The BIP 110 fight has been all mudslinging, so we did something radical: we actually read the BIP. Why the filters won't work and why it probably ends in a fork. Plus: Strategy's never-sell era is over, a $21M DAO drain that broke no rules, Kraken's $22M Choke Point 2.0 win, and StackingDAO's stBTC ahead of Bitcoin staking on Stacks.
In this episode of Good For Bitcoin, Brandon and Kate discuss:
- The main event: BIP 110. Instead of mudslinging, we read the BIP itself — what it actually proposes, why the filters keep failing (prune ordinals, unprunable stamps appear), and its own admission that raising costs mostly 'sends a message.' Likely endgame: it fails and forks, BCH/BSV-style. Even Saylor weighed in — 'Bitcoin still has no spam problem.'
- The never-sell era is over: Strategy sold 3,588 BTC (~0.4% of its stack) to fund $21.6M of STRC-family dividends — obligations now structurally require selling. Elsewhere: Strive added 18 BTC (19,882), OranjeBTC added 5 (3,904), Empery sold 1,400 — nearly half its stack, Boyaa added 108 (4,201), American Bitcoin hit 8,000.
- StackingDAO announced stBTC — liquid-staked Bitcoin for the Bitcoin staking launch on Stacks: ~2.6% base yield paid in BTC, liquid across Stacks DeFi, no STX exposure needed. Launching just ahead of the staking release.
- The Bonk DAO drain: someone spent $4.4M acquiring 1% of BONK's supply, proposed draining the treasury, and passed the vote — $21.2M gone, $16.8M net profit, and nobody voted no. Exploit, or governance working exactly as designed?
- Choke Point 2.0 justice: Kraken is set to collect $22M from auditor Mazars, which quit days before finishing a clean 2023 audit. FOIA docs later showed the FDIC privately told banks to drop crypto clients. A precedent for everyone who got debanked.
- Read the fine print: Strike unveiled volatility-proof loans — no price-triggered liquidations for the six-month term, 45% max LTV, ~13% all-in APR. Binance launched a covered-call Bitcoin yield product: 0.41% APR, minus a 15% cut of the premiums. Self-custodial staking pays more.
- Quick hits: Tennessee banned Bitcoin ATMs; Circle got OCC approval for a national trust bank charter (stock +10%); Polymarket added instant Bitcoin deposits over Lightning, powered by Spark; and SIP 44 & 45 — Bitcoin staking and Clarity 6 — are live for voting — go vote yes.
- Follow the show on X — @goodforbtc.
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