Month: January 2025

I be invincible forever

For the land of the free and the home of the brave 

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Self censorship

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promote United States leadership in digital assets and financial tech technology, while protecting economic liberties

Digital assets,

Open public Blockchain works

Maintain self custody of digital assets

Providing regulatory clarity and certainty built on technology neutral regulations

Individual privacy

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Sec. 3. Revocation of Executive Order 14067 and Department of the Treasury Framework of July 7, 2022. (a) Executive Order 14067 of March 9, 2022 (Ensuring Responsible Development of Digital Assets) is hereby revoked.

(b) The Secretary of the Treasury is directed to immediately revoke the Department of the Treasury’s “Framework for International Engagement on Digital Assets,” issued on July 7, 2022.

(b) Within 30 days of the date of this order, the Department of the Treasury, the Department of Justice, the Securities and Exchange Commission, and other relevant agencies, the heads of which are included in the Working Group, shall identify all regulations, guidance documents, orders, or other items that affect the digital asset sector. Within 60 days of the date of this order, each agency shall submit to the Chair recommendations with respect to whether each identified regulation, guidance document, order, or other item should be rescinded or modified, or, for items other than regulations, adopted in a regulation.
(c) Within 180 days of the date of this order, the Working Group shall submit a report to the President, through the APEP, which shall recommend regulatory and legislative proposals that advance the policies established in this order. In particular, the report shall focus on the following:
(i) The Working Group shall propose a Federal regulatory framework governing the issuance and operation of digital assets, including stablecoins, in the United States. The Working Group’s report shall consider provisions for market structure, oversight, consumer protection, and risk management.

Bitcoin stockpile

(ii) The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.

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As of July 9, 2024, OpenAI has restricted access to ChatGPT and its API services in Hong Kong, mainland China, and other unsupported regions. This decision was made to prevent companies in these areas from utilizing ChatGPT to develop their own AI products and applications. 

In response to these restrictions, the Hong Kong government is developing a locally produced ChatGPT-style tool. This initiative aims to provide an alternative AI solution tailored to the needs of Hong Kong’s residents and institutions. 

For users seeking access to ChatGPT in Hong Kong, some have explored workarounds such as using Virtual Private Networks (VPNs) to route their connections through regions where ChatGPT is available. However, it’s important to note that these methods may violate OpenAI’s terms of service and could have legal implications. 

Additionally, alternative platforms like Microsoft’s Azure OpenAI Services continue to offer access to OpenAI’s AI models in Hong Kong. These services provide businesses, developers, and educational institutions with the tools to integrate advanced AI functionalities into their applications. 

The situation regarding access to AI tools like ChatGPT in Hong Kong is evolving. Staying informed through official channels and exploring local alternatives can help users navigate these changes effectively.

secession, subversion, tourism or “collusion with foreign forces”

…

Overview

Since the imposition of Hong Kong’s National Security Law (NSL) in June 2020, global tech giants such as Google, YouTube, Twitter (now rebranded as X), Facebook, and Instagram have found themselves navigating a complex legal landscape. While Hong Kong does not have a comprehensive firewall akin to Mainland China’s “Great Firewall,” the NSL grants local authorities broad powers to request the removal of online content or user data in cases purportedly related to “national security.”

Many of these platforms—previously known for a stance of relative openness in Hong Kong—now face challenges balancing user rights and free expression with legal obligations (and potential penalties) under Hong Kong law. This dynamic has led critics to accuse the platforms of “soft censorship” if or when they comply with government takedown or data requests.

Below is a closer look at how each of these major platforms has been implicated in “soft censorship” through partial compliance (or occasional non-compliance) with Hong Kong authorities.

1. Legal and Political Context

1. National Security Law (NSL)

• Enacted by Beijing for Hong Kong in June 2020.

• Outlines four primary offenses: secession, subversion, terrorism, and collusion with foreign forces—all broadly defined.

