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BITCOIN DEVELOPER PROPOSES FORK TO REDISTRIBUTE SATOSHI'S 1.1M BTC Long-time Bitcoin developer Paul Sztorc has proposed a hard fork called eCash, scheduled for August 2026, that would create an entirely new chain copied from Bitcoin's existing code. According to the proposal, every current Bitcoin holder would receive equivalent eCash...

46,577 görüntüleme • 3 ay önce •via X (Twitter)

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$1M Bitcoin in 2027 Everyone thinks Michael Saylor and ETFs get us there. I think it’s Paul Sztorc and the eCash.com $BTC hard fork. I sat with Paul Sztorc who made me realise eCash could be one of the most important forks in bitcoins history, stimulating our greatest bullrun ever. The tldr is in August if you hold bitcoin you get the equivalent in eCash. Now eCash on its own merit is already interesting. It’s led by Paul Sztorc who has spent years campaigning to improve bitcoins mechanical utility. He’s a certified legit Bitcoin OG who wants to add functional layers on-top of Bitcoin to enable Bitcoin to be the rails for the broader world of commerce. He plans to achieve this with side chains that are sort of like L2s on Bitcoin. Imagine if Bitcoin had smart contracts and $btc was the currency for all apps in the world. 🤔so technically it’s already very compelling. You will get that for free just by owning Bitcoin. But that’s not all. Paul has figured out a way to finance new forks. I believe this will trigger a new season of fork innovations. Basically fork wars 2.0 only this time it’s based around experimentation and innovation instead of outright kill Bitcoin. Institutions have been all the craze recently but they have never been the source of crypto's biggest expansions. The people who built this industry were. The Cryptographers, the hackers, the builders and the cypherpunks. Everyone is focusing on Strategy selling Bitcoin, meanwhile the upcoming eCash hard fork from Paul Sztorc is being wildly underestimated. Technically, the idea of improving bitcoins mechanical utility is appealing but the event itself is also financially dramatic inducing a huge wealth effect for a whole new generation of Bitcoin holders and it may remind the market who actually drives innovation in this industry. Every major crypto boom began when a small group of weird, intelligent, highly-convicted people challenged the status quo and built something new. And while everyone thinks the next bull market comes from Wall Street, I think much more poetically it comes from the same place every other one did: The real Bitcoiners. Anyway, the interview is linked below. I highly recommend you watch it and I’ll be writing my thesis that goes over wealth effects, network effects, financial incentives, game theory and how this all spills over into a bitcoin and crypto bullrun like we’ve never seen before.

Senator Mak🖖

130,752 görüntüleme • 1 ay önce

🔥STRATEGY WILL BE THE WORLD'S MOST VALUABLE COMPANY🔥 Strategy bought OVER 56,000 Bitcoin in April. That number is so absurd people are psychologically incapable of processing it. Post-halving miners produce roughly 13,500 BTC per month. Strategy just bought about 4.1x an entire month of new miner supply in one month. Now run the simple monster math: Today: Strategy BTC stack: 818,334 BTC Bitcoin price: $76,196 Bitcoin NAV: $62.35B Assume Strategy keeps buying 56,000 BTC per month for 5 years. That is: ASSUMING STRC GROWTH TOTALLY STOPS (LOL) ~672,000 BTC per year ~3,360,000 BTC over 5 years Their stack goes from: 818,334 BTC to 4,178,334 BTC Now assume Bitcoin compounds at 25% CAGR. Bitcoin goes from: $76,196 to roughly: $232,532 So the Bitcoin NAV becomes: 4,178,334 BTC × $232,532 = roughly $971.5 BILLION Almost $1 TRILLION in Bitcoin NAV. And the funniest part? This model assumes no mNAV expansion. No premium insanity. No additional acceleration. No credit flywheel getting stronger. No market panic as everyone realizes Strategy is vacuuming Bitcoin off the planet like a publicly traded monetary black hole. Just: 56,000 BTC per month. 25% Bitcoin CAGR. 5 years. That’s it. Don't think they can accumulate that much Bitcoin at that low of a CAGR? Think the Bitcoin CAGR has to go higher? Cool. That only helps Strategy buy more Bitcoin. The bear case is basically: “Sure, they are absorbing multiples of new supply, building the largest corporate Bitcoin balance sheet in history, converting fiat capital markets into Bitcoin ownership, and compounding NAV at escape velocity, but have you considered that I am emotionally upset?” MSTR is becoming the most aggressive Bitcoin accumulation machine ever built. The fiat world is still modeling it like a tech stock with a weird treasury policy. GOOD LUCK.

