A plumber knows more about plumbing than you. A pilot knows more about flying than you. A scientist usually knows more about science than you. That doesn’t make them automatically right. But it does mean the burden of proof is on the person claiming thousands of experts got it wrong. Science isn’t a democracy. It’s not decided by likes, vibes, or confidence. It’s decided by evidence. And evidence doesn’t care who wins the argument.

7:00 O’clock club anyone? Could be a very nice day

The thesis for $MSTR is really simple. Saylor is betting on the CAGR of Bitcoin being higher than his cost of capital which is ~11.5%. They are executing a carry trade on Bitcoin. If you're bullish on Bitcoin, you should be bullish on Strategy. It is not that complicated.

Under observation, we act less free, which means we effectively are less free. Edward Snowden

Also - don’t take this nonsense about age-estimating facial recognition as an alternative to IDs at face value. First, in practice most young people will need to show ID. Face scans can’t tell if you’re a day under/over 16 - and will fail everyone who looks under 21 for caution

£1 in 2000 is now worth 51 pence. The pound has lost almost half of its purchasing power.

Jimmy Carr nailed something a lot of us feel but can’t explain. We’re living better than 99.9% of humans who ever walked the earth, hot showers, modern medicine, endless entertainment, kids that actually survive infancy, yet so many of us feel miserable. He calls it “life dysmorphia.” We get used to how good we have it (the hedonic treadmill), then compare ourselves to everyone else and tank our own happiness. As he puts it: happiness = quality of life minus envy. Marcus Aurelius put it perfectly: “Very little is needed to make a happy life; it is all within yourself in your way of thinking.” When was the last time you caught yourself feeling unhappy despite objectively having it pretty damn good?

You might want to get some in case it catches on.

Don’t miss today’s Bitcoin 5 👇

The State has one purpose: to enforce the Law. The purpose of the Law is to organize for the collective defense of private property (the most essential form of which is your body, your physical safety). We give the State the monopoly on legal violence so they may use violence to protect us and our property from plunderers and invaders who seek to harm our bodies and steal our property. When the State fails to enforce the Law, fails to use violence against plunderers and invaders, that is a Failed State. When you live in a Failed State, where the State abdicates its duty to enforce the Law and defend its citizens, ordinary men are forced to enforce the Law themselves. Ordinary men are forced to use violence against violent plunderers. Ordinary men do not want to use violence; they are not violent men. They are simply men who want to protect their families, their property, and their country from the real violent men who seek to destroy everything they love and hold dear. The UK is a Failed State. It seems ordinary men in Belfast have finally had enough.

I tried the government's new AI "Jobcentre in your pocket" chatbot. Could it write me a CV? It could. It also suggested that I should consider employment law and whether I've been discriminated against. Key detail: I'm a parrot.

The Smarter Web Company Weekly Investor Snapshot: Week Ending 05 June 2026 Share Price Performance SWC closed the week down -5.8%. Despite broader sector weakness, SWC outperformed peers for the second consecutive week. CapitalB was -12.6% whilst Strive, Strategy and Metaplanet were all down approximately 19-20% over the same period*. Encouragingly, our mNAV periodically traded above 1.0x during the week and closed at 1.0x. Volume Trading activity remained healthy, with 9.4m shares traded across our three listings, equivalent to 3.1% of our effective share count*, compared with 8.7m shares the previous week. This was the highest weekly volume since w/c 04 May (9.9m shares traded), suggesting that despite weaker price action, market engagement remains strong. A small note: the FTSE had the snapshot of it's quarterly index review on Tuesday. SWC remains a constituent of both the FTSE Small Cap and FTSE All-Share indices. Net buying flows expected on 19 June are minimal, with both the review outcome and associated flows inline with expectations. Feedback / Market Colour This was Bitcoin's worst weekly performance since FTX, driven by a combination of factors including ongoing negative momentum, key technical support levels breaking, weakness in the Nasdaq following its recent rally and Broadcom's softer AI outlook, and what I believe was misinformed market interpretations of Strategy's sale of 32 Bitcoin as part of treasury management. The key question remains whether Bitcoin has reached a bottom. Bitcoin is now trading just above its 200-week moving average (~$61,800). Historically, major cycle lows have tended to occur around this level, although market conditions differ across cycles. Separately, I spoke with a large crypto-native market maker whose internal models suggest Bitcoin is beginning to form a base from a positioning and technical perspective. However, they noted that the scope of potential upside is likely to depend on developments in geopolitics and subsequent interest rate expectations. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8 Disclaimer: Personal market observations only. *Effective share count = Issued shs (353,203,102) - ATM unsold (49,721,640) = 303,481,462. *Data sourced from TradingView

“What multiculturalism boils down to is that you can praise any culture in the world except Western culture and you cannot blame any culture in the world except Western culture.” - Thomas Sowell

1. The Vatican. Iran. A helium shortage and a papal planning objection network covering 177 million acres. And Bitcoin is going north of $1,000,000. This is the wildest conspiracy theory you will ever read. Every single fact in it is real. 🧵👇

But JD Vance is stoking division.

Milton Friedman's greatest regret. The federal government discovered the perfect crime in 1943: make employers collect taxes before workers ever see their paychecks. You think you earn $60,000 per year, but you actually earn $75,000 and hand over $15,000 to politicians without ever touching it. The psychological difference is enormous. Before payroll withholding, Americans wrote quarterly checks directly to the Treasury. Picture yourself sitting at your kitchen table, writing a $3,750 check to the IRS every three months. The pain was immediate and visceral. Politicians faced constant pressure to justify every dollar because citizens felt the extraction in real time. Withholding transforms this concrete loss into an abstract accounting entry. Your employer becomes an unpaid tax collector, and you never experience the actual cost of government. Worse, most people celebrate their tax refunds as government generosity rather than recognizing them as interest-free loans they provided to politicians. The Treasury collects your money throughout the year, spends it immediately, then returns your own cash and receives gratitude. This system enables the explosion in government spending you witness today. Defense contractors billing $640 for toilet seats, agricultural subsidies for corn syrup, and congressional salaries for 535 people who rarely show up to work. When taxation feels painless, voters stop demanding accountability for how their money gets spent. Milton Friedman helped design withholding as a wartime emergency measure and later called it his greatest regret. Free market economists recognized that the psychological pain of direct taxation creates political pressure for fiscal restraint. The temporary always becomes permanent in government hands, and the emergency justification disappears while the extraction mechanism remains forever.

The irony of developing an unbreakable mindset is that you must be broken countless times before you earn it. It’s idolized but few understand the real cost of getting to it.

This Tyson quote maps perfectly onto Bitcoin sell-offs. The anticipation of a 50% crash is psychologically far more damaging than the crash itself. People watch the price tick down day after day, their minds projecting the line to zero, calculating worst-case scenarios, imagining the headlines and seeing their family at Christmas parties. This mental state, sustained over weeks, is genuinely more corrosive than the moment they finally accept the new price. Once the crash lands, something shifts. The uncertainty settles, yes it hurts, but the punch has landed, except now you can think clearly again. The people who suffer the most are those who spend months watching and worrying before eventually capitulating near the bottom. The hodlers who have a clear thesis going into violent sell-offs experience the same price action with far less psychological damage, because we have already done the mental work of accepting volatility as a structural feature of owning an asymmetric asset.

Gm.

It has just come to my attention that II hasn’t sent voting options through to my wife and families ISA holdings. My wife has messaged them so please do check and don’t wait for them to send to you automatically.