Miners usually show up in this niche as the villain. Last week they were the escape hatch. When the ColdCard entropy bug broke, a rescue transaction could not touch the public mempool without showing attackers the public keys they needed to race it. So the transactions went straight to a miner and got confirmed without ever being seen. No vendor could have offered that. The open network did. @PortlandHODL of Bitcoin Red Team built the tool. Live now with @q_liketheletter. https://t.co/pJNL4Ylmkk

"Trezor got hacked." That's making the rounds today, and it's wrong. Trezor wasn't hacked. A shipping provider they use, ShipMonk, had a system breached, and customer order data leaked: names, emails, phone numbers, and home addresses for roughly 13,700 people who ordered between May and early August. No keys. No seeds. No coins. The devices and firmware were never touched. Credit to Trezor for saying so quickly and in plain language. So how worried should you be? Aware, not panicked. Your Bitcoin is safe. But your name on a list that basically reads "just bought Bitcoin cold storage" is worth respecting. It's fuel for phishing texts posing as support, and in rare cases, for someone who'd rather knock on your door. I've seen this one before. I was in the Ledger breach back in 2020, when 270,000 owners had their home addresses dumped online. I honestly never noticed any extra fishing attempts beyond the thousands I already felt like I get on a regular basis, but you should be on guard and read every email that claims to be from Trezor with suspicion. The takeaway isn't "self-custody is dangerous." It's that privacy is part of the stack. Buy privately when you can, never link your name to your holdings, and treat any urgent message about your wallet as a scam until proven otherwise. Guard your keys. Then guard the fact that you hold them.

Give Saylor credit. He put Bitcoin at the top of his "monetary spectrum" and called it digital capital. He is right about that part. Here is the step he will not take. Everything to the right of pure Bitcoin on that chart is a layer of someone else's promise. Digital credit is money you are owed. Digital money is money someone issues. Digital currency is money you rent. Only the first rung is actually yours. That is not a ladder of stability. It is a ladder of counterparty risk. And this is Wall Street doing exactly what Wall Street was always going to do with Bitcoin. Wrap it, tranche it, stack layers on top until they've built something else that behaves like the system Bitcoin was built to escape. None of those layers are Bitcoin. They are the middleman, reintroduced with a ticker symbol. Bitcoin is still the one thing you can hold without asking anyone. Their spectrum sells that back to you one permission slip at a time.

The Deep Dive starts in 2 hours. Entropy and randomness are not the same thing, and the whole thing confuses the hell out of me! Let's get some actual clarity! Bitcoin researcher and filmmaker Alex Waltz (@raw_avocado) joins us to break down what real entropy actually is, and why it decides whether your keys are secure or a sitting duck. 10 AM EST. Last chance to register: https://t.co/GuSkOLHNaK

Bitcoin Lost $116M. Then $853M Ran to ETFs Instead https://t.co/uRVwZWEgsN

Entropy and randomness sound like the same word. In Bitcoin, mixing them up can cost you everything. That gap is exactly what just bit some ColdCard users. Tomorrow on The Deep Dive, researcher and filmmaker Alex Waltz (@raw_avocado) breaks down what real entropy is, why weak randomness makes a hardware wallet a decoration, and what the ColdCard story actually revealed. Tomorrow, 8/13 @ 10am EST (yes its an early one!) Register:

$116 million vanished from self-custody wallets this month. A ColdCard firmware bug quietly broke wallet randomness for five years, and the coins behind those weak keys got swept. Here's the twist almost nobody predicted: that same week, $853 million flowed INTO Bitcoin ETFs. The most custodial option on the board. A bug in the hardware wallet, and the money runs to the bank. Today on the podcast, Eric Yakes (author of The 7th Property) and Trey Sellers (Fire BTC) join us for a two-part conversation on the week that tested what "owning Bitcoin" actually means: - What really happened with ColdCard, and what to do about it - Why those ETF flows might be Bitcoin's most interesting contradiction right now - The BIP-110 fork that died in two blocks, and what it proves about who governs Bitcoin - The CLARITY Act's September 15 Senate vote Eric's case for Bitcoin's 7th property: absolute scarcity The ColdCard story isn't an argument against self-custody. It's an argument for understanding what you hold and how it's made. That's the whole conversation. Follow today's guests: @ericyakes and @ts_hodl

Inflation "cooled" to 3.4%, they say. The target was never zero. The Fed aims to devalue your money about 2% every year on purpose. That is not stability, it is a slow melt you are not supposed to notice. And it compounds: by their own index, the dollar has lost more than 22% of its purchasing power since 2020. What cost $100 then costs about $129 now. Their math, not mine. That is the flattering version. Inflation was never the price of eggs going up. It is the supply of money going up, and the shelf price is just the symptom. Between 2020 and 2022 the money supply grew 41%, from $15.4 trillion to $21.8 trillion. More than $6 trillion conjured in about two years. You can massage a basket of goods. You cannot un-print $6 trillion. Bitcoin's supply grows less than 1% a year, toward zero, set by no committee and no election. One of these two moneys can be diluted while you sleep. It's not the one without a printer.

Japan has not been allowed to price its own money since the war. The yen sliding today is not a fresh problem. It is the bottom of a very deep stack. In 1949 an American banker named Joseph Dodge, working for the occupation, fixed the yen at 360 to the dollar by decree. Japan was slotted into Bretton Woods at that number and held there until Washington broke the system in 1971. Then in 1985 the US and its allies signed the Plaza Accord and pushed the yen from 240 to 120 in three years. It gutted Japan's exporters, so Tokyo answered the pain the only way a central bank knows how: cheap money, everywhere. That blew the largest asset bubble in modern history. When it burst, Japan got the Lost Decades. And every decade since has been another layer laid over the last one. Zero rates. Quantitative easing. Yield curve control. Negative rates. Each intervention prescribed to treat the damage of the one before it. This is what a managed economy looks like at the end. Not one bad decision. Seventy years of overruling the market, foreign hands and domestic ones alike, until nobody can tell what anything's real value is. This summer two governments spent real reserves to set the yen level again. The market erased half of it within a week. Bitcoin has no Dodge, no Plaza, no committee. No one sets its price and no one can. That is the entire point.

You cannot secretly hard fork a network by changing nothing. That is the tell in the whole "the miners did a secret hardfork" story. A hard fork means changing the rules your node enforces. The miners changed nothing. They kept validating the same Bitcoin they always have. The side that wanted a new restriction didn't get consensus, so now it's calling the side that stood still the "forkers." That is completely backwards. A proof-of-work change does not fire the miners. Bitcoin's miners keep mining Bitcoin, same chain, same hash function, same rules. Swap the proof of work and you haven't fired anyone. You've built a different coin and walked off with it. That isn't a coup against the network. It's taking your ball and going home, then insisting the empty court is the real game.