Adam Livingston

61,562 görüntüleme • 3 ay önce

🚀ASST TO $700 PER SHARE?!?🚀 YOU THINK I'M JOKING? THINK AGAIN, BUCKO. Current ASST snapshot: BTC holdings: 15,000.5 BTC BTC price: $80,593 Bitcoin NAV: $1.21B Total debt: $10M Preferred outstanding: $495.95M Debt + preferred: $505.95M Amplification ratio: 41.9% Current stock price: $15.85 Now here’s the model, and this isn't MOONBOY NONSENSE, kids. This is with Bitcoin at $750k in 2036, not $1 million in 2034. ASST maintains their current 41.9% amplification ratio for 10 years. Translation for normal people: For every $1.00 of Bitcoin NAV, ASST keeps roughly $0.419 of senior claims through debt/preferred financing. The bears hear that and immediately start sweating through a Men’s Wearhouse suit. But this is the actual machine. As Bitcoin rises, the Bitcoin NAV rises. When the NAV rises, the old preferred stack becomes smaller relative to the treasury. So ASST issues more SATA to keep amplification at 41.9%. That new SATA capital buys more Bitcoin. Then Bitcoin goes up again. Then the NAV goes up again. Then the amplification ratio drops again. Then they issue more SATA again. Then they buy more Bitcoin again. This is how you turn a balance sheet into a legally registered orange crocodile. Now we add the funding mix: 75% of new Bitcoin accumulation comes from SATA. 25% comes from issuing common stock. And the common stock is issued at 1.2x EV mNAV. Meaning they are selling equity at a 20% premium to the enterprise value of the Bitcoin stack. That matters. Because issuing common below NAV is financial self-harm. Issuing common above NAV is accretive treasury sorcery. Now assume Bitcoin compounds at 25% per year for 10 years. BTC price goes from: $80,593 today to roughly: $750,579 in year 10 That is a 9.3x move in Bitcoin. Now what happens to ASST? Starting BTC stack: 15,000.5 BTC Projected year 10 BTC stack: 143,425 BTC That is 9.6x more Bitcoin. Starting Bitcoin NAV: $1.21B Projected year 10 Bitcoin NAV: $107.65B That is 89x larger. Now the bears will say: “BUT THE PREFERREDS!” Yes, Carl. The preferreds are the point. Senior claims rise from $505.95M to $45.11B because the model intentionally keeps amplification at 41.9%. That sounds terrifying until you remember the Bitcoin NAV grew to $107.65B. The stack got bigger. The senior claims got bigger. The common equity claim got bigger too. This is where CEBE comes in. CEBE = Common Equity Bitcoin Exposure. It answers the only question that matters: After debt and preferred holders get their claim, how much Bitcoin exposure does the common shareholder really own? Today: Gross BPS: 20,222 sats CEBE/share: 11,759 sats Year 10: Gross BPS: 95,380 sats CEBE/share: 55,416 sats That means common-equity Bitcoin exposure per share rises about 4.7x. Even after common issuance. Even after maintaining the preferred stack. Even after the bears finish their sacred ritual of screaming “DILUTION” into a spreadsheet they opened sideways. Now the share count. Current implied diluted shares: 74.2M Projected year 10 shares: 150.4M So yes, the share count roughly doubles in this model. But the Bitcoin stack goes 9.6x. This is the entire game. If Bitcoin holdings grow much faster than shares outstanding, the common shareholder’s Bitcoin exposure goes up. The bears think all issuance is bad because they learned finance from a Yahoo message board during a divorce. The actual question is: Does issuance increase Bitcoin per share after senior claims? In this model, yes. Now the stock price. Strict 1.2x EV mNAV model gets ASST to about: $559/share But if we anchor the model to today’s actual ASST price of $15.85, the same growth path gets you to roughly: $696/share Call it $700. There it is. ASST to $700 per share is not “vibes.” It is a model. BTC compounds at 25%. SATA funds 75% of accumulation. Common funds 25% at 1.2x EV mNAV. Amplification stays at 41.9%. BTC stack grows from 15,000 BTC to 143,425 BTC. Bitcoin NAV goes from $1.21B to $107.65B. CEBE/share goes from 11,759 sats to 55,416 sats. The stock goes from $15.85 to roughly $700. This is why small Bitcoin treasury companies are so insane. Strategy is the Death Star. ASST is the weird little orange lab experiment in the basement where someone accidentally discovers corporate finance methamphetamine. Tiny denominator. Preferred financing. Bitcoin accumulation. Premium equity issuance. CEBE expansion. A compounding treasury loop. The bear case is that dilution kills the common. The bull case is that accretive dilution plus preferred financing creates a Bitcoin-per-share machine that eats capital markets and leaves behind a pile of traumatized short sellers asking why their model still says “book value.” ASST to $700? If the machine works, yes. If Bitcoin does 25% CAGR, absolutely possible. If SATA scales and common gets issued above NAV, the goblin gets fed. And once the goblin gets fed, the spreadsheet starts looking like it was written by Saylor, Dylan LeClair, and a sleep-deprived Austrian economist locked inside a treasury dashboard with three Celsius energy drinks. This is not financial advice. This is FINANCIAL ENTERTAINMENT:

