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  "map_content": "??? which one?",
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  "map_content": "I\u2019m thinking about this from Bitcoin\u2019s perspective. For example, if everyone uses satoshis (sats) as cash for payments in the future, and everyone holds cash in hand, how many sats would actually be in circulation? Would excessive hoarding drive up transaction fees? How do we judge malicious hoarding in the Bitcoin world? Is there any standard for that? Anyway, these are my questions. Of course, this is a really hard one to answer\u2014we\u2019ve lived in an inflationary world for way too long.",
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  "map_content": "I\u2019m thinking about this from Bitcoin\u2019s perspective. For example, if everyone uses satoshis (sats) as cash for payments in the future, and everyone holds cash in hand, how many sats would actually be in circulation? Would excessive hoarding drive up transaction fees? How do we judge malicious hoarding in the Bitcoin world? Is there any standard for that? Anyway, these are my questions. Of course, this is a really hard one to answer\u2014we\u2019ve lived in an inflationary world for way too long.",
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  "map_content": "In my view, this is the proper way to utilize payment channels:\r\nSuppose there is paid Wi-Fi in the public areas of a hotel. Connecting to the network charges a set amount of sats per second or per minute. However, frequent small payments would result in excessive transaction fees.\r\nWith layered payment channels, the Wi-Fi usage fees for a full six hours are settled off-chain in the background. The final on-chain settlement is then completed on the main chain following standardized, proper procedures.\r\nThis approach eliminates the need for 6\u00d760\u00d760 separate transactions (billed by the second over six hours), and only a single transaction fee is required in the end.",
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  "map_content": "Can technology scale infinitely, and can it reverse humans\u2019 innate instinct to save money for appreciation?",
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  "map_content": "Okay, I genuinely want to figure this out. With a fixed total supply of 21 million Bitcoin and no further issuance, while it\u2019s being promoted as cash\u2014are they truly aiming to build a deflationary economy? I just want to have a rational discussion about deflation and inflation.\r\nCSW argues we shouldn\u2019t hoard capital. Yet in a deflationary economy, cash appreciates continuously. Over time, the same amount of currency can buy more goods and services, which creates an innate incentive for people to hoard cash.\r\nI understand that BSV\u2019s extremely high TPS enables rapid transaction circulation. But if widespread hoarding persists, will exorbitant transaction fees end up undermining the overall economic health of the entire network?",
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  "map_content": "Has BSVA started engaging with enterprises and conducting promotions? I noticed there is an introduction to agriculture on BSVA\u2019s official website. Is agriculture a key development focus for BSVA?",
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  "map_content": "# Yang Haipo: Bitcoin and Cryptocurrencies Have Reached Their Endgame\r\n\r\nAuthor: Yang Haipo\r\nOriginal Link: https://www.haipo.me/2026/04/blog-post_10.html?m=1\r\n\r\n## I. Bitcoin Is a Pure Consensus Asset\r\nBitcoin generates no productive output, holds no consumption value, and lacks genuine monetary functions. Throughout history, few pure consensus assets have managed to survive long-term.\r\n\r\nThe gold analogy is invalid. Nearly half of gold\u2019s demand stems from physical consumption (jewelry and industrial use); it has served as a sovereign currency for thousands of years and incurs zero maintenance costs\u2014a gold bar locked in a safe requires no upkeep for a century. Bitcoin possesses none of these three attributes. In the fiat currency era, gold remains the most robust form of cross-sovereign money: it is the only substance discovered by humanity that can store value independently of any third party. Bitcoin, by contrast, relies entirely on power grids, the internet, miners, and exchanges; the failure of any single link will paralyze its entire network.