• Authorizes local authorities to demand removal or blocking of content deemed a threat to national security and to request user data from platforms.

2. ‘Soft Censorship’ Mechanisms

• Unlike Mainland-style blanket blocking, “soft censorship” in Hong Kong often takes the form of:

• Legal notices requesting content takedown or user data.

• Indirect pressure on tech platforms to self-regulate or remove content proactively.

• Possible liability for corporate officers or local employees if they fail to comply.

3. Platform Transparency Reports

• Many large companies publish transparency reports on governmental requests.

• However, details specific to Hong Kong under the NSL can be opaque, as some requests are made under “national security” grounds and accompanied by gag orders.

2. How Major Platforms Have Responded

A. Google & YouTube (owned by Google)

1. Initial Pause on Data Requests

• In July 2020, shortly after the NSL was enacted, Google (and YouTube) announced it would pause responses to data requests from Hong Kong authorities and review each request under stricter criteria.

• This was part of a broader industry move to assess the law’s implications.

2. Selective Compliance

• While there have been public statements about protecting users, Google can and does remove content or comply with data requests if they are accompanied by valid legal orders that meet certain thresholds.

• In some cases, YouTube channels or videos have been taken down in Hong Kong following government notices that allege national security threats or legal violations.

3. Transparency and Ambiguity

• Google’s transparency reports do not always break down specifics of Hong Kong (versus Mainland China) requests in detail post-2020, especially when requests are linked to national security.

B. Twitter (X)

1. Public Pledge vs. Practical Realities

• In 2020, Twitter declared it would not comply with data requests from Hong Kong authorities while the company reviewed the NSL’s implications.

• However, subsequent anecdotal reports suggest Twitter at times geoblocks or removes content based on local legal notices—though it’s less transparent about such actions under its new ownership structure (rebranded as X).

2. Local Takedowns

• Twitter (X) typically uses geo-restrictions as a compliance measure—i.e., content may be hidden in Hong Kong while remaining visible elsewhere.

• Official statements from Twitter on the NSL era have been more limited, especially after internal leadership changes.

C. Facebook & Instagram (both owned by Meta)

1. Meta’s Takedown Policies

• Meta also initially paused compliance with Hong Kong government requests for user data right after the NSL came into effect.

• However, over time, they have complied with some government takedown requests, citing the need to adhere to “valid legal processes.”

2. Self-Censorship Concerns

• Some reports and civil society groups have accused Facebook and Instagram of removing political posts or pages at the request of local authorities.

• Officially, Meta states it removes content only if it violates community standards or if there is a legitimate legal basis.

3. User Data and Safety

• Meta has also come under pressure regarding user data that may identify activists or protestors. The company says it evaluates each request “consistent with applicable laws and our policies,” but critics argue the NSL’s broad scope leaves serious risks for user privacy.

3. Accusations of “Complicity” in Soft Censorship

1. Lack of Transparency

• While these tech firms publish global transparency reports, details for Hong Kong NSL requests often remain sealed or vaguely classified. Critics argue such opacity facilitates soft censorship because users are unaware of how often or why content is removed.

2. Fear of Legal Repercussions

• Companies are concerned about criminal liability for staff in Hong Kong if they do not comply with legal notices. This creates a powerful incentive to adhere to government demands—even if those demands may infringe on free expression.

3. Self-Censorship by Design

• Some platforms, aware of potential conflicts with authorities, adopt internal policies or “community guidelines” that proactively remove politically sensitive content. This may occur before receiving any formal takedown notice.

4. Notable Examples and Trends

• Suspension of Pro-Democracy Content: Users have reported posts or pages critical of the government or supportive of protest movements being removed or hidden in Hong Kong.

• Geoblocking: Rather than a platform-wide takedown, content is often restricted so that Hong Kong-based users cannot access it.

• Legal Pressure on Platform Employees: Executives or local compliance officers risk criminal charges if the company is deemed uncooperative with national security directives.