Adam Livingston

66,707 görüntüleme • 2 ay önce

satoshi never existed. nobody writes code like that. not that clean, not that surgical. the early bitcoin codebase doesn’t read like code from some anonymous guy on the internet. bitcoin's early codebase looks like it was handed to us. the whitepaper came out six weeks after the 2008 crash. that's not enough time to dream up a working distributed consensus system, let alone build one. then there’s secp256k1. not secp256r1, the curve everybody used. k1 was obscure, weird, and a terrible choice if you were just following convention. but it also happened to be one of the hardest to backdoor. and then satoshi disappears. roughly a million btc, untouched. people don’t walk away from that kind of money unless the money was never the point. because maybe bitcoin was never just money. what it actually did was create a global incentive to build compute. millions of people, in every country, pouring capital into hardware and electricity to chase block rewards. no state could have coordinated it that fast. no company could have justified it. a protocol paying out internet money gets people moving. then nvidia happened. the same GPUs pushed into the world for mining turned out to be perfect for large-scale parallel compute. the same hardware appetite bitcoin created ended up helping make modern deep learning possible. bitcoin launches in 2009. imagenet breaks things open in 2012. three years. bitcoin was the bootloader. and we’ve been running the install script.

tetsuo

53,736 görüntüleme • 4 ay önce

Sold 32 coins. Bought 1,550. 48 times more, at a 15% discount, into the crash the market blamed on the sale. Strategy disclosed today that while everyone panicked over its $2.5 million Bitcoin sale, it was quietly buying the dip that panic created. 1,550 Bitcoin for $101 million, at $65,332 a coin, far below the $77,135 it sold for and below its own cost basis. The bears called the sale the first crack, a forced liquidation, the start of the death spiral. The answer was a buy 48 times the size of the sale that scared them. This is the machine we described: a state-contingent allocator. Above its funding line, it turns market access into Bitcoin. The sale was the exception. The buy is the rule. It also closed the question the sale opened. The cash reserve behind the preferred dividends had thinned to $900 million, about six months of cover. He rebuilt it to $1 billion in the same week. But watch how, because that is the real story. He funded none of it with coins. He funded it with $181 million of freshly issued stock, then spent it on Bitcoin and the reserve. The coins were never the funding source. The equity is. That is the flywheel working exactly as built, and the cost of it surfacing at the same time. Every turn now runs on issuing shares, and the premium that once made each share buy more Bitcoin than it diluted has compressed hard. He bought low. He sold his own stock low to do it. So the question quietly turns. It was never whether Saylor sells his Bitcoin. He just proved again that he buys far more than he sells. It is what each turn of the engine now costs in dilution, and how long the market keeps paying a premium worth that cost. He bought the dip. The dip was partly his own making. And he paid for it in equity, not coins.

