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Satoshi Archive #024
Satoshi spent time tweaking tiny Bitcoin icons by hand. At 16 or 20 pixels, simply shrinking a larger image produced blurry details. The archive has design work as well as monetary theory.
2010-02-08
Source: bitcointalk.org/index.php?topi…
Satoshi spent time tweaking tiny Bitcoin icons by hand. At 16 or 20 pixels, simply shrinking a larger image produced blurry details. The archive has design work as well as monetary theory.
2010-02-08
Source: bitcointalk.org/index.php?topi…
🇺🇸 The US Bitcoin reserve: stalled on paper, still alive in conversation
The man who was supposed to make it happen just left the White House. And he had plenty to say on the way out. 🧵
THE DEPARTURE
Patrick Witt, executive director of the Presidential Council of Advisers on Digital Assets, stepped down in mid-October 2026. He had taken over from Bo Hines in 2025. No direct successor is expected.
THE STATE OF THE RESERVE
• Created by executive order in March 2025
• No progress reports since
• A major announcement promised for April 2026 never arrived
WHAT WITT SAID IN HIS FIRST INTERVIEW
• He took the job to help pass the CLARITY Act, which failed in a Senate procedural vote in September
• He called his exit voluntary and plans to move into the private sector
• The president is reportedly interested in buying Bitcoin for the government, and several ideas have been discussed
• He questioned whether open-market purchases would even be legal, and warned of a possible negative market reaction
THE OPTIONS ON THE TABLE
First priority: anchor the reserve in law.
Other routes mentioned:
• Revaluing gold certificates
• Converting other government assets
• Using the Exchange Stabilization Fund
Treasury Secretary Scott Bessent would decide whether to pursue any of these, and other priorities compete for his attention.
THE HEADWINDS
• The ARMA Act cleared a first hurdle in the House, but Witt is pessimistic about its chances, especially after the Democrats won both chambers in the midterms
• Unclear agency authority slowed progress
• Witt criticized custody practices, including cold wallets kept in drawers
• The government has gathered data on its Bitcoin holdings, but it is unclear whether the total will ever be published
THE TAKEAWAY
US purchases or other forms of accumulation still look far away. Any near-term news is more likely to be about custody than about holdings.
The man who was supposed to make it happen just left the White House. And he had plenty to say on the way out. 🧵
THE DEPARTURE
Patrick Witt, executive director of the Presidential Council of Advisers on Digital Assets, stepped down in mid-October 2026. He had taken over from Bo Hines in 2025. No direct successor is expected.
THE STATE OF THE RESERVE
• Created by executive order in March 2025
• No progress reports since
• A major announcement promised for April 2026 never arrived
WHAT WITT SAID IN HIS FIRST INTERVIEW
• He took the job to help pass the CLARITY Act, which failed in a Senate procedural vote in September
• He called his exit voluntary and plans to move into the private sector
• The president is reportedly interested in buying Bitcoin for the government, and several ideas have been discussed
• He questioned whether open-market purchases would even be legal, and warned of a possible negative market reaction
THE OPTIONS ON THE TABLE
First priority: anchor the reserve in law.
Other routes mentioned:
• Revaluing gold certificates
• Converting other government assets
• Using the Exchange Stabilization Fund
Treasury Secretary Scott Bessent would decide whether to pursue any of these, and other priorities compete for his attention.
THE HEADWINDS
• The ARMA Act cleared a first hurdle in the House, but Witt is pessimistic about its chances, especially after the Democrats won both chambers in the midterms
• Unclear agency authority slowed progress
• Witt criticized custody practices, including cold wallets kept in drawers
• The government has gathered data on its Bitcoin holdings, but it is unclear whether the total will ever be published
THE TAKEAWAY
US purchases or other forms of accumulation still look far away. Any near-term news is more likely to be about custody than about holdings.
