Independent media since 2017

The future won’t wait for you.

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

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.

@TFTC21@TFTC21

Nvidia shares fell about 10% on Jensen Huang's exit, and the board's answer is a 73-year-old chair, Harvey C. Jones, who has sat on it since 1993, plus a search for a permanent CEO that will look at both internal and external candidates.

@TFTC21@TFTC21

Coinkite's CEO says an AI model found the Coldcard flaw human reviewers missed, after at least 15 external reviews. Bitcoin developers say that framing doesn't hold up, and the bug traces back to a build error from March 2021. • Seed generation fell back to MicroPython's software PRNG instead of the hardware RNG • Effective entropy dropped from 128 bits to roughly 40 on older models • Coinkite's advisory lists Mk2 and Mk3 on 4.0.1 through 4.1.9, standard Mk4 and Mk5 before 5.6.0, and standard Q before 1.5.0Q, with separate Edge builds also affected • TRM Labs estimates about 1,816 BTC (about $116M) was taken from more than 5,200 addresses, and other firms estimate different totals • Updating firmware does not fix seeds already generated, so affected users have to create new seeds and move their funds • Luke Dashjr says you didn't need a sophisticated model to spot the problem, and that his own review was a quick look, not a full audit So a hardware wallet that asked you to trust it to generate your keys shipped a weak generator for years, and the defense is that humans couldn't have caught it? Doubt it. Don't trust, verify applies to your hardware wallet too.

@TFTC21@TFTC21

Trezor says a customer reported finding an extra circuit board with a cellular module and antenna inside a Safe 5 bought from CryptoBilis, the same reseller tied to the tampered Ledger devices. Trezor is treating the report as credible.

@TFTC21@TFTC21

706 large profitable US corporations paid just 10.4% in federal income tax on $1.88 trillion of US profits in 2025. 114 paid no current federal income tax at all. • 10.4% is the lowest rate the Institute on Taxation and Economic Policy has found in over 40 years of research • It sits below 11.2% in 1982, after Reagan's first corporate tax cuts, and 11.3% in 2018, after Trump's first tax law • The official rate is 21% • 258 companies had rates under 7%, reporting about $683.6B in US profit and paying a combined 1.7% • ITEP estimates the group got close to $200B in federal tax subsidies by paying less than 21% ITEP is a progressive think tank, it works from public financial filings, and it counts only current federal income tax. Critics say that mixes book profit with tax liability. Much of the gap comes from expensing and credit provisions in the 2017 tax law and the 2025 law, which are legal under the code as written. If the rules let the largest companies land at 10.4% when the official rate is 21%, who exactly were those rules written for?

@TFTC21@TFTC21

Jensen Huang has resigned as Nvidia's CEO, president and a member of the board, effective immediately, the company announced. CFO Colette Kress has been named interim CEO. She has been EVP and CFO since September 2013.

@TFTC21@TFTC21

Strive just raised the yield on its SATA preferred to 13.25%, and it pays that in cash every single business day. The board lifted the rate from 13.00% for periods starting on or after December 1, and the daily bill keeps growing. Who is covering it? • The 8-K sets the new regular dividend rate at 13.25%, up from 13.00% • December's daily dividend is $0.0502 a share, which comes to $1.1044 across 22 business days • The rate was 12.75% before the April raise to 13.00% • SATA began paying every business day on June 16, and Strive says it is the first US-listed security to do that • As of its mid-October purchase of 1,223 BTC for about $100 million, Strive held 36,818 BTC This is a variable rate that has only been stepping up, and each step is a bigger cash payout set against an asset that swings hard. That is fine while bitcoin is rising and the capital keeps coming in; it gets a lot more interesting if either one stops. Treasury companies make for a good bitcoin story, but a 13.25% dividend rate is still a cost somebody has to fund every business day.

@TFTC21@TFTC21

Treasury Secretary Scott Bessent was quietly moved to a military base in Washington over the last few weeks because of Iranian threats, ABC reports, citing multiple sources. Bessent runs the Treasury's economic pressure campaign against Iran.

@TFTC21@TFTC21

Microsoft is spending about $117 billion on AI and cloud data centers this year and says other customers won't pay for the power. "We don't want other customers to be paying for our growth," said Noelle Walsh, who runs its cloud operations.

@TFTC21@TFTC21

North Korea is laundering the record Binance theft through meme coins it minted itself. Elliptic found at least six NEAR tokens, each with its own liquidity pool, and almost no real outside trading. • The tokens were created between Nov 5 and Nov 7 • About 117,000 NEAR, roughly $430,000, has passed through them so far • Most transactions were between wallets in the operation • About 11.8M NEAR (about $43.7M) from the theft has not moved yet • Elliptic tracks more than 20,000 wallets on 16 blockchains, at least 36 services and at least 65,000 transactions • The FBI attributed the theft to TraderTraitor on Oct 31, and North Korea denies involvement • Elliptic first documented the technique in the Feb 2025 Bybit laundering, where a worthless Tron token helped move at least $24M Binance has said the attack began with a fake job interview and ran for five months before any coins moved. So the patience runs both ways, months to get in and now a pile of homemade tokens to make the loot look like trading profit. $430,000 is a small slice of the $6.43 billion Elliptic counts, but the method is the part worth watching. Always remember, you don't own the bitcoin unless you control the keys.

@TFTC21@TFTC21

Starshield is capped at 161 km/h (100 mph) over Ukraine, Zelensky says, complicating interception of Russian jet-powered drones. He says these are "not random errors but systematic speed restrictions," and some strikes have already got through.

@TFTC21@TFTC21

Adam Back told CNBC he's personally betting bitcoin hits $1 million by 2028. His argument: 95% of adoption is still ahead, and pensions and mutual funds, the largest pools of capital, have yet to buy.

@TFTC21@TFTC21

Is Netanyahu pushing Trump back into the Iran war? Ynet reports he pressed Trump on a weekend call to resume the war, while Trump wanted peace talks to continue. His office says "fake news." An Israeli official confirms the call but says it was "very much not difficult."

Podcasts

The latest episodes. Watch right here, or wherever you listen.

The Round Table

The room is open.

Where Bitcoiners stop reading about the future and start building it — monthly AI-implementation calls, a vetted network of operators, and research that actually matters.

$100/ mo · or $1,000 / yr

Level up
  • Live AI implementation calls and workshops
  • A vetted network of operators and builders — no tourists
  • Research briefs when they matter, not on a treadmill
  • An always-on private Discord
  • Ad-free podcast with post-interview recaps

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.