AVERAGE_GARY

welcom to #nostr
@npub19pu…aqj3 @npub1gk6…57mm
please show these two some love. they're my sister's friends finishing a bathroom for some family and got setup on #primal
#introductions #onboarding
CC nostr's dad @npub18am…p424

2024-12-05 03:44:15 GMT

🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂🫂

2024-12-05 02:44:14 GMT

going to get a cigar

2024-12-03 15:39:18 GMT

@npub16c0…6nvr @npub12vk…pugg
wen pinch zoom on images?

2024-12-02 14:17:05 GMT

#meshtastics Heltec v3 with printed case and 1500mAh battery.
one for $45
three for $120
five for $200
ten for $400
sats preferred.
zaprite link soon with accompanying nostr marketplace ad.
(and better photo)
https://m.primal.net/MmFb.jpg

2024-12-02 14:12:40 GMT

normalize jury nullification for morally OK things.

2024-12-02 02:51:32 GMT

@nprofile…vu4p
Why is Shamir sharding not doable on coldcards?

2024-12-01 00:10:04 GMT

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intergalatic travel?

2024-11-30 18:30:47 GMT

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Hmmmm. would it be good for render images to explain cryptography stuff?

2024-11-30 16:02:53 GMT

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Just slap a SE on the bitaxe so we can mine directly to it!
😂
But now that I think about it, I wonder if a SE on a bitaxe could be used for eHash stuff. 🤔
@nprofile…282l

2024-11-25 18:31:53 GMT

How do we kill FPPS as a valid business model?

2024-11-24 14:47:16 GMT

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Do all the "L2's" pegged to Bitcoin skyrocket fees to make things uncomfortable enough?
How technically literate are relevant stakeholders, from your perspective, to have good opinions on what is contentious?
We hard fork inevitably, do we hard fork once to fix the technical issues (timestamp) and add other things? Or do you see mutliple hard forks over the years? Why five years? Why not 10? why not 1?

2024-11-24 13:56:44 GMT

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Good morning Matthew.
Have you read JamesOb's recent posts? I'd be curious to hear your thoughts

2024-11-22 19:37:25 GMT

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I have Heltec v3's with battery and case. Will be assembled in two weeks. Sats preferred.
https://virginiafreedom.tech

2024-11-16 17:40:59 GMT

Shenandoah Bitcoin Club had record attendance.
https://i.nostr.build/XcKQPRbqyktA0bRW.jpg
https://i.nostr.build/uuNaDAFfuw2C2s6R.jpg

2024-11-16 03:46:31 GMT

Swan moving from Fortress to Bakkt. 🤔

2024-11-15 15:14:47 GMT

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Why wait?
https://i.nostr.build/HlnfF8nTmoMEJae2.jpg

2024-11-15 12:59:00 GMT

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Saw you mention nostr here. In that context, have you seen @nprofile…q60d from @nprofile…x8wx?

2024-11-15 02:48:08 GMT

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Let's say @nprofile…vu4p is hostile to anyone opposing his business moat when they apply to @nprofile…uazd.
Which 4 other board members share the same interest that enables this bias?
Let's be specific and name names. They are all publicly listed. The easiest is @nprofile…p7e2 since he's invested in CoinKite.
Who are the other 3 and why would they be biased?

2024-11-14 22:15:50 GMT

If you get a #meshtastic in my next batch, this might be your case.
#nevent1q…w5dy

