No brakes!

The fiat train rumbles on


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Exchange Rate: $45,380

Market Capitalization: $890.5B

Hash Rate (90 days): 513.7 EH/s

Transactions (30 days): 13,139,869

Network Fees (day): 24 sat/vB

Bitcoin Dominance: 53.13%


This week, Janet Yellen stated, "We don't have to get the prices down. Wages are going up." Has Yellen thrown in the towel on inflation ahead of the election? It seems likely.

Even though Jerome Powell acknowledged that the United States is on "an unsustainable fiscal path," he won't be doing anything to stop the train. He knows it's off the tracks, and he, nor anyone else, can put it back on.

These experts can plainly see that the only path forward is the return of quantitative easing (or QE, otherwise known as currency debasement), as government officials scramble to prop up a fraying financial system.

Brief dalliances with quantitative tightening (QT) notwithstanding, governments will always use money supply expansion (also called “Quantitative Easing,” or QE) to avoid painful recessions and depressions.

The politicization of Treasury and the Fed only makes the course more predictable. Faced with possible economic slowdown or market instability in an election year where the Uniparty faces a challenge from political upstarts, expanding the money supply is a no-brainer – even at the risk of triggering severe inflation.

This maneuver has countless historical precedents. Since ancient times, sovereigns are incentivized to debase their currencies to fund expansive agendas.

The modern twist is that the metaphorical “money printer” of the U.S. dollar can be turned on with a capricious click of a mouse.

With that, let's dive into the news.


⛏️ U.S. government goes after bitcoin mining

The U.S. Department of Energy is scrutinizing bitcoin mining's electricity consumption through a six-month survey by the Energy Information Administration, sparking concerns that the findings might lead to restrictive policies in line with the current administration's critical stance. 

Despite the EIA's claim of neutrality, the "emergency" data collection initiative, which the administration curiously claims is prompted by a surge in bitcoin's price, raises questions about policy implications that could arise from the survey.

As the old saying goes, “First they ignore you, then they laugh at you, then they fight you, then you win.”

Welcome to the "then they fight you" phase.

The order raises concerns of potential "public harm" from mining. It is clearly a politically motivated project masquerading as scientific inquiry.

Especially when there is evidence that the development of energy resources in Texas, partially credited to the bitcoin mining boom in that state, has caused energy prices to become negative.

Elizabeth Warren hardest hit. News at 11.

👨‍⚖️ COPA vs. Craig Wright comes to a head

The Crypto Open Patent Alliance (COPA) is challenging Craig Steven Wright's claim of being Satoshi Nakamoto in a London trial this week, presenting evidence of forged documents and anachronistic evidence to dispute his assertions. 

The outcome of this trial could significantly impact Wright's future lawsuits and his claim to ownership of the Bitcoin white paper and source code, with COPA aiming to end Wright's belligerent behavior and protect open source development.

Where to learn more

Let’s be honest, watching a fraudster finally self-destruct, after years of harassing innocent people and forcing them to incur legal fees, is delicious.

There's too much to unpack about Craig Wright and his lawsuits in one news summary, but those interested in following the trial can do so via BitMEX Research's coverage on X.

🔒 Bipartisan challenge to SEC’s SAB 121 custody rule

Bipartisan congressional leaders have introduced a joint resolution to repeal the SEC's Staff Accounting Bulletin (SAB) 121, which mandates that financial firms record customers' bitcoin and crypto assets on their balance sheets and maintain additional capital against them.

The move challenges the SEC's method of implementing such standards without following official rulemaking processes. Many people have expressed serious concerns lately that regulators may be avoiding clear guidance intentionally to give them the flexibility to “regulate through enforcement.”

Not the first time SAB 121 has been challenged

In 2023, the Government Accountability Office (GAO) concluded that SAB 121 should have been submitted to Congress for review as a formal rule, contrary to the SEC's actions. 

Policymakers maintain that the rule prevents banks from acting as custodians, limiting market participants' custody options. 

Time will tell if the resolution succeeds, but the SEC will likely remain under fire for its hostile stance.



Learn one key idea about bitcoin each week. This week:

Bitcoin is financial freedom.

Many people say they like the idea of freedom-enhancing financial technology, but adoption of bitcoin is slower than you might expect given how passionate they talk about privacy and liberty.

Inflation, financial surveillance, and poor commercial banking experiences have left many dissatisfied, but the entrenched financial system makes it hard to get out.

Despite these challenges, the incentive structures that naturally form around bitcoin promise a future where such liberty is a possibility.

As Freidrich Hayek stated,

I don't believe we shall ever have a good money again before we take the thing out of the hands of government. That is, we can't take it violently out of the hands of government. All we can do is by some sly roundabout way introduce something that they can't stop.

Bitcoin is the money Hayek describes. Its monetary qualities and design cleverly incentivize everyone, even those indifferent or opposed to its liberating potential, to adopt and invest in it. Driven by self-preservation, individuals naturally gravitate toward a system that enhances freedom. 

Like the ancient Trojan Horse, bitcoin stealthily introduces a tool for freedom and privacy into the financial systems of even the most resistant actors, promising to reshape the future of money and freedom, aligning other motives with the expansion of individual liberties in a way previously unimaginable.


How many times has bitcoin been hard-forked?

  1. Over 50 times

  2. Over 100 times

  3. Over 70 times

  4. Exactly 70 times

Check your answer at the end of the page.



  1. Over 100 times. Bitcoin has undergone over 100 hard forks throughout its history. These forks have led to the creation of over 70 active versions of the bitcoin network, but each one has either fizzled out or continues to limp along with a tiny user base. The reason is bitcoin’s network effects – the phenomenon by which the value or utility a user derives from using the network depends on the number of other users using the same network.

    Here’s a diagram illustrating the network effect in a few simple phone networks. As the number of phones connected to the network grows, the number of potential calls available to each phone grows and increases the utility of each phone, new and existing. (Source: Wikipedia)

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