We invited @dwarkesh_sp to tackle a foundational question in quant trading: What does it take to build a predictive signal from market data? We loved showing him what makes work at HRT so fun — and why, in Marc’s words, “it occupies a lot of very smart people for years.”

A special message from @JJWatt ahead of Premier League Mornings in Kansas City 💜 @PLinUSA

Solo puedes dar RT si tu equipo sigue invicto en esta 25/26.

Keeping The Faith, the first X Originals content series commissioned in the UK, documents Burnley FC’s return to the Premier League in real-time across the 2025/26 season.

Please send this to whoever doesn’t think moderation in an online community is necessary. The Bitcoin Core github org has suffered from a lack of moderation for years - killing projects and burning out contributors - and we should thank software engineers who give up their time to be moderators. First, just imagine an online forum where technical people come to discuss Bitcoin. The community is thriving if the quality of technical discussions is high, and many people visit the site when they are curious about a technical subject. Disagreements are fine and, in fact, it’s a sign of success if people feel comfortable debating topics there. Anyone who’s participated in any online forum knows that spam is always abundant. Clear-cut stuff is easy to hide and ban: “you’re an ugly <noun> so I will <verb> you,” “Bitcoin was sent by aliens to enslave us,” “Bitcoin was sent by God,” “you should buy my token” etc. But mods struggle when it goes beyond that. It only takes 1-2 usernames and an LLM to fill up a thread with technical slop, drown out all the actual content, and kill intelligent discussion entirely. Nobody is obligated to stay there and continue arguing the reasonable side; they can and will leave at any time. The smart people can start their a private group chat where they don’t have to deal with OurLordSatoshisProphet9999 and SelfSovereignGovHater21, who doesn’t even know what a signed integer is. In the Bitcoin Core repo, these threads are PRs where people review code that adds user-facing features, fixes vulnerabilities, and contributes to complex projects. These PRs are necessary as the security model, performance requirements, and testing infrastructure scales with the amount of real people’s money dependent on this software. And the Bitcoin Core repo suffers from the exact same problem as all online forums. Year after year, projects grind to a halt because they are brigaded by a storm of people from twitter, one guy with an LLM (or is just really verbose, I can’t tell), or someone who is a technical contributor but harasses people by nacking their PRs with walls of text. In annual surveys of Bitcoin Core devs, people often name the same 3-4 trolls as the worst part of working in the repository. It’s already difficult to get people to care about your PR. If reviewing your PR requires reading thousands of angry words and getting dragged to the whipping post on twitter, maybe I’ll just go look at one of the other 300 PRs open to the repo. The discussion dies, the author can’t get reviewers to come back, and they have to close the PR. Maybe things cool off, 2 years later people think it’s a good time to revive it, it’s reopened, and the brigading returns. Regardless of how you feel about OP_RETURN, if it’s so easy to stop code progress, it’s a sign the community is poorly managed. So yes, it is appropriate and important to keep discussions on topic by hiding off-topic comments, penalizing users who refuse to follow basic guidelines for discourse, and asking people to take conversations elsewhere. Additionally, we should thank the people who volunteer their time to moderate when they could be writing code. Everybody hates to do it - especially Bitcoiners - but it has to be done. And it is not fun. Sometimes, mods can’t keep up, especially when the number of brand new commenters on a thread is higher than the number of regular contributors to the entire repository, so it needs to be locked. That’s unfortunate, but it’s the only action left when brigading gets to that volume, short of requiring permissions across the entire repo - we have discussed that idea and always feel uncomfortable with it. I don’t think the process is perfect, but there are many false claims about what moderation actions have been taken. I disagree that moderation of the repo is “censorship” or “attacking” Bitcoin to enforce rules of engagement within a community. The Bitcoin Core repo (again, a code collaboration platform) is far from the only place where people can discuss Bitcoin. In fact, it is *not* the appropriate place for discussions that should involve the wider ecosystem, as Bitcoin Core devs are not representative of Bitcoin. That is why PRs touching network/protocol often start with a mailing list thread. We *don’t* want the conceptual discussion to happen in a place that we moderate. The decentralized open source repository that is Bitcoin Core means software development on hard mode. Developers put up with a lot, but they continue to work in public precisely because they believe in censorship resistance, open forums, and transparency. Let’s not punish them for their ideology by forcing them to deal with threats, harassment, and brigading while they are at work.

