Pinned Tweet
Replying to @nntaleb
Je salue votre courage, vous n'avez sûrement pas peur du ridicule.
Le temps se chargera de votre éducation sur les technologies de rupture et les changements de paradim. Profitez de votre ignorance tant qu'elle dure.
dewmap retweeted
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Since publishing my CAPTURE investigation into Bitcoin Core governance and taking a public position on BIP-110, I've been repeatedly targeted by @Coinicarus.
On his show Pleb Underground, and X, he's compared me to Craig Wright, tied me to a scheme to “monetize the people that we scammed”, and named me when asked to identify a grifter. His co-host has explicitly called me a scammer.
I only discovered this on 21 October, after first seeing a post on X where he said I had “gone completely off the deep end.” I contacted him privately that same day and asked him to explain. He didn't want to.
Thread. 🧵
dewmap retweeted
Watch how institutional power is not merely normalized, but openly celebrated in Bitcoin's social layer.
Wealth, status, access, and proximity to power are elevated, while Bitcoin's founding principles, including sovereignty and the separation of money and state, are ridiculed.
The values of the fiat system Bitcoin was created to challenge are being repackaged as Bitcoin's path to success.
On November 5, Mars Spits Bars takes this worldview to BTC Inc's Bitcoin Amsterdam, on a Whale Pass-only panel titled:
“BIG BITCOIN: IN CONTROL?”
The CAPTURE articles documents the institutional relationships and mechanisms of influence.
Bitcoin's social layer is the final line of defense against complete institutional capture.
But if that very social layer is being conditioned to celebrate institutional power, ridicule principled opposition, and attack those exposing its concentration, who exactly is left to resist it?
dewmap retweeted
Replying to @BitcoinGuy2016 @FarsideInsights
I appreciate this response. Genuine good-faith engagement has been painfully scarce in response to my articles.
I don't think there's a single technical fix. Better processes, greater transparency around funding and conflicts of interest, and more independent implementations would all help.
But a big part of the remedy has to come from the social layer.
People need to start engaging seriously with well documented criticism instead of reflexively attacking the messenger, questioning motives, and treating scrutiny of influential Bitcoin institutions as an attack on Bitcoin itself.
That's how informal power in Bitcoin imo has become entrenched and unaccountable.
A system's resistance to capture depends on people being willing to scrutinize power, especially when it's exercised by people and institutions they trust.
I appreciate you doing exactly that here.
dewmap retweeted
Replying to @BitcoinGuy2016 @FarsideInsights
You're drawing a distinction the series already makes.
CAPTURE doesn't claim that BTC Inc controls Bitcoin Core.
It's a four-part investigation into how influence over Bitcoin development, funding, governance, and public narratives can accumulate through overlapping institutional relationships.
Article 4 examines the media and commercial side of that picture. Articles 1-3 document the developer networks, institutional levers, and decision-making process surrounding the OP_RETURN change.
You can't rebut the broader investigation by isolating one article, reducing it to disclosure failures, and then demanding that it independently prove direct control of Core.
The connections between the parts are the point.
dewmap retweeted
Here's Opus 5.5 with a visual reading of Karpathy's latest tweet. Watch on 2x speed. (one prompt btw)
Dusting off this tweet from April because this gap in shared understanding of LLM capability is *widening*. It's now less "two groups of people speaking past each other" and more a sharp funnel.
- Napkin math somewhere around 6B people (~75% of the population) have barely come in contact with LLMs at all.
- Around 1-2B (~20%) are casual and infrequent users of free-tier ChatGPT-like products. This group sees derpy chatbots and treats them a bit like a better Google search, a writing aid, or etc. Maybe an agent tries to book you a flight. I have non-tech friends who (reasonably, imo) say they have not much use for it at all. Even many professionals outside of math&code are in this tier. For example, execs and many other functions spend a lot of their time talking to other people, so while they understand what is happening intellectually, it is still second-hand and a bit abstract.
- Now we get to professional use of frontier-grade LLMs in math&code. Somewhere around 20M people (0.2%) see first-hand that large, complex projects that used to take them weeks/months can now be completed by agents with a prompt. Building apps, copying apps, translating apps, decompiling apps from binaries... This has all happened very quickly and recently - less than 1 year ago, I was writing code manually by hand, typing memorized computer code commands into a code editor character by character, occasionally pressing Tab to autocomplete a little chunk of code.
- And finally we get to the ~5,000 people (~0.00006%) with access to frontier-grade systems internally. The external world has seen the preview. It looks like swarms of thousands of agents collaborating over weeks on software mega projects: minting zero days, running cyber attacks and defenses at machine speeds, discovering new science, advancing the frontier of mathematics. Things that would have taken top professionals in the industry years of work. Meanwhile, human review and comprehension are starting to fall behind. For example, people are still involved in the "archeology" of the OpenAI-HF incident from many months ago. Mathematicians may be poring over the 722 manuscripts on frontier mathematics for a while.
