The future won’t wait for you.

@TFTC21

GitLab patched a critical vulnerability scoring a perfect 10.0 on the CVSS severity scale. The flaw allows unauthenticated attackers to execute arbitrary code on self-managed GitLab servers. No login required. It affects 12 years of releases going back to version 7.0. GitLab.com is already patched, but anyone running a self-managed instance should update immediately.

@TFTC21

New research from Fidelity Digital Assets: Bitcoin-focused perpetual preferred stocks have financed the purchase of 135,979 BTC in just over a year, accounting for more than 0.5% of bitcoin's total supply. These products represent roughly $12 billion of a global fixed income market valued at $150 trillion. "This illustrates the vast, largely untapped potential for further investment in bitcoin-adjacent products within the fixed income space." "Even modest adoption within the vast fixed income market could materially reshape bitcoin's supply-demand dynamics, positioning these instruments as a potentially powerful new driver of long-term value."

@TFTC21

The NSA's cybersecurity division issued an urgent warning today telling all organizations running PHP to update immediately or take their systems offline. Two critical vulnerabilities were found in PHP, the programming language that powers an estimated 70% of websites. The flaws give attackers a direct path to a server's file system or database. NSA Cyber: "If an immediate update is not feasible, it is recommended that organizations take the system offline until it can be fully mitigated." The vulnerabilities were discovered by OpenAI's AI models as part of its Patch the Planet initiative, which OpenAI called "one of the most impactful vulnerabilities in recent memory." PHP has already shipped patches across versions 8.5, 8.4, 8.3, and 8.2.

@TFTC21

NVIDIA CEO Jensen Huang: "This is one petaflop. One petaflop and 128 gigabytes of memory. In the year 2016, I delivered one petaflop and 128 gigabytes to a small company called OpenAI. This is one petaflop and 128 gigabytes."

@TFTC21

The American Bankers Association is pushing back on the OCC's final GENIUS Act rule, saying it "will preserve the status quo for crypto platforms" after the regulator dropped proposed restrictions on stablecoin yield. ABA CEO Rob Nichols: "Attempting to address deposit flight and economic harm after it has occurred is the wrong approach."

@TFTC21

OpenAI says its AI models discovered critical security flaws in PHP, the open-source programming language used to run an estimated 70% of websites. OpenAI calls it "one of the most impactful vulnerabilities in recent memory" and says frontier AI found the bug ahead of attackers, giving defenders time to prepare fixes before disclosure. The company also released an open-source tool to help website operators check if they're affected.

@TFTC21

One email. Every weekday. Bitcoin, macro, AI, and freedom tech. No fluff. Sign up for The Commoner: tftc.io/commoner

@TFTC21

SpaceX reported Q3 results and blew the doors off. Revenue hit $14.6 billion, up 161% YoY, beating the $12.86 billion analysts expected. The AI segment alone did $7.6 billion, up 830% YoY. Real numbers. On the other side, Anthropic's draft IPO prospectus showed an $80.7 billion net loss in H1. Sounds terrifying, but about $72 billion of that is an accounting charge tied to convertible notes whose value exploded as Anthropic's valuation went parabolic. No cash left the building. The real question is revenue quality. Ramp's lead economist found that 80% of business spend on OpenAI and Anthropic comes from 1% of firms, and within that top 1%, 80% are venture-backed. Chamath framed it well: he suspects 70-80% of revenues at AI companies come from other AI companies that raised venture money. "This is not a circular revenue problem but it is a revenue quality problem." A dollar from a manufacturer doing more with fewer people is worth more than a dollar from a startup burning through its Series B. Same line on the income statement. Very different quality. Contrast this with bitcoin. Nobody gets to decide what it costs to borrow. Nobody can print more to bail out a bad bet. It keeps producing blocks and gives anyone who holds it a way to save that doesn't depend on any of this going right. Keep an eye on the quality of the revenue, freaks. Not just the size of it.

@TFTC21

The OCC has finalized its GENIUS Act rules, becoming the first federal banking regulator to do so, ahead of the Fed and FDIC. The 700+ page rule sets federal standards for stablecoin issuers covering reserve backing, redemptions, capital, custody, and risk management. Notably, the OCC dropped proposed restrictions on stablecoin rewards, opting to review arrangements case by case rather than presuming violations. It also scrapped a 20-day weighted-average maturity limit on reserves, giving issuers more flexibility to hold longer-dated Treasuries. "We will just let the market develop and address it as it comes," an OCC official said. The final rule takes effect January 18, 2027.

@TFTC21

5.469%. That's where the 20-year cleared today, a new high for the bond since its 2020 return. Indirects came in 7 points light and direct bidders took 31.6% to fill the gap. 4 of the last 7 coupon auctions graded soft or weak. tftc.io/treasury-aucti…

@TFTC21

The 20-year goes off today. 5-year TIPS tomorrow. 2s, 5s and 7s next week. Plug TFTC's free MCP into Claude, ChatGPT or Hermes and ask how each one graded: bid-to-cover, indirects and dealer takedown vs. the last six, with Treasury's results linked. tftc.io/ai

@TFTC21

Treasury Secretary Bessent on the GENIUS Act: "Just as President Abraham Lincoln's National Currency Act of 1863 established a national framework for bank-issued currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age." x.com/secscottbessen…

@TFTC21

GitLab patched a critical vulnerability scoring a perfect 10.0 on the CVSS severity scale. The flaw allows unauthenticated attackers to execute arbitrary code on self-managed GitLab servers. No login required. It affects 12 years of releases going back to version 7.0. GitLab.com is already patched, but anyone running a self-managed instance should update immediately.