2024-11-14 21:13:02 GMT

From jamesob (not on nostr so sats to @nprofile…uazd)
THE CONSENSUS CONUNDRUM
Bitcoin faces a one-of-a-kind leadership problem
—
A lot of consensus-change proposals for bitcoin are on the table at the moment. All of them have good motivations, whether it's scaling UTXO ownership or making self-custody more tractable. I won’t rehash them here, you’re probably already familiar. Some have been actively developed for years.
The past two such changes that have been made to bitcoin successfully, Segwit and Taproot, were massive engine-lift-style deployments fraught with drama. There have been smaller changes in bitcoin’s past, like the introduction of locktimes, but for some reason the last two have been kitchen sink affairs.
The reality not often talked about by many bitcoin engineers is that up until Taproot, bitcoin’s consensus development was more or less operating under a benevolent dictatorship model. Project leadership went from Satoshi to Gavin to… well, I’ll stop naming names.
Core developers will likely quibble with this characterization, but we all know deep down that to a first order approximation that it’s basically true. The “final say” and big ideas were implicitly signed off on by one guy, or maybe a small oligarchy of wizened autists.
In many ways there’s really nothing wrong with this - most (all?) major opensource projects operate similarly with pretty clear leadership structures. Oftentimes they have benevolent dictators who just “make the call” in times of high-dimensional ambiguity. Everyone knows Guido and Linus and the based Christian sqlite guy.
Bitcoin is aesthetically loathe to this but the reality, whether we like it or not, is that this is how it worked up until about 2021.
Given that, there are three factors that create the CONSENSUS CONUNDRUM facing bitcoin right now:
(1) The old benevolent dictators (or high-caste oligarchy) have abdicated their power, leaving a vacuum that shifts the project from “conventional mode of operation” to “novel, never-before-tried” mode: an attempt at some kind of supposedly meritocratic leaderlessness.
This change is coupled with the fact that
(2) the possible design space for improvements and things to care about in bitcoin is wide open at this point. Do you want vaults? Or more L2s? What about rollups? Or how about a generic computational tool like CAT? Or should we bundle the generic things with applications (CTV + VAULT) to make sure they really work?
The problem is that all of these are valid opinions. They all have merit, both in terms of what to focus on and how to get to the end goal. There really isn’t a clear “correct” design pattern.
(3) A final factor that makes this situation poisonous is that faithfully pursuing, fleshing out, building, “doing the work” of presenting a proposal IS REALLY REALLY TIME CONSUMPTIVE AND MIND MELTING.
Getting the demos, specs, implementation, and "marketing" material together is a long grind that takes years of experience with Core to even approach.
I was well paid to do this fulltime for years, and the process left me with disgusted with the dysfunction and having very little desire to continue contribution. I think this is a common feeling.
A related myth is that businesses will do something analogous to aid the process. The idea that businesses will build on prospective forks is pretty laughable. Most bitcoin companies have a ton on their backlog, are fighting for survival, and have basically no one dedicated to R&D. The have a hard enough time integrating features that actually make it in.
Many of the ones who do have the budget for R&D are shitcoin factories that don’t care about bitcoin-specific upgrades.
I’ve worked for some of the rare companies that care about bitcoin and do have the money for this kind of R&D, and even then the resources are not sufficient to build a serious product demo on top of 1 of N speculative softforks that may never happen.
---
This kind of situation is why human systems evolve leadership hierarchies. In general, to progress in a situation like this someone needs to be in a position to say “alright, after due consideration we’re doing X.”
Of course what makes this seem intractable is that the Bitcoin mythology dictates (rightly) that clear leadership hierarchies are how you wind up, in the limit, with the Fed.
Sure, bitcoin can just never change again in any meaningful way ("ossify"). But at this point that almost certainly resigns it to yet another financial product that can only be accessed with the benefit of a large institution.
If you grant that bitcoin should probably keep tightening its rules for more and better functionality, but that we should go "slow and steady," I think there are issues with that too.
Because another factor that isn’t talked about is that as bitcoin rises in price, and as nation-states start buying in size, the rules will be harder to change. So inaction — not deciding — is actually a very consequential decision.
I do not know how this resolves.
—
There’s another uncomfortable subject I want to touch on: where the power actually lies.
The current mechanism for changing bitcoin hinges on what Core developers will merge. This of course isn’t official policy, but it’s the unintended reality.
Other less technically savvy actors (like miners and exchanges) have to pick some indicator to pay attention to that tells them what changes are safe and when they are coming. They have little ability or interest to size these things up for themselves, or do the development necessary to figure them out.
My Core colleagues will bristle at this characterization. They’ll say “we’re just janitors! we just merge what has consensus!” And they’re not being disingenuous in saying that. But they’re also not acknowledging that historically, that is how consensus changes have operated.
This is something that everyone knows semi-consciously but doesn’t really want to own.
Core devs saying “yes” and clicking merge has been a necessary precursor every time. And right now none of the Core devs are paying attention to the soft fork conversations - sort of understandable, there’s a bunch to do in bitcoin.
But let’s be honest here, a lot of the work happening in Core has been sort of secondary to bitcoin’s realization.
Mempool work is interesting, but the whole model is more or less upside down anyway because it’s based on altruism. For-profit darkpools and accelerators seem inevitable to me, although that could be argued. Much of the mempool work is rooted in support for Lightning, which is pretty obviously not going to solve the scaling problem.
Sure, encrypted P2P connections are great, but what’s even the point if we can’t get on-chain ownership to a level beyond essentially requiring the use of an exchange, ecash mint, sidechain, or some other trusted third party?
My main complaint is that Core has developed an ivory tower mindset that more or less sneers at people piatching long-run consensus stuff instead of trying to actually engage with the hard problems.
And that could have bitcoin fall short of its potential.
—
I don’t know what the solution to any of this is. I do know that self-custody is totally nervewracking and basically out of the question for casual users, and I do know that bitcoin in its current form will not scale to twice-monthly volume for even 10% of the US, let alone most of the world.
The people who don’t acknowledge this, and who want to spend critical time and energy wallowing in the mire of proposing the perfect remix of CTV, are making a fateful choice.
Most of the longstanding, fully specified fork proposals active today are totally fine, and conceptually they’d be great additions to bitcoin.
Hell, probably a higher block size is safe given features like compactblocks and assumeutxo and eventually utreexo. But that’s another post for another day.
---
I've gone back and forth about writing a post like this, because I don't have any concrete prescriptions or recommendations. I guess I can only hope that bringing up these uncomfortable observations is some distant precursor to making progress on scaling self-custody.
All of these opinions have probably been expressed by @JeremyRubin years ago in his blog. I’m just tired of biting my tongue.
Thanks to @nprofile…x2lg and @MsHodl for feedback on drafts of this.

