Warning: this post contains crazy ideas. Myself describing a crazy idea should NOT be construed as implying that (i) I am certain that the idea is correct/viable, (ii) I have an even >50% probability estimate that the idea is correct/viable, or that (iii) “Ethereum” endorses any of this in any way. One of the common
The US Strategic Bitcoin Reserve already exists as an executive-order framework for retaining government-held Bitcoin. ARMA would seek to codify it in law and potentially extend it into an active accumulation strategy — with major implications for Bitcoin’s supply dynamics, reserve-asset status and the next phase of sovereign adoption. The US Strategic Bitcoin Reserve (SBR)
Tether earned $1.5 billion in three months while its safety cushion fell by half, raising questions about whether the world’s largest stablecoin can sustain its reserve strategy through a rate cycle. Summary Tether reported $1.5 billion in net operating profit for the second quarter of 2026, driven primarily by returns from US Treasury holdings and
Special thanks to Andrew Miller for coming up with this attack, and to Zack Hess, Vlad Zamfir and Paul Sztorc for discussion and responses One of the more interesting surprises in cryptoeconomics in recent weeks came from an attack on SchellingCoin conceived by Andrew Miller earlier this month. Although it has always been understood that
In crypto news today (July 31), Bitcoin climbed -0.4% overnight and is sitting just below $64,000 following a turbulent week that saw the Fed freeze interest rates on Wednesday, although SEC Chair Paul Atkins hinted at hikes to come, which has caused a slight weakening of crypto assets and stocks alike. However, Bitcoin ETF flows
Bitcoin mining difficulty has dropped 19.9% from its peak in the third deepest ASIC era decline on record, as miners sell bitcoin at record rates and redirect power capacity toward artificial intelligence data centers. Summary Bitcoin mining difficulty has fallen 19.9% from its November 2025 peak of approximately 156 trillion to 126.23 trillion, the third
One of the issues inherent in many kinds of consensus architectures is that although they can be made to be robust against attackers or collusions up to a certain size, if an attacker gets large enough they are still, fundamentally, exploitable. If attackers in a proof of work system have less than 25% of mining
The United States has sanctioned Iranian exchanges, frozen nearly $1 billion in cryptocurrency, and traced $3.84 billion in Iran-linked flows through a single offshore exchange, exposing the scale of sanctions evasion through digital assets. Summary The US Treasury has sanctioned four Iranian cryptocurrency exchanges, including Nobitex, which handles approximately 50% of Iran’s crypto trading volume,
Holders of Strategy’s (MSTR) high-yielding preferred stock STRC will not see a dividend increase in August. Led by Executive Chairman Michael Saylor, Strategy is maintaining the current 12% dividend on the shares. STRC investors may have been expecting as much as a 50-basis-point hike in the dividend as Strategy has customarily raised the payout anytime
I was woken by Vitalik’s call at 5:55 this morning; pitch black outside, nighttime was still upon us. Nonetheless, it was time to leave and this week had best start on the right foot. The 25-minute walk in darkness from the Zug-based headquarters to the train station was wet. Streetlights reflecting off the puddles on