\r\n\r\nBitcoin once held limited practical monetary utility, including darknet transactions, cross-border remittances, and small-sum payments\u2014anchors that could have underpinned its intrinsic value. However, during the block size scaling debate, the Core faction prevailed by adopting a small-block roadmap, voluntarily abandoning payment functionality. At that moment, Bitcoin devolved from a flawed currency into a purely speculative asset sustained solely by consensus. Subsequent institutional adoption and Bitcoin ETFs have merely prolonged the lifespan of a functionally obsolete asset.\r\n\r\nBitcoin\u2019s block subsidy halving mechanism acts as a self-destructive force. As block rewards dwindle toward zero, network security will eventually depend entirely on transaction fees. Yet an irreconcilable internal contradiction persists between the \u201chodl-only\u201d value narrative and a security model reliant on transaction-generated fees, with no viable solution.\r\n\r\nBitcoin\u2019s price surge has masked all these structural flaws. Price stands as the market\u2019s most overwhelming signal, one the vast majority cannot resist. Sustained price appreciation created path dependency: rising prices spurred ETF approvals, institutional holdings, and the \u201ctoo big to fail\u201d narrative. Nevertheless, this entire framework rests on fragile consensus. Once price trends reverse, the same interconnected mechanisms will trigger an accelerated downward spiral.\r\n\r\nCryptocurrencies will not collapse to zero entirely. The inherent value of censorship-resistant, permissionless, and unrestricted peer-to-peer transactions will establish a long-term floor far below current valuations. Even so, a drastic collapse from today\u2019s multi-trillion-dollar market capitalization is inevitable.\r\n\r\n## II. First Principles of a Negative-Sum System\r\nOne simple equation defines the entire crypto ecosystem:\r\n**Net Capital Inflow = Cumulative Historical System Consumption + Margin Balances**\r\n\r\nCapital entering the system has only two destinations: it is either permanently consumed (covering electricity bills, payroll, rent, legal fees, personal extravagance, and other operational costs) or retained within the ecosystem as margin liquidity (stablecoin and fiat balances). No third outlet exists. All quantitative analysis in this article derives from calibrating variables within this core formula.\r\n\r\nThe crypto industry incurs rigid annual operating costs ranging from $35 billion to $50 billion, with higher spending during market booms:\r\n- Mining operations: $10\u201315 billion (covering electricity, mining hardware, and facility maintenance)\r\n- Exchange operations: $15\u201325 billion (labor, cloud services, regulatory compliance, and marketing)\r\n- Project development: Billions in annual expenditure\r\n- Auxiliary peripheral services: Additional multi-billion-dollar costs\r\n\r\nWorkforce metrics further validate this cost scale. The global crypto industry employed approximately 1.6 million participants in 2025, most of whom work part-time as content creators, influencers, or casual traders. The core full-time workforce dependent entirely on crypto revenue totals 100,000 to 200,000 individuals: 50,000\u2013100,000 exchange staff, 30,000\u201350,000 project team members, 20,000\u201350,000 mining personnel, and 10,000\u201330,000 service providers (law firms, compliance agencies, media outlets, venture capital, and market makers). Estimating an average fully loaded annual cost of $200,000 per core employee\u2014encompassing salaries, office overhead, infrastructure, compliance, and marketing\u2014yields annual labor and associated expenses of $20\u201340 billion. Combined with $10\u201315 billion in mining costs, total annual system consumption ranges from $30 billion to $55 billion, aligning with the baseline $35\u201350 billion annual estimate.\r\n\r\nThe industry suffers from severely weak external revenue streams. While stablecoin payments, cross-border remittances, and on-chain settlement generate marginal real-world demand, such income is negligible relative to the sector\u2019s total market cap and operating expenses. Transaction fees constitute closed-loop internal capital transfers: user payments to exchanges derive from existing trader principal, not external consumer revenue. Mined digital assets also circulate exclusively within the crypto ecosystem. New investor capital inflows remain the sole large-scale source of external funding. Without annual inflows of tens of billions to offset structural costs, the system faces permanent net capital bleeding.