2024-11-14 13:20:22 GMT

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Where?

2024-11-14 00:48:24 GMT

Parenthood is.... ___________

2024-11-12 20:17:46 GMT

Did you dry fire today, anon?

2024-11-10 02:07:39 GMT

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Top two good. Bottom two bad. Bottom two are looking down slightly but so is top left. However, he has a light color background, like top right.
Now I will name them, top to bottom. Left to right.
Gareth
LiMei (lee-may)
Viv (short for Vivianna)
Freeman

2024-11-09 17:16:38 GMT

Find a local community organization and offer to sponsor it as "Bitcoin".
My LLC will be sponsoring this event for a few hundred dollare. https://i.nostr.build/EuZz2oZhwX7QOCln.jpg

2024-11-06 10:11:39 GMT

Is this a rare Pepe?
#asknostr https://i.nostr.build/FDCyFyu5RtlOYkBa.jpg

2024-11-05 02:58:40 GMT

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no dying, bro. we'll miss you.
Also, FOSS code snippet for a copper, sir.?
#nevent1q…wqfr

2024-11-05 02:57:35 GMT

#StratumV2 code
#nevent1q…wle0

2024-11-05 02:57:08 GMT

Rust types be like: `value: (u8, &'a mut [u8])`
#devstr
Real code. and I understand what it says but have no idea where it's used yet.

2024-11-04 15:31:52 GMT

It's all so tiresome. Some people are not fit to lead.

2024-11-04 12:39:58 GMT

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above average at a minimum

2024-11-01 23:30:24 GMT

@nprofile…p7e2 in shambles as his nostr purity is surpassed by @nprofile…zqkr
#nevent1q…ew3y

2024-10-31 15:42:27 GMT

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Peacefulness is the restrained capacity for violence. Harmlessness is the inability for violence. A violent reaction in physics is rapid change over a short amount of time. Bitcoin is violent against fiat but largely is peaceful except for short periods of violent reaction.
Bitcoin also has the capacity to violently destroy fiat jut is yet restrained by ignorance and lack of universal understanding.
A double entende because the bitcoiners, layer 0, should also be peaceful in their lives. Train and study to be a hard target. But restrain that power with discipline and tact. If you're extremely peaceful, that means you have extreme violence restrained. I generally apply this sentiment to men but it applies to the gentler sex as well

2024-10-30 11:49:56 GMT

GM
https://v.nostr.build/jAwblfRSryELw8P1.mp4

2024-10-28 12:23:08 GMT

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If your signal is worth receiving, people will tune in. Definitely a discovery hurdle on nostr but you can never know follower count. Here or on the silo'd platforms. If you want to spread signal, send it out.

2024-10-28 09:12:25 GMT

GM.
If you're worried about follower counts on nostr, you've missed the plot.
#nevent1q…neez

2024-10-22 15:55:59 GMT

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You involved?

