The Frontier

Michael Saylor and Adam Back oppose BIP-110, arguing the fork risks invalidating legitimate transactions and undermines Bitcoin's permissionless ethos. Saylor called spam less dangerous than the fork itself.

BIP-110 is a proposal to temporarily cap data transactions on Bitcoin to limit Ordinals inscriptions for one year. It requires 55% miner support to activate, but current signaling stands at zero.

David Bennett argues BIP-110 is an attempt to police transactions and a waste of time, noting the Ordinals spam issue is real but censorship is worse. He compares the debate to the failed 2017 block size wars.

Strategy sold $467M worth of MSTR shares but did not buy or sell Bitcoin. The firm's USD cash reserve increased by $450M to $3B, while its Bitcoin holdings remained at 843,775 BTC.

Strategy's Bitcoin holdings represent about 4% of the total supply, purchased at an average cost of $75,476 per coin. The current paper loss on that position is roughly $10.7B.

David Bennett notes Ordinals inscriptions have dropped to under 10,000 per day recently, down from a peak of over 400,000 in August 2023.

The Bank of Thailand is auditing high-volume USDT transactions to crack down on money laundering and gray money. The move expands bank compliance duties to cash networks, gold trading, and stablecoin flows.

David Bennett criticizes central banks like Thailand's for making de facto laws, arguing unelected bodies shouldn't wield that power. He sees global financial control efforts as a sign systems are breaking.

Chinese prosecutors proposed treating use of crypto mixers or privacy coins as presumptive evidence of money laundering intent. Over 3,000 people were charged with crypto-related money laundering in China in 2024.

SBI VC Trade in Japan launched a lending service for its yen stablecoin (JPY SC) offering a 3% annualized yield. David Bennett warns this smells like a scam, stressing the critical question is what generates the yield.

David Bennett promotes OshiGood's huddle butter, a pecan-based spread, as a Circle P product where Bitcoiners can support each other in a circular economy outside the fiat system.

David Bennett discusses Ben Bernanke's appointment to Anthropic's Long Term Benefit Trust, framing it as a continuation of the economic policies that avoided a 2008 systemic collapse.

Bennett argues Bernanke's 2008 intervention created 'potential energy' for a larger future collapse, advocating for letting natural economic systems reset rather than deferring crises.

New Hampshire's Executive Council rejected a $100 million Bitcoin-backed municipal bond in a 3-2 vote, with Democrat Karen Leit Hill citing volatility concerns over the 'emerging asset class.'

James Key Wallace stressed the bond carried zero taxpayer risk and offered upside fees for state programs, arguing Bitcoin has 'emerged' and is not just emerging.

Japan's Finance Minister Satsuki Katayama announced steering the GPIF to increase domestic asset investments, aligning with a state-directed capitalism strategy to cap bond yields below inflation.

Bennett links Japan's policy to the US 'Trump accounts' plan, noting both force retail capital into stocks and bonds to buoy markets and manage sovereign debt.

Mara struck a deal to acquire a 1,200-acre Texas site with up to 2 GW of power capacity, advancing its strategy to become a digital infrastructure owner rivaling regional utilities.

Bennett predicts Bitcoin miners' expertise in long-term power contracting will lead them to directly acquire utility grids, citing ERCOT as a potential target.

The EU Parliament passed 'chat control' legislation allowing message scanning for CSAM until 2028, using a procedural rule where absent votes count as automatic yes votes.

An exemption excludes end-to-end encrypted messages from scanning, a partial win for privacy advocates, while the broader law permits voluntary mass scanning of platforms.

Japanese lender Cyrill launched Bitcoin-backed loans up to $6.2M at 3.5-7% APR, requiring 40-60% collateral ratios for one-year terms, expanding regulated crypto financing options.

OpenAI released GPT 5.6 Saul as its flagship model, priced at $5-$30 per million tokens, alongside Tara and Luna tiers, outperforming Claude on the Terminal Bench test.

Bennett notes a synchronized release week for frontier AI models from OpenAI, Anthropic, XAI, and Meta, while Google's Gemini 3 remains the oldest top model.

Bitcoin network metrics show a price of $63,960, a market cap of $128 trillion, 20.05M coins, and a hash rate of 891 EH/s, which Bennett dismisses 'death spiral' concerns.

Bull Bitcoin filed a legal challenge in France to annul the DAC8 directive, arguing it creates a massive surveillance grid that institutions cannot secure, putting crypto users at risk of kidnapping.

France has the second-highest rate of physical attacks on crypto users after the United States, according to GART. High-profile industry figures like Binance France CEO David Princ and Ledger co-founder David Ballant have been targeted.

Jamison Law at Casa maintains a wrench attack database on GitHub showing an accelerating trend of these violent incidents. Bull Bitcoin argues DAC8's data consolidation will worsen this problem.

Bull Bitcoin claims DAC8 will incentivize users to move off-grid via peer-to-peer exchanges, home mining, or offshore alternatives, making tax collection harder. Francis Pouliot argues DAC8 turns ‘know your customer’ into ‘kill your customer.’

Major French government data breaches illustrate the security risk. France's ANTS breach in April 2026 exposed up to 19 million accounts, and the national bank account registry hack exposed 1.2 million accounts.