🚨 Last 24 hours: A hot US inflation print drags Bitcoin to an 11-week low, while major banks commit $270 million to a joint dollar stablecoin. Here is what supports crypto and what weighs on it:
🟢 Mostly constructive
• Goldman Sachs, Citi, Santander and Deutsche Bank are committing $270 million to a shared dollar-backed stablecoin
• Tokenized equities on-chain gained $932 million in a single week, a new record
⚪ Neutral
• Anthropic's planned IPO at $70 to $78 per share could pull capital away from speculative assets
• The US derivatives regulator CFTC is threatening prediction market Kalshi with legal action
🔴 Mostly negative
• October US inflation rose 0.4% (consensus: 0.3%), and core inflation came in at 0.3% (consensus: 0.2%)
• Markets price a December rate increase at 84.7% for 25 basis points and 11% for 50 basis points
• The 10-year US Treasury yield climbed back above 5%
• Liquidations reached $725 million within 24 hours, with roughly 79% hitting long positions
• Bitcoin ETFs saw preliminary outflows of $95 million on Nov. 10, following $201 million the day before
• USDT market capitalization has shrunk by $6.6 billion over the past 60 days
• Nvidia fell by as much as 7% at times, weighing on broader equity markets
🟢 Mostly constructive
• Goldman Sachs, Citi, Santander and Deutsche Bank are committing $270 million to a shared dollar-backed stablecoin
• Tokenized equities on-chain gained $932 million in a single week, a new record
⚪ Neutral
• Anthropic's planned IPO at $70 to $78 per share could pull capital away from speculative assets
• The US derivatives regulator CFTC is threatening prediction market Kalshi with legal action
🔴 Mostly negative
• October US inflation rose 0.4% (consensus: 0.3%), and core inflation came in at 0.3% (consensus: 0.2%)
• Markets price a December rate increase at 84.7% for 25 basis points and 11% for 50 basis points
• The 10-year US Treasury yield climbed back above 5%
• Liquidations reached $725 million within 24 hours, with roughly 79% hitting long positions
• Bitcoin ETFs saw preliminary outflows of $95 million on Nov. 10, following $201 million the day before
• USDT market capitalization has shrunk by $6.6 billion over the past 60 days
• Nvidia fell by as much as 7% at times, weighing on broader equity markets
🔧 Bitcoin Core disclosed a serious bug that could stall mining nodes. Here is what happened.
THE SHORT VERSION
A flaw in Bitcoin Core could leave a mining node unable to build new block templates. The fix shipped back in October 2025. The full technical details were only published on November 10, 2026.
No funds were at risk. At worst, an affected node would have stopped producing block templates until it was restarted.
THE SETUP: WHAT ARE TRUC TRANSACTIONS?
TRUC stands for "Topologically Restricted Until Confirmation". These are version 3 transactions, which follow special mempool rules.
Every transaction carries a version field. It tells the software which rules to apply, and it has nothing to do with the Bitcoin Core version number. Set it to 3 and the transaction is handled under TRUC rules, which limit how unconfirmed transactions can chain together.
The goal: make "pinning" attacks harder. In a pinning attack, someone blocks a time-sensitive transaction from being reliably sped up with a higher fee. This is described in BIP 431.
MEMPOOL RULES VS. CONSENSUS RULES
This distinction is the key to the whole story.
TRUC limits decide which unconfirmed transactions a node accepts and relays. They do not decide what a valid block may contain. So a miner can produce a perfectly valid block holding transaction chains that would never have entered a node's mempool in that form.
WHERE IT WENT WRONG
Step 1: A chain reorganization happens. A node switches to a competing branch with more cumulative work.
Step 2: Transactions from the displaced blocks go back to being unconfirmed and return to the mempool. Certain restrictions are supposed to be paused for them.
Step 3: The existing tests did not cover every case where already confirmed transactions break TRUC limits.
Step 4: "Sibling eviction" kicked in by mistake. This mechanism replaces an unconfirmed child transaction with a better-paying alternative. Here it removed one transaction while the ones depending on it stayed behind.
Step 5: The mempool became inconsistent. A block template built from it failed validation, so the node could not deliver new templates.
Only a restart brought the mempool back to a consistent state.
AFFECTED VERSIONS
CVE-2025-62861 hits Bitcoin Core 28.0 to 28.2 and 29.0 to 29.1.