2024-10-22 09:39:30 GMT

Wake anon. It's time to train your body.

2024-10-21 14:36:14 GMT

Interesting. People seem to misunderstand what being an anarchist means. It's similar to being a capitalist or communist.

2024-10-20 22:23:55 GMT

#radio
#hackrf
Subtle #footstr
https://i.nostr.build/b0W9JdFmmBPL3ELV.jpg

2024-10-18 10:16:24 GMT

Peaceful, not harmless.
Know the difference. It matters.
#nevent1q…sahh

2024-10-18 00:40:13 GMT

#radio #meshtastic https://v.nostr.build/yljKH26VYqnOdYTx.mp4

2024-10-17 23:53:24 GMT

#BeRoss
Ross wrote and ran freedom tech. Whatever you choose to do, be more like Ross and choose to take peaceful action.
#freedomTech
#nevent1q…76l6

2024-10-16 14:21:47 GMT

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@nprofile…282l

2024-10-16 14:19:04 GMT

Want to watch BTC++ Berlin but not on yucky YouTube?
#ecash #hashpools #BTC++
Here you go pleb.
Full Vid
https://v.nostr.build/ZqMabu1yPnUtJG9c.mp4
Hashpools
https://v.nostr.build/ABd0uz9VkKVzETI3.mp4
Panel
https://v.nostr.build/fQLCjJhZtO7FrUPn.mp4
Ecash is Obsolete
https://v.nostr.build/wwSHNHIWOYHTfMcz.mp4

2024-10-16 11:48:57 GMT

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Nah. You can do full Cartesian plane using nostr too. #cyberspace protocol by @nprofile…cn9q outlines this well.

2024-10-16 09:20:43 GMT

GM
I miss Between Two ASICs
ASICs @nprofile…x7kg

2024-10-16 02:03:19 GMT

@npub16v8…eqha
https://hackaday.com/2024/06/26/decoding-meshtastic-with-gnu-radio/
Tab open on this one to revisit.

2024-10-15 01:26:14 GMT

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Want.

2024-10-15 00:43:35 GMT

Sitting next to FEMA employee at chiro today, waiting. She's got two kids. In in a stroller. Talking about how she worked 90hrs last week. Desk girl sympathized. Both agreed it was good work to be done.
The most insidious thing a government does is deceive people into doing things that hardly move the needle but "feel good".

2024-10-14 15:05:23 GMT

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Need more wireless devs.
https://www.kv4p.com/

2024-10-09 18:33:22 GMT

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Join us on Signal? We have group chats on all sorts of things. Regional chats are for vets only. Topical chats (like radio and guns) are open to all.

2024-10-08 15:49:18 GMT

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@nprofile…3zcx
Hackathon idea.

2024-10-08 14:06:12 GMT

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@nprofile…z7et
I'll be at TAB.
Were you looking for devices or just general know-how?

2024-10-08 09:38:20 GMT

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Embracing your own demise would be stupid. But it's the State so...

2024-10-08 01:54:46 GMT

Anyone have inbound liquidity for @nprofile…urtf?
#asknostr
@nprofile…jfq4 is learning how LN works. 😅

2024-10-06 17:17:47 GMT

Are the Japanese nostriches onboarding the BitAxe Club? It's 800+ members strong focused on FOSS BitAxe mining.
#asknostr

2024-10-05 15:29:01 GMT

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That's called extortion.

2024-10-05 01:49:02 GMT

Consider running for Sheriff
https://fountain.fm/episode/ghR1ZM4Nh4NC25houGdP

2024-10-03 17:38:39 GMT

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I thunk earlier classes are still waiting so don't get too excited.

2024-10-03 14:16:08 GMT

In the wake of recent disasters, countless families are in urgent need of support.
@nprofile…urtf and @nprofile…7swf
are raising funds to support recovery efforts, provide essential supplies, shelter, and hope to those affected.
Every dollar and satoshi counts and can make a huge impact.
https://i.nostr.build/QQPyOdVbhIRtkW4A.jpg

2024-10-03 12:04:40 GMT

https://x.com/shanethazel/status/1841709284649783415
HMU if anyone knows helo pilots with a bird willing to go down to NC and help.
If you know pilots in the US, please share. They can contact me here and then via signal. I can get them with folks coordinating grassroots on the ground.
Please boost for visibility.