The funnel is driven by a combination of factors:
1. The impact scales with ambition, problem size, and horizon. A question with a paragraph answer barely stresses the system. You need a reservoir of big, difficult problems that you really care about. This aspect drives the consumer / professional dimension of the funnel.
2. The jaggedness of the system (which I have written about a lot separately). Capability peaks in domains that are digital, verifiable and economically valuable. This is because LLM capability emerges from reinforcement learning on verifiable rewards on a curated environment mixture driven by revenue potential. This aspect primarily drives the area (e.g. math&code) dimension of the funnel.
3. Access. Free-tier, paid-tier, internal.
So this is the weirdness of the moment. The general public has mostly not interacted with these systems. When they have, it looks like a derpy chatbot. The majority of professionals still see only a modest uplift. And a small sliver of professionals are experiencing the vertigo of the curve going vertical. And it is all happening at the same time.
dewmap retweeted
A pattern is emerging in the responses to CAPTURE: The Machine.
Joe Nakamoto: “Saved you a click. Old news.”
Now Jonathan Bier, CEO of Farside Investors, posting as @FarsideInsights: “TLDR. Already widely publicised.”
Same straw man. Same dismissal. Reduce an investigation to one already-public fact, then declare the entire thing old news.
But that's precisely the point of CAPTURE. The individual facts were often public. What matters is the picture that emerges when you put the editorial conflicts, disclosure failures, policy exemptions, financial arrangements, institutional relationships, and timelines together.
Break that picture back into isolated facts, and each becomes easier to dismiss.
Worth noting: Bier sits on Brink's board, administers Bitcoin developer grants, and personally answered questions for the CAPTURE investigation about Brink's internal governance.
He's not an outside observer of the institutional structures this series examines.
Don't trust. Verify.
CAPTURE Part 4: THE MACHINE
The fourth and final installment is out.
Bitcoin Magazine wasn’t just covering the fight over Bitcoin’s future. Its parent operated an Ordinals trading desk, invested in businesses tied to the ecosystem, and maintained editorial policies that exempted parts of that same business.
Then came an $80,000/month marketing contract, with an option for Nakamoto Inc. to buy BTC Inc at a valuation tied to its earnings, in a window that included the OP_RETURN fight. Nakamoto exercised the option.
Readers were not consistently told about these commercial relationships.
A documented investigation into the commercial interests and media infrastructure surrounding the Bitcoin Core controversy.
citadel21.com/the-machine
dewmap retweeted
Replying to @Baloo_BTC @SimonDixonTwitt
Censorship resistance isn’t a feature you install. It’s a property that emerges from the distribution of power, and one that must be continuously defended.
Everything you love about bitcoin are EMERGENT PROPERTIES. The code is just a tool.
A bank can approve every transaction you make for 20 years. That doesn’t make it permissionless.
Don’t confuse the absence of censorship with the inability to censor.
What happened to “don’t trust, verify” ?
And “only the paranoid survive”?
You’ve listed properties of the software and mistaken them for guarantees of the system.
Id say that’s a pretty fundamental misunderstanding of Bitcoin..
dewmap retweeted
Replying to @JoeNakamoto
I truly love playing and hanging out with you, Joe. So I say this as a friend.
Dismissing the work of the most thoughtful and thoughrogh journalist in Bitcoin as something people should TL;DR is not a good look.
I know you might think Mr. Cat is your enemy, but he is not. On the contrary, he's a man of greater integrity than most others in the space, and IMO, all bitcoiners should read this article series.
They should read the rebuttals too, of course, and make up their own opinions, but disregarding it as controversy click-bait is far more more telling about you than Mr. Cat.
Bitcoin can only give you true self-sovereignty if you do your homework. All the homework. The economic principles, the technical aspects, and figuring out who you can trust or not. There are scammers everywhere.
I have to balance cypherpunk values and sponsorship money too, and I know it's a tricky thing to navigate while keeping your soul uncorrupted.
You quit Cointelegraph for a reason. You're a bitcoiner. Act the part, ffs!
Looking forward to continuing this conversation in-person.
dewmap retweeted
So? There are plenty of people presenting the opposite perspective. Including everyone at Bitcoin Magazine, for example. People are allowed to have opinions and points of view.
Hodlonaut is allowed to investigate what he believes is worthy of investigating. Just because you disagree with him doesn't mean his findings aren't legitimate.