Fixed in 28.3, 29.2 and 30.0, all released in October 2025.
The fix makes the TRUC checks pause during re-adding after a reorg, as originally intended, and the test suite now covers these cases.
A restart clears the error state but does not remove the underlying flaw. Node operators should update to a maintained, patched version.
WHY SO LATE?
More than a year passed between fix and disclosure. That is normal for Bitcoin Core. For medium and high severity issues that were held back, the project publishes details two weeks after support ends for the last affected release series.
The idea is simple: give operators time to upgrade before anyone publishes exactly how a bug works. Here, support ended on October 27, 2026, and disclosure followed on November 10.
TWO MORE ADVISORIES, SAME DAY
Bitcoin Core also published two medium severity reports:
• Possible delays in block processing
• Special permissions granted by mistake to incoming Tor connections under certain whitelist setups
Both were also fixed back in October 2025.
THE TAKEAWAY
This is what responsible disclosure looks like in practice: fix quietly, give everyone time to upgrade, then publish the details.
Do you run your own node, and do you update right away or wait a few releases?
THE SHORT VERSION
A flaw in Bitcoin Core could leave a mining node unable to build new block templates. The fix shipped back in October 2025. The full technical details were only published on November 10, 2026.
No funds were at risk. At worst, an affected node would have stopped producing block templates until it was restarted.
THE SETUP: WHAT ARE TRUC TRANSACTIONS?
TRUC stands for "Topologically Restricted Until Confirmation". These are version 3 transactions, which follow special mempool rules.
Every transaction carries a version field. It tells the software which rules to apply, and it has nothing to do with the Bitcoin Core version number. Set it to 3 and the transaction is handled under TRUC rules, which limit how unconfirmed transactions can chain together.
The goal: make "pinning" attacks harder. In a pinning attack, someone blocks a time-sensitive transaction from being reliably sped up with a higher fee. This is described in BIP 431.
MEMPOOL RULES VS. CONSENSUS RULES
This distinction is the key to the whole story.
TRUC limits decide which unconfirmed transactions a node accepts and relays. They do not decide what a valid block may contain. So a miner can produce a perfectly valid block holding transaction chains that would never have entered a node's mempool in that form.
WHERE IT WENT WRONG
Step 1: A chain reorganization happens. A node switches to a competing branch with more cumulative work.
Step 2: Transactions from the displaced blocks go back to being unconfirmed and return to the mempool. Certain restrictions are supposed to be paused for them.
Step 3: The existing tests did not cover every case where already confirmed transactions break TRUC limits.
Step 4: "Sibling eviction" kicked in by mistake. This mechanism replaces an unconfirmed child transaction with a better-paying alternative. Here it removed one transaction while the ones depending on it stayed behind.
Step 5: The mempool became inconsistent. A block template built from it failed validation, so the node could not deliver new templates.
Only a restart brought the mempool back to a consistent state.
AFFECTED VERSIONS
CVE-2025-62861 hits Bitcoin Core 28.0 to 28.2 and 29.0 to 29.1.
Fixed in 28.3, 29.2 and 30.0, all released in October 2025.
The fix makes the TRUC checks pause during re-adding after a reorg, as originally intended, and the test suite now covers these cases.
A restart clears the error state but does not remove the underlying flaw. Node operators should update to a maintained, patched version.
WHY SO LATE?
More than a year passed between fix and disclosure. That is normal for Bitcoin Core. For medium and high severity issues that were held back, the project publishes details two weeks after support ends for the last affected release series.
The idea is simple: give operators time to upgrade before anyone publishes exactly how a bug works. Here, support ended on October 27, 2026, and disclosure followed on November 10.
TWO MORE ADVISORIES, SAME DAY
Bitcoin Core also published two medium severity reports:
• Possible delays in block processing
• Special permissions granted by mistake to incoming Tor connections under certain whitelist setups
Both were also fixed back in October 2025.
THE TAKEAWAY
This is what responsible disclosure looks like in practice: fix quietly, give everyone time to upgrade, then publish the details.
Do you run your own node, and do you update right away or wait a few releases?