2024-10-03 02:01:28 GMT

Wooooooowwwwww. WTF is happening at Swan?!? So glad I gtfo and went to River. Also why try to fight someone with a bitcoin printer called USDt?
(Link at bottom but it wanted email, I saved you the effort by bringing it to nostr)
Inside the struggle for Swan Mining
Swan is suing former employees for “stealing” its mining business. The defendants say it was never Swan’s to begin with.
Author
Colin Harper
October 02, 2024 • Reading Time: 11 minutes
On September 26, 2024, Swan Bitcoin – a bitcoin financial services company – filed a lawsuit against former employees and contractors for allegedly filching key components of its bitcoin mining business. According to Swan’s initial court filing, the team leads and contractors responsible for its mining operation mass resigned on August 8 and 9, 2024, taking with them “highly proprietary and confidential Bitcoin mining business, technology, trade secrets, property and personnel.”
New information from the defendants’ court filings, as well as Swan business documents Blockspace Media obtained, call into question whether or not Swan ever substantively controlled its mining business or had legal claim over it.
Denying Swan’s allegations in their opposition filing on September 30, 2024, the defendants claim that “Swan does not have a mining business of its own…what Swan has called its mining business is really just the separate entity called 2040 Energy.” Instead, they claim that it owns a minority stake in the joint venture 2040 Energy, which Swan established with Tether to manage the operation. By its own admission in an investor deck that Blockspace Media obtained, Swan states that it owns 20% of the joint venture to Tether’s 80%, and that it cannot take any profits from the mining operation until its investors recoup their funding.
Swan framed the walkout as a corporate coup, branding it a conspiracy orchestrated by key internal personnel who ran Swan’s mining division. Concurrent with the walkout, Tether informed Swan on August 9 that it placed Swan’s former team members and contractors in charge of the mining operations, under the umbrella of their newly formed company, Proton Management.
Per the investor deck, the mining operation at the center of the suit required $400 million of capital and generated $84 million in the first half of 2024.
It appears, though, that Swan was not contractually entitled to any of this revenue.
The Summer 2024 investor deck states that Swan and Tether constructed the joint-venture in such a way that Swan would only begin profit sharing once investors received a return on their capital. Blockspace Media obtained a July 2024 Swan shareholder letter that reiterates the point, stating that investors must receive 100% return on their capital before Swan can see profit from the mining operation.
The letter also states that Swan was negotiating to extricate its mining business from the JV in order to start generating revenue for itself. To this end, on July 22, 2024, Swan CEO Cory Klippsten announced that it would be ceasing its relationship with Tether specifically for the managed mining business. According to the letter, Swan and Tether had a handshake agreement to make this switch on April 1, 2024, but the two parties never signed a legally binding agreement to this effect.
As the lawsuit suggests, these negotiations invariably broke down. And what’s more, the suit itself – and the exodus of Swan mining personnel that precipitated it – appears to be the culmination of an internecine struggle between Swan and Tether for its mining business.
“Amidst increasing mismanagement by Swan’s executive team, which negatively impacted 2040’s ongoing operations and future growth, resulting in mass layoffs, the Individual Defendants resigned from Swan in August 2024,” the defendants’ opposition filing reads.
Swan alleges its mining business was stolen out from underneath it, but the defendants’ initial filings in response to the suit raise questions regarding the exact shareholder agreement for the 2040 Energy joint venture – and whether Swan has legal claim to the mining operations at all.
Swan Mining: A Timeline
Swan’s bitcoin mining business began on June 1, 2023, when a Swan employee turned the company’s attention to a bitcoin mine in Tasmania, Australia operated by DAME technologies. Michael Alexander Holmes, one of the defendants in the case and Klippsten’s acquaintance, was working with DAME to secure series A funding at the time.
On June 2, 2023, Klippsten contacted Tether CFO Giancarlo Devasini, who agreed to fund a bitcoin mining operation that Swan would manage. Over the next month, Swan started hiring for its mining division and purchasing ASIC miners, with Holmes working as a contractor to source ASICs and additional mining sites. By July 2024, Swan Mining’s operations were spread across 10 sites, representing 11.5 EH/s under management.
Swan Chief Investment Officer, Raphael Zagury, led the operation and managed Swan’s deployment at DAME. By July, the mining team included 12 Swan employees and contractors.
During this beginning phase, Swan began building its Bitcoin Network Operating Center (BNOC), a dashboard for monitoring Swan’s disparate mining sites. One of the primary accusations of Swan’s lawsuit is that the defendants stole proprietary aspects of the BNOC system, while the defense claims that the BNOC contained no proprietary trade secrets, nor did it belong solely to Swan.
Swan and Tether established a funding vehicle, Energy 2040, on July 28, 2023, which Tether fully capitalized. In their opposition filing, the defendants’ state that “Tether provided all of the funding for 2040 Energy, while Swan employees and contractors operated the mining operations, with Swan maintaining a minority stake in the business.” Cory Klippsten served as 2040 Energy’s CEO until he was removed from this position on August 13, 2024.
In February 2024, Swan says in its complaint, the two companies were in talks to renew the agreement and establish a new joint-venture, 2140 Energy. By May 2024, Swan and Tether expanded the scope of the partnership with a managed mining service, a new business line aimed at high-net-worth individuals and institutions with a minimum allocation of $100 million.
Swan and Tether’s mining partnership unravels