5. Future Outlook

1. Potential for Greater Compliance

• As Beijing tightens its grip, some expect more frequent takedown or data requests related to political speech.

• Tech giants may comply more readily to avoid legal battles or protect local employees.

2. Exit or Localization

• A few smaller firms and NGOs have relocated from Hong Kong to avoid the NSL’s jurisdiction. Major U.S.-based companies, however, tend to remain but face a delicate balancing act.

3. Eroding Online Freedoms

• The cumulative effect of these compliance measures is an increasingly narrowed online space in Hong Kong. Even without a Mainland-style firewall, the threat of legal action under the NSL can function as a deterrent to free discourse.

Key Takeaways

• No Blanket Ban, But Targeted Tactics: Unlike Mainland China’s internet blockade, Hong Kong employs legal notices and potential criminal liability to induce compliance, which can be less visible but still effective at curbing dissent.

• Tech Giants’ Dilemma: Platforms like Google/YouTube, Twitter (X), Facebook, and Instagram walk a fine line between global free expression standards and local laws that may punish non-compliance.

• Soft Censorship in Practice: Through takedown requests, user data demands, and legal ambiguity, Hong Kong authorities can shape online content without overtly blocking entire platforms—leading critics to describe these platforms as

VPN—

” Freedom of speech, freedom of the press”

2020 national security law NSL

No “great firewall”,

Overview

Historically, Hong Kong has enjoyed considerably freer internet access compared to Mainland China. Under the “one country, two systems” framework, Hong Kong was not subject to the same “Great Firewall” that filters and blocks content on the Mainland. However, internet freedom has gradually eroded in recent years, particularly since the enactment of the National Security Law (NSL) in 2020.

Below is an overview of how internet censorship has evolved in Hong Kong and the current landscape.

1. Pre-2020 Landscape: Open Internet

1. No Great Firewall

• Hong Kong has traditionally had unrestricted access to international websites like Google, Facebook, YouTube, and Twitter—platforms blocked or heavily censored in Mainland China.

• The local government did not maintain a large-scale filtering system.

2. Legal Protections

• The Basic Law (Hong Kong’s mini-constitution) guaranteed freedom of speech and freedom of the press, forming the basis for an open digital environment.

3. Limited Censorship

• Authorities could still take legal action against online content for reasons such as obscenity, defamation, or incitement to violence.

• Overall, however, Hong Kong was considered a regional hub for free flow of information and a refuge for online activists from around Asia.

2. Post-2020 Changes and the National Security Law

1. National Security Law Enacted (June 2020)

• Enacted by Beijing for Hong Kong, the law targets secession, subversion, terrorism, and collusion with foreign forces.

• It grants broad powers to authorities to regulate, censor, or demand takedowns of online content deemed to threaten national security.

2. Increased Content Takedown Requests

• Since 2020, there have been cases where the Hong Kong Police or other agencies request internet service providers (ISPs), tech companies, or social media platforms to remove content or block certain websites.

• Some online platforms and news outlets shut down or preemptively removed certain posts to avoid NSL-related repercussions.

3. Chilling Effect

• Self-censorship has become more common among netizens, journalists, and social media influencers who worry about legal consequences.

• Online discussions around politically sensitive topics (e.g., Hong Kong independence, criticisms of the government) are increasingly guarded or moved to encrypted messaging platforms.

4. Crackdowns on Pro-Democracy Platforms

• Some pro-democracy news outlets and forums (such as Stand News, Apple Daily, or online discussion threads) have faced legal pressure, with arrests of journalists and activists and forced closures.

3. Current Dynamics of Internet Control

1. No Full-Scale Firewall (Yet)

• Unlike Mainland China, Hong Kong does not currently operate a comprehensive internet firewall that blocks major international sites.

• Most global platforms remain accessible in Hong Kong, but there is concern about whether a more expansive firewall could eventually be introduced.