@TFTC21

New research from Fidelity Digital Assets: Bitcoin-focused perpetual preferred stocks have financed the purchase of 135,979 BTC in just over a year, accounting for more than 0.5% of bitcoin's total supply. These products represent roughly $12 billion of a global fixed income market valued at $150 trillion. "This illustrates the vast, largely untapped potential for further investment in bitcoin-adjacent products within the fixed income space." "Even modest adoption within the vast fixed income market could materially reshape bitcoin's supply-demand dynamics, positioning these instruments as a potentially powerful new driver of long-term value."

@TFTC21

The NSA's cybersecurity division issued an urgent warning today telling all organizations running PHP to update immediately or take their systems offline. Two critical vulnerabilities were found in PHP, the programming language that powers an estimated 70% of websites. The flaws give attackers a direct path to a server's file system or database. NSA Cyber: "If an immediate update is not feasible, it is recommended that organizations take the system offline until it can be fully mitigated." The vulnerabilities were discovered by OpenAI's AI models as part of its Patch the Planet initiative, which OpenAI called "one of the most impactful vulnerabilities in recent memory." PHP has already shipped patches across versions 8.5, 8.4, 8.3, and 8.2.

@TFTC21

NVIDIA CEO Jensen Huang: "This is one petaflop. One petaflop and 128 gigabytes of memory. In the year 2016, I delivered one petaflop and 128 gigabytes to a small company called OpenAI. This is one petaflop and 128 gigabytes."

@TFTC21

The American Bankers Association is pushing back on the OCC's final GENIUS Act rule, saying it "will preserve the status quo for crypto platforms" after the regulator dropped proposed restrictions on stablecoin yield. ABA CEO Rob Nichols: "Attempting to address deposit flight and economic harm after it has occurred is the wrong approach."

@TFTC21

OpenAI says its AI models discovered critical security flaws in PHP, the open-source programming language used to run an estimated 70% of websites. OpenAI calls it "one of the most impactful vulnerabilities in recent memory" and says frontier AI found the bug ahead of attackers, giving defenders time to prepare fixes before disclosure. The company also released an open-source tool to help website operators check if they're affected.

@TFTC21

One email. Every weekday. Bitcoin, macro, AI, and freedom tech. No fluff. Sign up for The Commoner: tftc.io/commoner

@TFTC21

SpaceX reported Q3 results and blew the doors off. Revenue hit $14.6 billion, up 161% YoY, beating the $12.86 billion analysts expected. The AI segment alone did $7.6 billion, up 830% YoY. Real numbers. On the other side, Anthropic's draft IPO prospectus showed an $80.7 billion net loss in H1. Sounds terrifying, but about $72 billion of that is an accounting charge tied to convertible notes whose value exploded as Anthropic's valuation went parabolic. No cash left the building. The real question is revenue quality. Ramp's lead economist found that 80% of business spend on OpenAI and Anthropic comes from 1% of firms, and within that top 1%, 80% are venture-backed. Chamath framed it well: he suspects 70-80% of revenues at AI companies come from other AI companies that raised venture money. "This is not a circular revenue problem but it is a revenue quality problem." A dollar from a manufacturer doing more with fewer people is worth more than a dollar from a startup burning through its Series B. Same line on the income statement. Very different quality. Contrast this with bitcoin. Nobody gets to decide what it costs to borrow. Nobody can print more to bail out a bad bet. It keeps producing blocks and gives anyone who holds it a way to save that doesn't depend on any of this going right. Keep an eye on the quality of the revenue, freaks. Not just the size of it.

@TFTC21

The OCC has finalized its GENIUS Act rules, becoming the first federal banking regulator to do so, ahead of the Fed and FDIC. The 700+ page rule sets federal standards for stablecoin issuers covering reserve backing, redemptions, capital, custody, and risk management. Notably, the OCC dropped proposed restrictions on stablecoin rewards, opting to review arrangements case by case rather than presuming violations. It also scrapped a 20-day weighted-average maturity limit on reserves, giving issuers more flexibility to hold longer-dated Treasuries. "We will just let the market develop and address it as it comes," an OCC official said. The final rule takes effect January 18, 2027.

@TFTC21

5.469%. That's where the 20-year cleared today, a new high for the bond since its 2020 return. Indirects came in 7 points light and direct bidders took 31.6% to fill the gap. 4 of the last 7 coupon auctions graded soft or weak. tftc.io/treasury-aucti…

@TFTC21

The 20-year goes off today. 5-year TIPS tomorrow. 2s, 5s and 7s next week. Plug TFTC's free MCP into Claude, ChatGPT or Hermes and ask how each one graded: bid-to-cover, indirects and dealer takedown vs. the last six, with Treasury's results linked. tftc.io/ai

@TFTC21

Treasury Secretary Bessent on the GENIUS Act: "Just as President Abraham Lincoln's National Currency Act of 1863 established a national framework for bank-issued currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age." x.com/secscottbessen…