For whatever reason, negotiations soured regarding the new 2140 Energy agreement, and Swan announced on July 22, 2024 that it was shuttering its managed mining services. This coincided with Swan laying off roughly 45% of its workforce (70-80 persons, according to the defendants’ opposition filing).
The shakeup to Swan’s mining business seems to have impacted its wider operations as well as its aspirations to raise a series C in anticipation of an IPO. Swan was allegedly in talks with Tether to lead this series C, which it opened on July 11, and it claims in its original complaint that Zach Lyons, a principal at Tether advisor Marlin Partners, told Swan that Tether was considering allocating $25 million to the round.
A July 2024 investor letter states that Swan was hoping to raise $75 million in its series C for a valuation of $1.2 billion, but it walked back these aspirations on July 24 and amended the fundraise to $30 million at a $300 million valuation. A Swan investor deck for the amended series C filing states that the mining joint-venture generated $84 million in revenue in the first half of 2024; Swan’s financial services generated $6 million in 2023 and the company projects $13 million in revenue for 2024, according to the same document.
Source: Swan Summer 2024 Investor Deck
In the shareholder letter, Swan revealed that it was still engaged in what it calls self-mining operations with Tether, but that it can not realize any profit sharing from this operation until it returns 100% of investor capital (the defendants have claimed that the mining venture 2040 Energy was funded entirely by Tether). The lack of near-term cash flow seems to be one of the motivating factors behind Swan refactoring its series C, as well as the business restructuring that precipitated the July 22 layoffs. In the same letter, Swan notified shareholders that it was working on peeling off part of the self-mining segment from its partnership with Tether. According to the letter, Swan and Tether had a handshake agreement to make this switch on April 1, 2024, but the two parties never signed a legally binding agreement to this effect.
To this end, Swan claims in its lawsuit that Zagury had spoken with Guilherme Gomes, Swan’s president at the time, about spinning off Swan’s mining division into a standalone business. met with Lyons on July 11 to discuss spinning off Swan’s mining division from 2040 Energy. Zagury then met with Tether CFO Giancarlo Devasini on July 20, Swan alleges, to discuss making Zagury a board member of 2040 Energy and transferring custody of the joint venture’s bitcoin treasury to an account in Zagury’s name.
In what appear to be notes from Zagury regarding the July 11 meeting, which Swan included in its filings, Zagury scrawled shorthand notes about his call with Zach, including:“[h]e sees no value in Swan at all … This is where the value is…They know that - even G … Capital went nowhere … Bitdeer done without shit on Series C … Cory has to realize they can take away tomorrow.”
An alleged copy of notes from Raphael Zagury | Source: Swan court filing
Following Zagury’s meetings with Lyons and Devasini, Swan claims that the defendants downloaded proprietary data of Swan’s BNOC system from Swan’s GitHub from July 15 to August 8, 2024. This culminated in the defendants’ resignations on August 8 and 9, 2024. Swan claims that this resignation was the apotheosis of the defendants’ stated “rain and hellfire” scheme to steal Swan’s business; in their opposition filing, the defendants claim the walkout was “a result of Swan’s escalating crisis, lack of transparency, and mismanagement, particularly in its mining operations.”
On August 9, Tether’s counsel served Swan with a Notice of Event of Default. The opposition filing from the defendants states that Tether’s counsel told Swan that it “was in breach of its obligations to 2040 Energy.” On August 12, 2040 Energy removed Cory as CEO of the joint venture, and on August 13, Tether informed Swan that Proton Management would be taking over “operational and administrative functions” for the mining operation.
A question of ownership
The bulk of Swan’s lawsuit rests on its claims that the defendants stole proprietary information from Swan’s mining business, but the defendants deny any such theft – and they also question whether or not Swan can lay claim to such documents and information, arguing that they were the purview of 2040 Energy.
“...all of this work was admittedly done on behalf of 2040 Energy for its mining business, so Swan cannot credibly claim that this information is Swan’s (sole) property,” the filing reads, continuing to claim that the alleged stolen information can not be considered trade secrets, either.
Screenshots of the BNOC system | Source: Swan Summer 2024 Investor Deck
The defendants are also asking to dismiss the case on a number of technicalities. To start, they are claiming that California’s Central Court has a lack of jurisdiction over Proton Management. They also claim that Swan only notified them about the lawsuit on September 26 through email, a day after Swan filed the original complaint.
“Before sending the email on September 26, Swan never informed Proton about the pending litigation, never asked it to accept service of the Complaint, never sent a demand letter regarding the alleged misappropriation of confidential information and intellectual property, never made a demand that Proton preserve documents, and never discussed participating in expedited discovery,” the filing claims.
All in all, the most consequential accusation the defendants make in their opposition filing is that Swan owned no mining business at all and has no majority claim to the entity 2040 Energy, which is supposedly responsible for the entire mining business in question. By its own admission in its investor deck, Swan indicates that it is a minority shareholder in 2040 energy and that it could not see profits from the venture until Tether recouped 100% of its investment.
Finer details of the shareholder agreement are redacted from court filings, but the information in this agreement is likely the key to the whole case. The defendants have also made claims that Swan breached this agreement, but they have failed to specify how.
In their filings, the defendants have requested that the court keep further documents related to the case under seal, arguing that there is confidential information that would be detrimental to both 2040 Energy and Swan’s business interests.
https://miningpod.blockspace.media/p/inside-the-struggle-for-swan-mining