2. Legal Mechanisms vs. Technical Blocking

• Hong Kong authorities rely largely on legal measures (the National Security Law, sedition laws, or judicial orders) to compel service providers or platforms to remove content.

• Technical filtering is still relatively limited, but the legal climate fosters caution among internet users.

3. Cooperation from Tech Companies

• Major tech companies have faced requests for user data or takedown notices from the Hong Kong government.

• Some companies have publicly stated they would evaluate such requests under their global policies, but in practice, compliance levels vary.

4. VPN Use

• Virtual Private Network (VPN) usage has risen as individuals and businesses become more concerned about government surveillance or future site blockages.

• Authorities have not banned VPNs outright, but if the political climate tightens further, restrictions on VPN usage could follow.

4. Future Outlook

• Further Erosion of Freedoms?

• Observers warn that Hong Kong’s relatively open internet environment could face more constraints, especially if the central government extends tighter control mechanisms.

• Legal Ambiguity

• Provisions of the National Security Law are broadly defined, allowing potential expansion of censorship or surveillance.

• Many users and businesses remain unsure about what constitutes a violation, leading to self-censorship.

• International Response

• Diminished freedoms have prompted some international media outlets and regional headquarters to relocate from Hong Kong to places like Singapore or Seoul.

• Potential for Local Legislation

• The Hong Kong government has proposed or considered laws that could expand official powers over online content (e.g., proposed “fake news” regulations), which may further tighten the digital space.

Key Takeaways

1. Distinct from Mainland: Hong Kong’s internet is still more open than in Mainland China; the “Great Firewall” is not fully applied in the SAR.

2. National Security Law Impact: Legal pressures and broad definitions of national security offenses have led to heightened self-censorship and takedown requests.

3. Uncertain Future: While large-scale technical blocking is not yet the norm, increasing legal and political pressures suggest Hong Kong’s online freedoms may continue to shrink.

In summary, Hong Kong retains partial internet autonomy, but censorship through legal and political channels has intensified since 2020. The city does not have a comprehensive firewall on par with Mainland China, yet the climate of fear and uncertainty around national security offenses contributes to a more restricted digital environment than in past decades.

Practical realities

”One country” (China), … but they keep their own currency, the Hong Kong dollar, legal system and keeps her in civil liberties that differ from mainland China?

Special administrative region “SAR”—

So is Hong Kong practically China, mainland China?

Short Answer

Hong Kong is part of the People’s Republic of China but operates under a different system than Mainland China. Officially, it is a “Special Administrative Region” (SAR) with its own legal and financial systems, although over time Beijing’s influence in Hong Kong’s governance has increased.

In More Detail

1. One Country, Two Systems

• When Hong Kong was handed back to China in 1997, it was promised a high degree of autonomy under the principle of “one country, two systems.”

• In theory, Hong Kong remains part of “one country”—the People’s Republic of China—but keeps its own currency (Hong Kong dollar), legal system (largely based on British common law), and certain civil liberties that differ from Mainland China.

2. Special Administrative Region (SAR)

• Hong Kong’s status as an SAR is different from a regular Chinese city on the Mainland. It has:

• Its own mini-constitution, called the Basic Law.

• Independent courts and legal procedures, separate from China’s socialist legal system.

• Separate trade and immigration policies (e.g., Hong Kong issues its own passports).

3. Practical Realities

• Despite these formal distinctions, over the last two decades, Beijing’s oversight and influence in Hong Kong have grown.

• Debates continue as to how much autonomy the city still retains, particularly after events like:

• The 2014 Umbrella Movement (mass pro-democracy protests).

• The 2019–2020 protests against proposed extradition legislation to Mainland China.

• The enactment of the National Security Law (2020), which broadens Beijing’s control over Hong Kong.

4. Conclusion

• Legally: Hong Kong is part of China but operates as a Special Administrative Region with distinct systems.

• Practically: Hong Kong still has some unique features (separate currency, legal system, etc.), but recent legislative changes and policies show that the gap between Hong Kong and Mainland China is narrowing.