Welcome to Chaincode @glozow 🇬🇧 -> 🗽

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Today, Bitwise is donating $150,000 to support Bitcoin open-source developers, who work tirelessly to secure and maintain the network. When the Bitwise Bitcoin ETF ($BITB) launched, we committed to donating 10% of its gross profits each year. We’re delighted to make good on that promise with this first annual donation. Three fantastic non-profit organizations with established track records—@BitcoinBrink, @OpenSats, and @HRF—will allocate the funds. We’re grateful for the work they do. Thank you to the investors who’ve chosen Bitwise and BITB among many options. This donation is made possible because of your choice. We hope you’re as proud as we are to support Bitcoin open-source developers. As BITB grows, so too will our contribution. Bitcoin is changing the world, and Bitwise will always strive to do our part to be a good steward of this incredible ecosystem alongside you. From all 100 of us at Bitwise, thank you.

Today is the day: Obscura VPN is NOW AVAILABLE! @obscuravpn is the first VPN that: - CAN'T log your activity by design - Outsmarts network filters We believe Obscura sets the standard for a new generation of VPNs, and hope you’ll check it out! 👇 Links more in thread

Today, I’m taking a stand against the Biden administration’s unjust crackdown on crypto development. I’ve filed a lawsuit against the DOJ to challenge their flawed and unjust interpretation of the law. My work on Pharos—a non-custodial protocol for public goods fundraising—reflects the kind of innovation that many in the crypto space are striving for. It’s a tool for trustless and transparent crowdfunding, empowering users without intermediaries. Yet developers like me are facing baseless legal risks. The DOJ’s broad interpretation of money transmission laws threatens the ability to build freely. This isn’t just about Pharos; it’s about the future of cryptocurrency innovation in America. This lawsuit is about ensuring innovators can create without fear and that laws aren’t misused to hold back progress. For too long, the Biden administration has used a lack of clarity to scare builders away from new technology or force them to leave the USA. That needs to end. You can read more about this lawsuit and why it's so important from @CoinCenter, who are supporting me every step of the way. coincenter.org/coin-center-f…

A recognition well deserved! Congratulations!

🎄🎄 It's that time of year again! 🎅🎅 Time for the outgoing administration to release a civil-liberties-damaging rulemaking at the last possible moment, the midnight period before a new President of the opposite party takes office! Here's our analysis of the final broker rule from the IRS that ruined my milk bread rolls while I was cooking a family christmas feast:

There is a very good discussion to be had about whether Bitcoin has lost its way culturally. There may be too much focus on price, focus on institutional inflow and government adoption of Bitcoin a reserve asset. Instead, maybe we have forgotten the values we had, about Bitcoin being an anti-establishment grassroots movement. Maybe we have lost focus on the idea of people using Bitcoin onchain for everyday transactions. Maybe we now lack vision. However, blaming Bitcoin Core for this is ridiculous. Bitcoin Core developers are not the cause of these issues nor are they the corrupt power center responsible for this whatsoever. It is great that you are engaging in this cultural battle for the future of Bitcoin. Really not sure why you frame Bitcoin Core as the enemy here.

New Post: The changing tide in DC on crypto. At Coin Center we're optimistic but we need to seize the moment and focus on surveillance and civil liberty issues as well as the SEC. "It’s up to us to make it clear that being “pro-crypto” doesn’t just mean choosing friendlier agency heads or implementing pro-business regulations, it also means something deeply American: standing up for privacy and speech when it’s hardest to do so, when the national security stakes are high and the specters of crime and terrorism ever so briefly appear to eclipse our lasting virtues of liberty, privacy, and openness." Coin Center's full analysis in the next link.

Welcome to Chaincode @sadeeq_ismaela 🇳🇬 -> 🗽

Saylor's getting trashed for the self-custody comment. As he should. Self-custody of the digital bearer asset is the entire point. *The entire point* All important attributes of Bitcoin emerge from this property. This doesn't mean that all Bitcoin holders should self-custody everything always. That would be impractical, inefficient, and inappropriate for many use cases. It does mean that they should know how to do so, and should *tend toward self-custody* in direct inverse proportion to the trustworthiness of the custodians; a dynamic which ebbs and flows over time based on macro conditions and the tapestry of civilizational finance. The *ability* to withdraw one's BTC into self-custody is the check that prevents the centralization and corruption inevitable under any other arrangement. For Saylor to so casually dismiss this fundamental precept is wholly inappropriate and deserves the backlash.

Here's @valkenburgh pushing back on the suggestion that we should have total surveillance of all users in the financial system

Chaincode is awarding a bitcoin scholarship covering 100% tuition for an undergraduate anywhere in the world. Apply by Aug 31 at bitcoinscholarship.xyz #Bitcoin #Scholarships #opensource

Thanks for all the kind messages and tweets I've seen and received over the past 2 days. It's wonderful to see in action how Bitcoin is for anyone. For those of you calling for my head or telling me to stop being involved in Bitcoin, go fuck yourself.

Worth noting that Gregory Maxwell and Pieter Wuille in particular put a huge amount of work into the case, tracking down the technical details that helped us win. Wuille also agreed to testify in person in London. Though in the end his witness statement was so strong he never had to!