Michael Saylor has gone through his second year-long bitcoin bear market and come out with 4% of all the bitcoin, billions in USD cash, & close to zero net debt, all while relentlessly posting AI memes every day. Haters in shambles.

Today I call upon the blockchain industry to calmly begin planning for "bunker mode". My personal recommendation is to set in motion a controlled mass migration of assets to fresh addresses, i.e. addresses whose pubkeys remain hidden behind a hash. Holders, starting with large and sophisticated ones, should consider moving the bulk of their funds to addresses that have never signed a transaction. And when they do sign one, they should also move remaining funds to a new address (possibly generated from the same seed phrase). Don't rush. While I believe there is cause for action a rushed migration would do more harm than good. Don't panic either. Moving assets to protected addresses is a simple, preventative step which does not require new cryptography or new wallets. IMO it is now reasonable to brace for the possibility that ECDSA breaks before qday, in the worst case in months not years. By "break" I mean fast private key recovery (e.g. in one week) on available hardware (e.g. a large GPU cluster). Recent days have been humbling for human mathematical intuition. Long-held, unquestioned hypotheses have fallen. This includes the n log(n) bound for integer multiplication and the 3SUM conjecture. In hindsight, May's unexpected disproof of the Erdős unit distance conjecture was our warning shot. Yesterday's OpenAI drop made it clear that mathematical superintelligence is upon us. They say there are weeks where decades happen. We are about to live through weeks where centuries of mathematical progress happen. Could our magic 64-byte ECDSA signatures be too good to be true? Was it just security through obscurity all this time? Elliptic curves feel especially vulnerable to superintelligence. Curves carry rich structure, with room for fancy tricks like Schoof, Frobenius, pairings. (By contrast, hashes are designed to minimise algebraic structure.) Separately, as Ewin Tang can attest, an efficient quantum algorithm sometimes foreshadows an efficient classical one. We should be open to the possibility of a classical counterpart to Shor that breaks elliptic curves and RSA at once. Also noteworthy is the striking under-representation of cryptographic breakthroughs among the 722 mathematical results OpenAI published. I've witnessed first-hand the US government censoring academic quantum cryptanalysis results. Backroom interventionism is my base case. I urge large, sophisticated actors to lead by example. Project11's "risq list" (bitcoin-risq-list.projecteleven[.]com) is a great tracker of exposed BTC pubkeys. Binance, Bitbank, Robinhood, Bitfinex, and Tether have an opportunity to harden their cold storage. Next month I'll address institutions in London in a live Q&A (forum.ethereuminstitutional[.]org/london-2026). Again, please do not rush. Wallets holding under 50 BTC enjoy partial cover from "Satoshi's shield", i.e. his 20K exposed addresses that hold 50 BTC each. Load-bearing signers like oracles and L2 security councils should consider rotating ECDSA pubkeys with every signed message and/or multi-signing with a hash-based schemes like SPHINCS. Exiting bunker mode safely will require post-AI cryptography. My inclination is to go all-in on hash-based cryptography and avoid structured mathematical assumptions entirely, whether from curves, lattices, or isogenies. A single battle-tested hash (e.g. from the SHA or BLAKE families) yields plausible post-AI security. The Ethereum roadmap on strawmap[.]org fully embraces hash-based cryptography with end-to-end formal verification as a response to the quantum threat. Those timelines must now be revisited and accelerated in light of mathematical superintelligence. I'll be pushing for maximum defensive acceleration.