Bottom Line

• Yes, Hong Kong belongs to the People’s Republic of China.

• No, it is not administered in exactly the same way as Mainland Chinese provinces, though recent developments suggest closer alignment with Beijing’s governance.

1997

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Why did the British government hand over Hong Kong to China?

Short Answer

The British handed Hong Kong back to China primarily because the 99-year lease for the New Territories—crucial to Hong Kong’s viability—was set to expire in 1997, and it was not feasible to separate the leased territories from the rest of Hong Kong. Additionally, the Sino-British Joint Declaration (1984) legally committed Britain to return all of Hong Kong to China. Changing international dynamics and Britain’s focus on maintaining stable relations with a rising China also factored into the decision.

Detailed Explanation

1. Expiration of the New Territories Lease

• In 1898, under the Second Convention of Peking, Britain acquired a 99-year lease of the New Territories (the vast area north of Kowloon plus outlying islands).

• By the 1970s and early 1980s, it was clear that this lease would expire on June 30, 1997.

• Without the New Territories—which comprised the majority of Hong Kong’s land area—Hong Kong Island and Kowloon alone were not economically or administratively viable as a separate entity.

2. Sino-British Joint Declaration (1984)

• The British and Chinese governments signed a treaty in 1984 in which Britain agreed to return Hong Kong’s sovereignty to China on July 1, 1997.

• In exchange, China pledged in the Joint Declaration that Hong Kong would enjoy a “high degree of autonomy” and keep its capitalist system for 50 years under the principle of “one country, two systems.”

3. Practical and Political Realities

• Maintaining Hong Kong as a British colony after 1997 was seen as impractical. Britain no longer had the international clout or desire to extend its colonial holdings—especially one abutting a rapidly growing China.

• The UK recognized that any attempt to hold onto Hong Kong without the New Territories would be strongly opposed by China, likely leading to conflict.

• The British government also wanted a stable relationship with China, both to protect Hong Kong’s economic interests and to foster broader diplomatic and trade ties.

4. International Decolonization Movement

• From the 1940s onward, Britain had been decolonizing large parts of its empire.

• Holding onto Hong Kong indefinitely ran counter to the international trend and Britain’s own post-war history of relinquishing colonies.

Summary

The legal, practical, and political reasons behind Hong Kong’s handover to China all converge on the fact that the territory as a whole was dependent on land leased only until 1997. Negotiating the Sino-British Joint Declaration ensured an orderly transition and guaranteed (at least on paper) that Hong Kong would retain many of its institutions and freedoms after reunification with China.

…

Overview

Hong Kong’s handover from Britain to the People’s Republic of China (PRC) on July 1, 1997 was the culmination of more than 150 years of British rule. The transfer was grounded in the 1984 Sino-British Joint Declaration, in which both countries agreed that Hong Kong would return to Chinese sovereignty under the framework of “one country, two systems.” Below is a concise historical timeline leading up to the 1997 handover.

1. Early Colonial Period

• First Opium War (1839–1842)

• Conflict between Britain and Qing-dynasty China over trade imbalances, especially Britain’s illegal opium trade in China.

• Treaty of Nanking (1842)

• Ended the First Opium War. Hong Kong Island was ceded “in perpetuity” to Britain.

2. Expansion of British Rule

• Convention of Peking (1860)

• Following the Second Opium War (1856–1860), Britain gained the Kowloon Peninsula and Stonecutters Island.

• Second Convention of Peking (1898)

• Britain obtained a 99-year lease of the New Territories (the area north of Kowloon plus outlying islands).

From that time onward, Hong Kong (encompassing Hong Kong Island, Kowloon, and the New Territories) was administered as a British colony, developing into a major trading port and commercial center in Asia.

3. World War II and Postwar Era

• Japanese Occupation (1941–1945)

• Japan occupied Hong Kong during much of World War II. Living conditions were harsh, and the population drastically declined.