2024-10-03 01:19:05 GMT

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It's way worse in the mountains around Asheville

2024-10-02 17:19:54 GMT

#asknostr
Dog walking an absolute unit without him pulling?
https://i.nostr.build/g18w4ZInHsxWcNhu.jpg

2024-10-02 15:54:21 GMT

Whats a reasonable target time per share for mining?

2024-10-01 12:45:06 GMT

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Tragic for who?

2024-09-30 16:23:43 GMT

Ocean with yet another underwelhming announcement. Datum is Stratum v2 but no e2ee and binary data transfer. It might be quicker to adoption due to it's simplicity but they're resources could have been better spent working on Sv2, IMHO.

2024-09-30 11:37:04 GMT

Probably nothing.
#nevent1q…kt5d

2024-09-28 12:27:45 GMT

We're listening @nprofile…qdrm
https://fountain.fm/episode/LBVT42qHgTDCJXWcnJ93

2024-09-27 19:30:22 GMT

Y'all miss that my reduced nominal bitcoin salary can retain it's purchasing power, so if I only want to maintain QoL then it's easier to negotiate downward in nominal bitcoin terms.
@nprofile…pt3x
https://fountain.fm/episode/KX2S9DxXNSsx97DiwVje

2024-09-27 18:32:48 GMT

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You mean they won't understand what digital signal processing or schnoor signatures mean?

2024-09-27 16:13:17 GMT

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Kids > FOSS. If done right, they'll help contribute in the future.

2024-09-27 16:12:04 GMT

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Oh?

2024-09-26 01:45:30 GMT

Back then, they built things to last.
#nevent1q…u93g

2024-09-26 01:42:15 GMT

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Idk what those last two are but fuck off with that. Let's keep it simple.
What are those last two? Now I am curious. What a roller coaster of emotion.

2024-09-25 19:07:56 GMT

Why does today feel like everything is happening all at once?

2024-09-25 17:32:19 GMT

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I would have to run URSF. That's impactful.

2024-09-25 14:59:33 GMT

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Will have some if they give me app access.
Otherwise, another closed source project that will be eaten by FOSS.

2024-09-25 14:28:25 GMT

https://hashman.app
🤔

2024-09-25 14:22:23 GMT

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Land is getting cheaper.