\r\n\r\nThis stands in stark contrast to traditional finance. Public equity markets are underpinned by profitable real-economy corporations: Apple generates over $90 billion in annual net profit, while the S&P 500 collectively yields trillions in yearly earnings. Frictional costs are trivial compared to aggregate corporate profits, enabling sustained long-term stock market growth driven by organic business earnings rather than speculative capital inflows. The crypto industry, by comparison, generates no external revenue whatsoever\u2014it is an unadulterated negative-sum game.\r\n\r\nThe crypto sector\u2019s structure mirrors the casino industry. Exchanges function as casinos, miners maintain critical infrastructure, and blockchain projects operate as individual gaming tables. A sprawling parasitic ecosystem has emerged alongside them, including media outlets, influencers, industry summits, investment firms, legal teams, and compliance consultancies. Cryptocurrency speculation serves as customer acquisition, while systemic costs permeate the entire industrial chain. One critical distinction separates the two models: casino patrons recognize they are gambling, whereas the crypto industry rebrands speculative risk as technological revolution, next-generation financial infrastructure, and digital gold. This deceptive framing convinces participants they are making legitimate investments or contributing to a transformative global movement. The only consistent beneficiaries are external stakeholders siphoning steady profits: power providers, semiconductor manufacturers, cloud service operators, commercial landlords, and luxury retailers.\r\n\r\nUnavoidable fixed operating costs act as gravitational force, inherently guaranteeing prolonged bear markets. Bull runs are merely temporary illusions driven by capital inflows outpacing structural consumption.\r\n\r\n## III. Trillions in Cumulative Historical Capital Depletion\r\nTotal cumulative historical operating expenses across the crypto industry exceed $500 billion:\r\n- Cumulative mining costs: $150 billion\r\n- Cumulative exchange operational expenditure: $200 billion\r\n- Combined historical investment and project overhead: $150\u2013200 billion (including $100\u2013120 billion in venture capital deployments, alongside ICO fundraising and internal project operations)\r\n\r\nExchange-related spending breaks down clearly. Coinbase alone recorded $24 billion in cumulative operating expenses between 2021 and 2025. Factoring in early-stage investments from 2012 to 2020, its total lifetime costs reach $25\u201327 billion. While Binance does not publish public financial statements, its global headcount and extensive regulatory spending place its cumulative expenses in the same range. Together, these two industry giants have consumed $50\u201360 billion in capital. Adding hundreds of defunct and active exchanges\u2014including Huobi, OKX, FTX, Bitfinex, Kraken, Bybit, KuCoin, Gate.io, and Mt. Gox\u2014the $200 billion exchange cost estimate remains highly conservative.\r\n\r\nThe $150 billion mining expenditure is not limited to Bitcoin. Over fifteen years, Bitcoin\u2019s cumulative electricity and hardware costs have reached $100 billion, entirely dissipated in utility bills and obsolete equipment. During Ethereum\u2019s seven-year Proof-of-Work era, miners generated $30\u201340 billion in revenue, with equivalent corresponding hardware and power expenses. The network\u2019s 2022 transition to Proof-of-Stake rendered approximately $19 billion in mining hardware worthless overnight. Filecoin presents an even more extreme case: layered exposure through hardware purchases, staking lockups, and installment debt trapped market participants. Pre-mainnet mining hardware sales in mainland China alone surpassed 30 billion RMB, while Filecoin\u2019s price collapsed from a $237 peak to under $1. Miners for other Proof-of-Work cryptocurrencies such as Litecoin and Dogecoin face identical hardships, with average asset acquisition costs far exceeding current market prices.\r\n\r\nThe $500 billion corporate consumption figure excludes the vastly underestimated secondary layer of personal discretionary spending by industry participants. Hundreds of millions of global crypto users entered the market primarily during bull cycles, with many realizing substantial paper and realized profits. Windfall gains were frequently squandered on luxury vehicles, real estate, high-end watches, nightlife, gambling, and designer goods. Major industry conferences like Token2049 transform host cities into unrestrained crypto-fueled consumption hubs. A more opaque drain on capital stems from full-time influencers and professional traders, whose entire livelihoods\u2014rent, dining, travel, and luxury purchases\u2014are indirectly subsidized by systemic crypto costs, despite never appearing on corporate balance sheets. These apparent \u201cprofits\u201d never consolidate into lasting personal wealth; they recirculate directly into consumer-driven economic leakage within the ecosystem, much like casino winnings immediately spent within resort complexes with no permanent capital withdrawal. This unrecorded personal consumption leakage likely matches corporate operating costs in scale yet will never be fully quantified.