• Post-1945 Recovery

• After Japan’s surrender, Britain resumed control of Hong Kong. The city rapidly recovered and developed into a thriving industrial and financial hub.

4. Negotiations for Return to China

• Changing Global Landscape

• By the late 1970s, the British government recognized that the 99-year lease of the New Territories would expire in 1997, and it was impractical to retain only Hong Kong Island and Kowloon without the New Territories (which formed the bulk of the colony’s land area).

• Sino-British Joint Declaration (1984)

• Signed by Britain and China on December 19, 1984.

• Both parties agreed that Hong Kong would revert to Chinese sovereignty on July 1, 1997.

• China promised that Hong Kong would retain its capitalist economy, legal system, and “way of life” for 50 years under the principle of “one country, two systems.”

5. Preparations and Final Transition

• Drafting the Basic Law (1985–1990)

• The Basic Law of the Hong Kong Special Administrative Region (HKSAR) was drafted by Beijing-appointed committees with input from Hong Kong.

• It outlined Hong Kong’s governance structure, guaranteeing (on paper) freedoms such as freedom of speech, press, and assembly, as well as an independent judiciary.

• The Last Governor

• Chris Patten, the last British governor of Hong Kong (1992–1997), introduced limited democratic reforms—controversial with Beijing.

• Midnight Ceremony (June 30 – July 1, 1997)

• The handover ceremony took place at the Hong Kong Convention and Exhibition Centre.

• Prince Charles represented the United Kingdom, while President Jiang Zemin represented the PRC.

• The British flag was lowered, the Chinese flag raised, and sovereignty passed to the PRC at midnight.

6. Post-Handover Developments

• Early Autonomy

• In the initial years after 1997, Hong Kong maintained most of its institutions, economic systems, and freedoms, remaining an international financial hub.

• Tensions and Debates

• Over the ensuing decades, questions have arisen regarding the extent to which Hong Kong’s promised autonomy has been upheld.

• Events such as the 2014 Umbrella Movement (pro-democracy protests) and further protests in 2019–2020 have highlighted concerns about the erosion of freedoms and Beijing’s growing influence.

Significance of the Handover

1. “One Country, Two Systems”:

• The promise that Hong Kong could retain its own currency, laws, and way of life distinctly different from Mainland China until at least 2047.

2. Global Economic Role:

• Despite political tensions, Hong Kong remains an international business center and financial gateway to China.

3. Cultural Identity:

• The handover cemented Hong Kong’s complex identity, shaped by its history as both a Chinese city and former British colony.

4. International Relations:

• The handover served as a major event in the late 20th century, marking Britain’s decolonization process and shaping Beijing’s relations with the West.

In Conclusion

The 1997 handover of Hong Kong to China was a historically significant event rooted in 19th-century colonial treaties and shaped by 20th-century political negotiations. Under the Sino-British Joint Declaration, Hong Kong was to enjoy a high degree of autonomy for 50 years after 1997. How that autonomy has evolved—and how it will develop in the future—continues to be a significant global issue, reflecting broader trends in China’s governance and international relations.

Big news.

Staff Accounting Bulletin No. 122

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 211

[Release No. SAB 122]

Staff Accounting Bulletin No. 122

AGENCY: Securities and Exchange Commission.

ACTION: Publication of Staff Accounting Bulletin.

SUMMARY: This staff accounting bulletin (“SAB”) rescinds the interpretive guidance included in Section FF of Topic 5 in the Staff Accounting Bulletin Series entitled Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users (“Topic 5.FF”).

EFFECTIVE DATE: [Insert date of publication in the Federal Register.]

FOR FURTHER INFORMATION CONTACT: Office of the Chief Accountant, at (202) 551-5300; or Division of Corporation Finance, at (202) 551-3400, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The statements in staff accounting bulletins are not rules or interpretations of the Commission, nor are they published as bearing the Commission’s official approval. They represent interpretations and practices followed by the Division of Corporation Finance and the Office of the Chief Accountant in administering the disclosure requirements of the Federal securities laws.