Rebut the actual content, instead.
dewmap retweeted
The CAPTURE series was produced independently and without pay. If you found it valuable, you can support the work here:
BTC (Bitcoin): bc1qwwgr24d0k0my9p4zvef77r6rdd04ac5vg2h48w
XBT (Bitcoin Blake2b): bc1qlh6xsvpqykl4lkxt5c0tuex3z9crunx4ju9vev
dewmap retweeted
Replying to @djsenior13
Bitcoiners have always sought to call out bad actors in our midst. I don't understand why the community has forgotten so many of its founding values
dewmap retweeted
Interesting timing: 2 influencers distancing themselves from Blockstream within a few days. Who else is left supporting Blockstream and Adam Back? Blockstream users have had over $320 million of their BTC frozen for over a month. I wonder if this is related to the recent Bloomberg article about Adam Back's recent business problems, or the NatInfoSec Blockstream fraud allegations involving private jets? Why aren't more people in the Bitcoin space covering these developments? @ODELLXYZ @laurashin @natbrunell @MartyBent @stephanlivera @SimplyBitcoin
🤖 Made with AI
dewmap retweeted
hodlonaut's CAPTURE series is investigative journalism at its best, and the latest piece shows why it matters. In June 2025, Bitcoin Core merged a change lifting the default limit on OP_RETURN data over sustained objection from many node operators. A major Bitcoin publication covered that fight while its parent company's fund held stakes in businesses the change favored. The parent was also under a contract that tied its sale price to its earnings from those months and barred it from discussing the relationship with the press. The publication's disclosure page promised quarterly updates. The last one is dated March 2024.
Almost all of it was on the public record. Readers just never had it in front of them, and it took four articles to put it in one place, because nothing in the structure asks anyone to.
What he documents in practice, I have been documenting structurally at secsov.com. Bitcoin's development runs through a handful of merge keys on one implementation, with no independent specification of its rules. Its funding is concentrated in a small number of funders. There are no binding rules for conflicts of interest and no consequence when one goes undisclosed. A record nobody is obligated to act on protects nobody, so outsiders end up catching each conflict by hand, after the fact, one at a time. His series shows what a single round of that costs.
None of this requires bad people, and these are not bad people. Good people inside that structure will keep producing what his series records.
Bitcoin Commons (@BtcCommons) goes past research and documentation. It is a full stack built to replace that structure, and it is not a toy node or a technical curiosity. The node is built from the Orange Paper, a formal specification of consensus that no single codebase owns. On funding, we are building @joinplebly, which is designed to open development funding to the people who run and depend on the software, so a few large donors are not deciding what gets built. A new coordination model for the codebase commons keeps power visible and accountable to the people who depend on it. And @DecodeBitcoin, an AI review layer built on seventeen years of Bitcoin's development record, acts as a neutral arbiter that judges every change on its merits and keeps getting sharper on Bitcoin over time.
Each piece targets a specific failure, the ones I have mapped in the structure and the ones hodlonaut keeps finding in practice. Bitcoin will always have stewards. Commons is built so they answer to the people running the network.
CAPTURE Part 4: THE MACHINE
The fourth and final installment is out.
Bitcoin Magazine wasn’t just covering the fight over Bitcoin’s future. Its parent operated an Ordinals trading desk, invested in businesses tied to the ecosystem, and maintained editorial policies that exempted parts of that same business.
Then came an $80,000/month marketing contract, with an option for Nakamoto Inc. to buy BTC Inc at a valuation tied to its earnings, in a window that included the OP_RETURN fight. Nakamoto exercised the option.
Readers were not consistently told about these commercial relationships.
A documented investigation into the commercial interests and media infrastructure surrounding the Bitcoin Core controversy.
citadel21.com/the-machine
dewmap retweeted
“Saved you a click.”
What a remarkable phrase from someone in Bitcoin.
Joe just:
Reduced a documented investigation to one somewhat familiar fact.
Pretended it's the entire investigation.
Declared it old news.
Told people not to bother reading.
Don't examine the evidence. Don't follow the sources. Don't verify the claims.
Just trust an influencer's summary.
Quite the evolution from “don't trust, verify.”
dewmap retweeted
Richard "Heart" Scheuler, the guy who lied and cheated and stole to help get segwit and Lightning on #BTC, has been arrested. One by one the enemies of Satoshi's vision fall:
HEX FOUNDER RICHARD HEART ARRESTED IN ISTANBUL, $600,000 CASH AND ARSENAL SEIZED
Turkish authorities have reportedly arrested Richard Heart, whose real name is Richard James Schueler, in a joint intelligence and police operation in Istanbul.
Heart, founder of HEX, PulseChain and PulseX, was wanted under an Interpol Red Notice issued at Finland’s request.
Police reportedly detained Heart and his wife at a residence in Istanbul’s Beşiktaş district following extensive surveillance.
Authorities seized:
• $600,000 in cash
• 24 wristwatches
• 20 gold bracelets and 7 gold necklaces
• 7 firearms and 1,360 rounds of ammunition
• 12 mobile phones and 6 laptops
• 20 graphics cards and 14 SSDs
• 2 drones
In 2023, the SEC charged Heart with raising over $1 billion through unregistered crypto offerings and allegedly misappropriating at least $12 million in investor funds to purchase luxury goods, including sports cars, expensive watches and a 555-carat black diamond.
Heart was subsequently placed on Interpol’s wanted list in 2024 over separate allegations involving tax fraud and assault.
Both Heart and his wife have been taken into custody for questioning as the investigation continues.























