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The Commoner by Marty Bent. Money, markets, AI, energy and privacy, every weekday.

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@TFTC21@TFTC21

Figure's humanoid robot walked into 30 homes it had never seen and started doing chores. Making beds, folding towels, tidying rooms.

@TFTC21@TFTC21

The CEO of METR, the organization Anthropic wants overseeing all frontier AI models, on camera calling immigration controls immoral and saying future generations will be embarrassed borders ever existed.

@TFTC21@TFTC21

Jensen Huang on shipping AI: "You should go as fast as you can, but no faster than that." "We have to just go back to core engineering. Make sure that we have the rigor of testing these products properly before we release it to the public."

@TFTC21@TFTC21

This is the system your premiums fund. @JoinCrowdHealth cuts out the middlemen. Members pay each other's medical bills directly. No claims department, no $36M disappearing. $99/mo for your first 3 months with code TFTC 👇 tftc.io/crowdhealth/

@TFTC21@TFTC21

A Nigerian man running a California home health company billed Medicaid over $36 million. Under $2M from 2018-2021. Then $34M from 2022-2024. Nobody noticed. Mansions in California. A palace in Nigeria. His company hadn't filed required state reports since 2019.

@TFTC21@TFTC21

Treasury says OFAC designated BitBank, an Iranian exchange it claims was used to launder funds and transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guards Corps (IRGC). The exchange is described as "a priority digital assets venture" controlled by previously sanctioned financier Babak Zanjani. Treasury also designated BitBank's developer and three Zanjani associates. The action falls under "Operation Economic Outcast," the broader campaign Treasury says is aimed at severing Iran's sanctions evasion channels. Secretary Bessent: "Today's designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC's reach. If you support the Iranian regime, the Department of the Treasury will sanction you." home.treasury.gov/news/press-rel…

@TFTC21@TFTC21

.@Gary_Brode went to El Salvador to answer the simplest question in Bitcoin: can you actually use it to buy things? His answer: yes, but it depends on who you are. Lightning QR payments work. But El Salvador is still a dollar-priced economy. You're converting to sats at the point of sale, apps have friction, and if you already have a credit card with cash back, the math doesn't always favor spending bitcoin. The people who benefit most are the unbanked and those sending remittances. For them, Bitcoin as a currency isn't theoretical. It's cheaper and faster than the alternatives. His bigger point: the dollar is backed by "faith and the credit of a government with more than $40 trillion of debt and more than $200 trillion of off-balance sheet liabilities." Self-custody is the long game.

@TFTC21@TFTC21

The CFTC just issued broad no-action relief for non-custodial wallet interfaces that connect users to regulated derivatives markets. Software providers won't need to register as introducing brokers as long as they don't take custody of assets or exercise discretion over order routing. Build the front end. Let users self-custody. Route orders to registered exchanges. No registration required.

@TFTC21@TFTC21

Al Gore says AI data center emissions aren't what should keep people up at night. "If you look at the emissions of all of the AI data centers put together, it's only a fraction of the emissions from uncovered landfills in the world." He thinks the real driver behind data center opposition isn't carbon. It's anxiety over job losses and automation dressed up as environmental concern.

@TFTC21@TFTC21

Sen. Hawley says he voted no on the Clarity Act to protect small-town banks in Missouri. "Farmers in my state are so concerned that they won't be able to get loans for their farms from small town banks because they're concerned that investors will leave those banks and pursue the yields that are available under the bill." x.com/RealLindellTV/…

@TFTC21@TFTC21

Read more signal, less noise: tftc.io/commoner

@TFTC21@TFTC21

The Atlanta Fed's GDPNow model is projecting 5.1% annualized real growth for Q3. Strongest quarter since the end of 2021. Worth discounting though. Inventories are adding roughly two percentage points to that headline. Strip those out along with trade and government and private domestic final demand is still growing at ~4.7%. Real, but not as explosive as the top line suggests. Zoom in further and the picture gets more complicated. Credit card balances hit $1.263 trillion. 12.92% of outstanding balances are 90+ days delinquent. Real hourly earnings are down 0.3% year over year. The saving rate is 3%. But it's not all deterioration either. New serious delinquencies have stabilized around 6.97%. Real disposable income rose 0.4% in July while spending was flat. Revolving credit growth actually slowed. People are stretched, not collapsing. The question isn't whether growth is real. It's whether it's reaching the people who need it most. This is where bitcoin comes in. You don't need the economy to fall apart for bitcoin to make sense. You just need to ask what happens to your surplus when the money it sits in can be expanded to accommodate a government that refuses to live within its means. Stronger growth helps the fiscal picture. It doesn't mean Washington suddenly found spending discipline.

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The Commoner

Truth for the Commoner, every weekday. Money, machines, and the people trying to control both.

Independent writing by Marty Bent at TFTC since 2017. Money, markets, AI, energy and privacy, delivered free to your inbox.

Free, every weekday. Unsubscribe anytime using the link in each newsletter. By subscribing you agree to our Terms and acknowledge our Privacy Policy. Read recent issues.