\r\n\r\nWhen factoring in $30\u201350 billion in cumulative hacking losses, asset seizures, and regulatory fines, total permanent capital destruction within the crypto sector has surpassed the trillion-dollar threshold, expanding annually by tens of billions. All official figures represent systemic underestimation, as costs for small exchanges, defunct projects, and bull-market peripheral industries remain entirely unrecorded.\r\n\r\n## IV. Real Circulating Market Cap and Systemic Leverage Ratio\r\nThe total cryptocurrency market cap currently hovers around $2.5 trillion, though substantial non-tradable assets must be excluded for accurate valuation:\r\n- $340 billion in stablecoins and Real World Assets (RWA) are not native crypto assets\r\n- 3\u20134 million permanently lost Bitcoins (including roughly 1 million Satoshi-era coins) represent $250 billion in illiquid value\r\n- Mid-cap and low-cap altcoins carry a combined nominal market cap of $500 billion, yet over half their supply is locked with founding teams and venture capital investors (45% of XRP held by Ripple, 60\u201380% of BNB controlled by CZ and Binance)\r\n\r\nAfter adjusting for illiquid assets, the crypto market\u2019s real circulating market cap stands at approximately $1.6 trillion, with Bitcoin accounting for 72% of this total. The entire industry\u2019s fate is therefore disproportionately tied to a single asset\u2019s price performance.\r\n\r\nOn the margin liquidity front, USDT and USDC collectively maintain a $250 billion market cap. Additional stablecoins such as USDe and DAI are primarily collateralized by layered USDT/USDC reserves and excluded to avoid double-counting. A significant portion of core stablecoin supply facilitates legitimate cross-border payments, corporate settlements, and non-speculative remittances. After deducting real-world utility usage, just $150\u2013180 billion in stablecoins functions as trading margin, supplemented by $20\u201330 billion in fiat deposits held on centralized exchanges. Total systemic margin liquidity totals roughly $200 billion.\r\n\r\nA $1.6 trillion real circulating market cap supported by $200 billion in margin liquidity equates to an effective leverage ratio of 8x. This renders the system exponentially more fragile than surface-level metrics suggest. Should merely 5% of holders simultaneously seek fiat liquidation, market liquidity will evaporate, triggering catastrophic price collapses.\r\n\r\nAnnual structural operating costs continuously erode margin reserves. Without sustained new capital inflows to offset losses, the margin pool will contract indefinitely. Bull markets are fundamentally defined by stablecoin expansion: fresh capital enters the ecosystem to mint stablecoins, expanding margin liquidity and amplifying leverage to drive exponential market cap growth. Bear markets follow the inverse cycle: stablecoin redemptions shrink margin buffers and accelerate valuation declines. This structural imbalance continues to deteriorate, with margin liquidity\u2019s overall market share declining and leverage ratios rising until systemic collapse becomes inevitable.\r\n\r\n## V. ETFs and DATs: The Final External Lifeline\r\nBetween 2024 and 2025, cryptocurrencies experienced an ostensibly robust bull market, with Bitcoin surging from $40,000 to over $120,000. Mainstream narratives credited institutional validation and mass mainstream adoption for this rally. Capital flow data, however, reveals the complete opposite reality.\r\n\r\nNearly all incremental capital driving this bull cycle originated from two narrow channels:\r\n- Cumulative net inflows into Bitcoin ETFs and ETPs: $100\u2013110 billion\r\n- Digital Asset Treasury (DAT) corporations, led by Strategy/MicroStrategy: $90\u2013100 billion in cumulative Bitcoin acquisitions\r\n\r\nCombined, these two sources injected $200 billion in tangible fiat capital into the crypto ecosystem.\r\n\r\nContextualized within the industry\u2019s capital flow model: the crypto system\u2019s margin pool stood at $120 billion at the end of 2022. Cumulative three-year operating costs from 2023 to 2025 reached $100\u2013150 billion. Without the $200 billion ETF and DAT capital infusion, margin reserves would have neared total depletion by 2025. ETFs and corporate treasury purchases were not incremental indicators of institutional acceptance\u2014they represented the sole force preventing systemic collapse. This $200 billion constituted emergency life support, not organic revenue generation.