoin. You see, there's a version of bitcoin that Wall Street is comfortable selling you. ETFs. Custodial accounts. Managed platforms where the coins sit in their vault, denominated in your name, subject to their terms of service, their solvency, their regulatory environment, and their decisions about what you can and can't do with your own money. It gives you one thing: exposure to the price. Number go up, your account goes up. Number go down, your account goes down. Simple. Familiar. Comfortable. But here's what it doesn't give you. Bitcoin isn't just number go up technology. It's freedom go up technology. The ability to move your wealth across borders without permission. To verify your holdings without trusting a counterparty. To protect what you've built from seizure, from inflation, from the arbitrary decisions of institutions that have demonstrated, repeatedly, that they don't have your interests at heart. When you buy captured bitcoin, you keep the scarcity. Bitcoin's 21 million cap doesn't care whether your coins are in self-custody or sitting in a Coinbase account. But you give up everything else. Self-custody. Sovereignty. The freedom properties that make Bitcoin worth understanding in the first place. You're left holding a financial product dressed up to look like the real thing. A costume. The platforms doing this aren't always malicious. Most of them are just not built around your independence. They're built around their business model, which requires your coins to stay under their roof. ETFs. Custodial exchanges. Rehypothecation risk. Every one of them is a single point of failure standing between you and what you think you own. We saw what that looks like when FTX collapsed. When Celsius froze withdrawals. When Mt. Gox vaporized. "Your" bitcoin, locked behind someone else's decision-making. Not your keys. Not your coins. This isn't a slogan. It's a description of reality. Bitcoin Well was built around one principle: every transaction ends with bitcoin going directly to your personal wallet. Never held by us. Never held by anyone. Yours, the moment you buy it. We don't custody your coins between purchase and delivery. We don't hold a reserve. We don't have a vault with your name on it. The coins move, immediately, to the address you control. No other bitcoin exchange in America can say that. Not one. Bitcoin Well is the only non-custodial bitcoin platform in the United States. That's not a marketing claim. It's a structural guarantee baked into how we operate. People are waking up to bitcoin. Institutions are buying. Governments are buying. Retail is piling in through every available product. The demand is real. The question is whether Americans will own the real thing or settle for a product dressed up to look like it. Whether this wave of adoption actually delivers sovereignty, or just delivers more customers to more custodians. Real Bitcoiners already know the answer. You don't stack sats so someone else can hold them. You don't opt out of the fiat system only to rebuild a new fiat-style dependency on top of bitcoin. You own it. You hold it. You control it. Stop settling for captured bitcoin. Demand sovereignty from the platforms you support. Own the real thing. bitcoinwell.com #Bitcoin #SelfCustody #NotYourKeysNotYourCoins #BitcoinWell #Sovereignty npub19mf4jm44umnup4he4cdqrjk3us966qhdnc3zrlpjx93y4x95e3uq9qkfu2 bitcoinwell https://blossom.primal.net/804daa98a396bc2e5a660055b173f3584efb5a3c1fdb37e223acefacaca2e154.mp4 Everyone is laughing at Prof Jiang for asking where the "blockchain servers" are and floating the CIA Bitcoin theory. But I'm not laughing. You might be watching a psyop play out in real time. Jiang is a tenured professor. Are we really supposed to believe he doesn't understand distributed computing? Does he know what BitTorrent is? When you download a torrent file, nobody asks where the central "torrent server" is. The participants are the network. The nodes are the infrastructure. A credentialed academic pretending not to grasp this is not ignorance. It is a red flag. This feels like manufactured confusion. Ask yourself: who wins if the public believes the CIA created Bitcoin? The fiat system is dying. The money printer is destroying middle class purchasing power. Bitcoin is the mathematically guaranteed escape hatch. The state cannot hack the network. They cannot ban the math. Their only remaining weapon is narrative control. If they convince the masses that Bitcoin is a government surveillance honeypot, those people stay trapped in melting fiat. Forever. That is the goal. The Mathematical Reality Here is the thing: I run a "bitcoin server". And you can too. The code is open source. The cryptography is transparent. The 21 million hard cap is verifiable by anyone running a node. You don't have to trust Satoshi's identity. You don't have to trust the government. You only have to verify the SHA-256 math. Don't laugh at the confused professor. Recognize this might all be a performance. They are trying to scare you away from the exit doors right before the fiat system collapses. Don't trust the narrative.