Discussed the Coldcard vulnerability with @jamesob this morning. Brutal 24 hours, but make sure you listen to this to understand what's going on and how to protect your coins if you're out of the loop.

AI slop is real. Most of it sucks. I’ve been writing newsletters by hand since 2017. It took me a while to get comfortable letting AI into that process. But the system we’ve built at TFTC has changed how I work, so I decided to show the whole thing. I dump links and voice notes into Telegram. Martin researches them, checks my framing, pulls context from nine years of writing and podcast transcripts, and builds the Ghost draft. Then I go through it. I pick the stories. I tighten the argument. I kill bad writing. Nothing gets published unless I approve it. While Martin is working, I can go do something else. That’s it. Not magic. Not “press a button and become a writer.” Just a hell of a lot more leverage. Watch it and tell me if I’m a sellout.

.@TFTC21 turned 9 last month. It started as Marty's Bent, a newsletter for friends and family to learn a little bit about bitcoin every day. The newsletter grew beyond my circle thanks to Twitter. Soon after the podcast was launched. We've published over 2,100 newsletters and 700 podcasts since I started. I was woefully unemployed and unsure about my future when I hit publish on the first newsletter. All I knew is that I was certain that the world misunderstood bitcoin and there was a gap in the market for educating people about those misunderstandings. TFTC has led me to places over the last decade that my 26 year old self would not have believed. I've helped start a mining company, helped deploy over a quarter of a billion dollars into bitcoin and energy infrastructure companies at @ten31funds, and developed a network of friends and colleagues that have made me a better person and operator. Along the way, I've had three sons with my beautiful wife and they motivate me to be the best man I can be. I feel incredibly fortunate to have found my calling and leaned into it nine years ago. The one lesson that is crystal clear to me as I've built out this company is that consistency is key. We're going to win.

AI needs land, chips, capital and electricity. Nebius is giving builders a roadmap into AI cloud. New York is answering with a moratorium. Builders versus blockers in today's Bitcoin Brief.

The 30Y JGB yield is marching straight up and to the right. The canary is flying out of the coal mine on fire right now. We have crossed the sovereign debt event horizon and there is no turning back. Bitcoin is an absolute BARGAIN right now.

.@PYoes is pushing for open-source software developers to be held liable for what criminals do with bitcoin by pressing Senators Scott and Warren to remove Section 604 from the CLARITY Act. After reading the letter, it's clear that he doesn't understand how bitcoin works. Protecting developers from liability does nothing to impede law enforcement from utilizing block explorers and chain analysis heuristics.