\r\n\r\nCurrent margin liquidity of $200 billion precisely matches combined ETF and DAT cumulative inflows, confirming zero net organic capital growth\u2014and even net capital contraction\u2014within the broader crypto ecosystem excluding these external funding sources. Hundreds of millions of users, hundreds of exchanges, thousands of blockchain projects, and the entire DeFi sector collectively generated no net internal capital surplus over three years. 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  "map_content": "The Culprit: Blockstream\r\nFounded by Adam Back in 2014, Blockstream was officially launched in 2015. Unlike the common foundation model prevalent in the industry, it is a purely for-profit enterprise with products, employees, and investors. It does not rely on community fundraising, donations, or self-funded operations. The company\u2019s core influence lies in its employment of the vast majority of active Bitcoin Core developers, giving it near-total control over Bitcoin\u2019s sole development team.\r\nBitcoin was originally designed as a peer-to-peer decentralized cryptocurrency, inherently rejecting any profit-driven intermediary role. However, as a for-profit corporation, Blockstream had to find a path to profitability\u2014and its solution was to create intermediaries itself. Adam Back, its CEO, has explicitly stated that the company plans to generate revenue by selling sidechains to enterprises, charging fixed monthly fees, collecting transaction fees, and selling hardware devices.\r\nA sidechain is an independent blockchain pegged to Bitcoin\u2019s value. Users transfer 1 Bitcoin to a smart contract and receive a corresponding new token on the sidechain. Sidechains can offer enhanced smart contract functionality, instant transactions, or anonymity features. The key difference from the Bitcoin mainchain is that transaction fees on sidechains are not distributed to miners, but retained by the sidechain developers.\r\nBehind this distinction lies a blatant conflict of interest. Blockstream\u2019s profitability depends entirely on the functional limitations of the Bitcoin mainchain: the more capable Bitcoin itself becomes, the lower the demand for sidechains; the more restricted Bitcoin is, the more users will rely on sidechains, and the higher the company\u2019s profits will be. All of this is premised on its control over Bitcoin\u2019s development direction.\r\nTwo extreme outcomes are clear: if the Bitcoin mainchain achieves full scalability with stable instant transactions and universal smart contract capabilities, sidechains and layer-2 networks will become obsolete, and Blockstream will lose its revenue stream. If the Bitcoin mainchain remains unscalable, with erratic transaction confirmation times, exorbitant fees, and no smart contract functionality, Blockstream can profit indefinitely from these flaws.\r\nThe facts after 2015 bear out the latter scenario. Bitcoin\u2019s block size has never been increased; transaction fees swing wildly; confirmation times are highly unstable; zero-confirmation instant transactions have been removed; and opcodes supporting smart contracts have been deleted. Aside from minor compatibility upgrades to accommodate layer-2 networks, technical progress on the Bitcoin mainchain has completely stagnated. Meanwhile, Blockstream has poured all its efforts into developing its own layer-2 solutions, including Liquid and the Lightning Network. These so-called \u201cscaling solutions\u201d are, more accurately, fee-extraction layers.\r\nOn the surface, they appear to restore Bitcoin\u2019s original functionality, but in reality, they shift fee revenue and decision-making control from miners to developers. As Blockstream raised massive funding, the need for these fee-extraction layers became even more urgent. The company has raised over $80 million from major institutions including Allianz Strategic Ventures and Digital Currency Group\u2014entities with close ties to Mastercard, the Federal Reserve, the Bilderberg Group, and various central banks. This has further fueled public doubts about the motives and ethical integrity of its management.\r\nIt is clear that Blockstream\u2019s philosophy has long diverged sharply from that of Bitcoin\u2019s early community, which is the fundamental reason why the vast majority of early community members have abandoned the Bitcoin mainchain.",
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