2024-09-25 12:53:12 GMT

I don't think this scales well. Does PoW merge mining add anything for a federated system? Seems like Fedimint could accomplish a lot of these things with the right modules if you're federating. Tx costs would be way lower too and you don't need miner coordination. Maybe I'm missing something. Probably should go dig into the code.
"""
Key Features Designed for the Bitcoin Community:
Bitcoin-Pegged Native Asset (cBTC): Users can transact in cBTC, redeemable 1:1 for Bitcoin, offering familiar Bitcoin value and reliability while enhancing flexibility.
‍Compatibility with the Lightning Network: Build Lightning apps with less complex channel logistics and swap directly to Bitcoin.
‍Hybrid Consensus: By combining Bitcoin’s Proof-of-Work and a Strong Federation model, Coordinate ensures reorg-resistant transactions, providing users with enhanced security and stability.
‍Premium Transacting: Coordinate offers MEV-resistant transacting with a reverse auction fee market and finality in about one minute. Premium users avoid fee bumps and overpaying.
‍UTXO Asset Tokenization: Coordinate users can tokenize digital assets using Bitcoin’s UTXO model, opening new opportunities in decentralized finance.
‍Blob Storage for Data-Intensive Applications: Users and developers can leverage expanded block space for data storage, addressing the needs of applications that require additional capacity.
"Part of the goal behind Anduro is to achieve the Drivechain vision without any soft forks. Coordinate is a great example of what else can be done with Bitcoin when you don’t have to worry about impacting the L1 Bitcoin network”
https://www.anduro.io/blog/introducing-coordinate

2024-09-24 16:46:09 GMT

How much bitcoin to import a bitcoiner/nostr dev fren that wants to smoke weed and ponder life and technical possibilities of our modern world?
#asknostr

2024-09-24 15:57:25 GMT

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Remote signer login?

2024-09-24 13:15:18 GMT

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Doing what?

2024-09-24 13:14:55 GMT

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Primal always loads super slow for me and most times not at all.
They also state links with note ID's instead of nevent, so non-primal clients don't know where to find the note. Super annoying.

2024-09-24 11:59:17 GMT

If you start HAM radio now, in 5-10yrs you'll inherit the local club just by showing up.
It's not hard to her started and along the way there will be lots of cheap radios at estate sales.

2024-09-24 10:35:42 GMT

GM
I didn't build enough in the bear, but I learned A LOT.

2024-09-23 15:44:25 GMT

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Lol. Nah.

2024-09-21 16:29:05 GMT

His much money would you need to Sybil attack the Bitcoin node network for a month?

2024-09-21 13:12:41 GMT

Male Bitcoiners/Nostriches should check out https://f3nation.com/home
They're doing some interesting work around decentralized groups on the same mission. It's centered around Fitness, but the Fellowship and Faith are very cool too. (It's Free!)
We walked prior to the workout today and discussed legacy and what that means.
CC: @nprofile…9zgs @nprofile…8fag @nprofile…dnpq @nprofile…gqhm @nprofile…ruhg

2024-09-21 11:17:21 GMT

GM
What will your legacy be? What is your ultimate life purpose?

2024-09-19 22:42:59 GMT

How does GIS map stuff apply to bitcoin mining? Like if a map dude was looking for work.

2024-09-19 17:29:17 GMT

Bitcoiners are fucking rad.

2024-09-18 19:33:56 GMT

Also, this means you should be way more peaceful than you are now. Train body and mind.
#nevent1q…zuzw

2024-09-18 19:23:56 GMT

https://fountain.fm/episode/RUHi9TURU334Nejym2si
https://risk-fundamentals.ghost.io/everybody-has-a-price/
Great write up, IMHO. @nprofile…pt3x

2024-09-18 13:35:56 GMT

I've been pondering lately how a pool designed for a single actor (like MARA) might be designed to reduce the load on the pool itself. I imagine there's some aggregation at a proxy that could suffice but also ponder how the accounting at the pool level could be improve for this. Nothing super concrete comes to mind but I wanted to put this out there since pool mining was designed to allow many entities to collaborate on block discovery.

2024-09-18 11:37:32 GMT

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"Crypto analyst Tyler Durden had accused the exchange of allowing BlackRock to borrow bitcoin without providing collateral, which would allow for market manipulation."
Tyler Durden Lol