Shanaka Anslem Perera ⚡

142,444 görüntüleme • 1 ay önce

32 coins. $2.5 million. 0.0038% of the stack. That is the sale the market is now blaming for a $3 billion liquidation cascade and a Bitcoin price nearly halved from its peak. A $2.5 million sale cannot move a trillion-dollar asset. It is a rounding error. In the same week, Strategy raised $128.3 million selling its own stock, 50 times larger. It did not need to sell coins. It chose to. The crash has real drivers: a record 13-day run of ETF outflows, a rotation into AI, a Fed in no hurry to cut. But the accelerant the market keeps naming is 32 coins. The coins were never the point. The signal was. And the signal was deliberate. Michael Saylor told the Q1 call he would “probably sell some bitcoin to pay a dividend just to inoculate the market and send the message that we did it.” His logic was sound: prove the Bitcoin is usable capital, not a vault that can never be opened, and show he is not a prisoner of his own vow. His “never sell” always meant be a net accumulator. He is up more than 170,000 coins this year against the 32 he sold, and he scores himself on one number, Bitcoin per share. By that math, defending the dividend with a sliver was discipline, not distress. The market read it as the opposite. The dose became the catalyst now blamed for the crash. The inoculation became the infection. Because what changed was never Strategy’s solvency. It was its identity. The market has stopped pricing a permanent holder and started pricing what the filings always described: a state-contingent allocator now funding its own preferred dividends, at the margin, from the Bitcoin beneath them. And the buffer is thinning. The cash reserve behind those dividends has fallen from $2.25 billion to $900 million. Against a preferred bill near $1.7 billion a year, that is roughly 6 months of runway. Be precise. This is not a death spiral. Strategy still holds 843,706 Bitcoin, worth more than $50 billion even now, and has more funding levers than almost any company alive. A real rally makes this a footnote, and the sell-side calling the reaction overdone is not wrong on the fundamentals. But the regime has changed. The question is no longer Bitcoin’s price on any given day. It is the cadence of the dividend declarations and the path of that reserve. Bitcoin did not acquire a yield. The wrapper acquired liabilities. This week the market learned that difference costs far more than 32 coins.

Shanaka Anslem Perera ⚡

165,572 görüntüleme • 1 ay önce

📜In Code We Trust: Crypto #DeFi's Game Changer: The Rise of The world's first #Bitcoin-native decentralized exchange, Orders.Exchange's LP is launched! In the past, DeFi has been susceptible to vulnerabilities like code errors, rug pulls, and potential attacks, raising security concerns in EVM-compatible blockchains. On the other hand, the Bitcoin DeFi landscape has been relatively uncharted territory, with limited options for fully on-chain trading. But that's where steps in, offering a unique approach that distinguishes it from DeFi in the old days. Let's delve into the key differentiators: 1⃣A Smart-contract-like Trading on Bitcoin Native Network: operates natively on the Bitcoin network, eliminating the need for layer-2 solutions or the Lightning Network. This simplifies the process and brings smart-contract-like functionality to Bitcoin. 2⃣AMM VS DIMM introduces the P-LP (PSBT Liquidity Pool), a zero-risk liquidity pool solution. Your assets remain in your account without the need to lock them. Unlike Ethereum's AMM mechanism, employs DIMM (Decentralized Instant Market Maker), eliminating the reliance on a mathematical formula for token prices. This ensures that the number of tokens you provide remains constant during liquidity provision, no more TVL, Slippage, and Impermanent Loss. 3⃣Trust and Openness: is trustless, meaning the platform cannot independently sign and seize your assets at the code level, ensuring a secure and decentralized liquidity pool on the Bitcoin network. It's also open-source and interoperable with other networks with the nostr protocol👉 The future of DeFi is here, and it's happening on the Bitcoin network. Join us as we embark on this journey👇

Rachel.metaid

101,524 görüntüleme • 2 yıl önce