"kaleo you flipped bearish at the bottom you can't be bullish now" brothers - what you're saying is true & admittedly I was blind, but I know when to admit a thesis is invalidated & admit I was wrong So I am once again the biggest bull on here & will be for years to come

Strategy says 17 institutional investors across eight countries increased their $MSTR positions during Q2 Some of the biggest buyers included: - Goldman Sachs: Significantly increased its position - BlackRock: Added around 1.64 million shares - Capital International Investors: Increased its position - Vanguard: Added to its holdings - State Street: Increased its position

Wen Tether audit? nOw. Today Tether announces its first full financial audit for Tether International, conducted by KPMG U.S. which resulted in an unqualified clean opinion, marking the highest result possible. An unqualified opinion is the best possible audit opinion an independent auditor can issue. (“unqualified” in accounting jargon means without reservations — not that the audit was incomplete). Tether’s financial audit, by at least an order of magnitude, is the largest inaugural audit in the history of finance. My congratulations go to the entire Tether team and especially to our Finance function, which demonstrated its ability, precision and commitment to complete this review process within the highest standards across the whole digital assets and global financial industry. We couldn’t be more proud. Despite our Company being subject to several years of detractors’ false claims, competitors lies, political attacks and misinformed coverage by several mainstream newspapers trying desperately to discredit us for the benefit of their friends in the tall ivory towers, Tether delivered what it promised: a full financial audit issued by a Big Four accounting firm, KPMG U.S. Tether created the stablecoin industry with USD₮ in 2014, revolutionizing the whole financial industry. Today everyone talks about stablecoins, yet it all started 12 years ago, with a tiny team and a big mission. We were there when no one else could understand the disruptive potential of what we invented. Our Company has evolved into one of the most financially significant and operationally sophisticated private companies in the world. This audit demonstrates that our financial infrastructure and governance have evolved alongside that responsibility. Today, more than 650 million users across all emerging markets continue to rely on Tether daily, choosing USD₮ as their currency, for their life savings, for their commerce, for the future of their children. These are people that have been left behind by the traditional financial system and they trust our Company to remain resilient amidst all the global uncertainty that plagues the world - the proof of that stability is no longer just a Tether promise; it's now an independent signed opinion. “Never cared for what they say Never cared for games they play Never cared for what they do Never cared for what they know And I know Nothing Else Matters”

The disappointing thing about BIP-110 failing is that we won't be able to economically punish those folks for wasting our time since they won't put their bitcoin where their mouths are. The amusing thing is that any hard fork they end up launching will get filled with JPEGs.

Removed BIP-110 from Profile. It was a good attempt. Life goes on.

At 961,022, BIP-110 has 38 signals (2.70%). Its 55% voluntary threshold is impossible. At 961,632, BIP-110 nodes reject non-signaling blocks. Unless major miners reverse, Bitcoin continues normally while BIP-110 stalls or forks into irrelevance. Its backers should stand down.

AI is the most important technology of our time. Europe wants to become the first AI Continent. For advanced healthcare, for the transport sector and so much more. European AI Gigafactories will provide the necessary computing power to make this possible. Together with our Member States, we are funding their construction with up to €10 billion, which are set to unlock at least €20 billion in private investements across the EU. Together, we are building our technological sovereignty. link.europa.eu/qGDhv3

Donald Trump is right about this: Eliminate the debt limit—its only real function is to threaten an economic crisis. I'm ready to work with both Democratic and Republican Senators to immediately scrap the debt ceiling and protect the economy.

BIP-110 is the latest outbreak of the “I just heard about Bitcoin, and I’m here to fix it” syndrome.

Imagine a decentralized system billed as censorship/sybil resistant with 360 million people relying on it, but its protocol rules can be forcibly changed if just 0.0014% of them run a different software version. This is what BIP-110ers genuinely believe, many without realizing it

US CPI inflation came in notably softer than expected across the board (Bloomberg table below). This print should help temper what had become an excessively hawkish market tilt to the monetary policy outlook. However, this softer print won't fully resolve the debate over the forward-looking relevance of these numbers (please see prior posts). #economy #markets #inflation

*TWO MILLENNIUM TRADING PODS MADE ABOUT $3.7 BILLION LAST MONTH

"Pokemon" is short for "pocket monsters". "Digimon" is short for "digital monsters". Therefore, "salmon" is short for "saltwater monsters". (You might object: salmon spend a big part of their life in freshwater. But pokemon spend a big part of their life outside pockets too!)

JUST IN: US money supply growing at "fastest" pace in 5 years