Date: January 23, 2025

Vanessa A. Countryman, Secretary.

STRENGTHENING AMERICAN LEADERSHIP
IN DIGITAL FINANCIAL TECHNOLOGY

Executive Order, Jan 23, 2025

By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to promote United States leadership in digital assets and financial technology while protecting economic liberty, it is hereby ordered as follows:

Section 1.  Purpose and Policies.  (a)  The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership.  It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy, including by:

(i)    protecting and promoting the ability of individual citizens and private-sector entities alike to access and use for lawful purposes open public blockchain networks without persecution, including the ability to develop and deploy software, to participate in mining and validating, to transact with other persons without unlawful censorship, and to maintain self-custody of digital assets;

(ii)   promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide;

(iii)  protecting and promoting fair and open access to banking services for all law-abiding individual citizens and private-sector entities alike;

(iv)   providing regulatory clarity and certainty built on technology-neutral regulations, frameworks that account for emerging technologies, transparent decision making, and well-defined jurisdictional regulatory boundaries, all of which are essential to supporting a vibrant and inclusive digital economy and innovation in digital assets, permissionless blockchains, and distributed ledger technologies; and

(v)    taking measures to protect Americans from the risks of Central Bank Digital Currencies (CBDCs), which threaten the stability of the financial system, individual privacy, and the sovereignty of the United States, including by prohibiting the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.

Sec. 2.  Definitions.  (a)  For the purpose of this order, the term “digital asset” refers to any digital representation of value that is recorded on a distributed ledger, including cryptocurrencies, digital tokens, and stablecoins.

(b)  The term “blockchain” means any technology where data is:

(i)    shared across a network to create a public ledger of verified transactions or information among network participants;

(ii)   linked using cryptography to maintain the integrity of the public ledger and to execute other functions;

(iii)  distributed among network participants in an automated fashion to concurrently update network participants on the state of the public ledger and any other functions; and

(iv)   composed of source code that is publicly available.

(c)  â€œCentral Bank Digital Currency” means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.

Sec. 3.  Revocation of Executive Order 14067 and Department of the Treasury Framework of July 7, 2022.  (a)  Executive Order 14067 of March 9, 2022 (Ensuring Responsible Development of Digital Assets) is hereby revoked.

(b)  The Secretary of the Treasury is directed to immediately revoke the Department of the Treasury’s “Framework for International Engagement on Digital Assets,” issued on July 7, 2022.

(c)  All policies, directives, and guidance issued pursuant to Executive Order 14067 and the Department of the Treasury’s Framework for International Engagement on Digital Assets are hereby rescinded or shall be rescinded by the Secretary of the Treasury, as appropriate, to the extent they are inconsistent with the provisions of this order.

(d)  The Secretary of the Treasury shall take all appropriate measures to ensure compliance with the policies set forth in this order.

Sec. 4.  Establishment of the President‘s Working Group on Digital Asset Markets.  (a)  There is hereby established within the National Economic Council the President’s Working Group on Digital Asset Markets (Working Group).  The Working Group shall be chaired by the Special Advisor for AI and Crypto (Chair).  In addition to the Chair, the Working Group shall include the following officials, or their designees:

(i)     the Secretary of the Treasury;

(ii)    the Attorney General;

(iii)   the Secretary of Commerce;

(iv)    the Secretary of Homeland Security;

(v)     the Director of the Office of Management and Budget;

(vi)    the Assistant to the President for National Security Affairs;

(vii)   the Assistant to the President for National Economic Policy (APEP);

(viii)  the Assistant to the President for Science and Technology;

(ix)    the Homeland Security Advisor;

(x)     the Chairman of the Securities and Exchange Commission; and

(xi)    the Chairman of the Commodity Futures Trading

Commission.

(xii)   As appropriate and consistent with applicable law, the Chair may invite the heads of other executive departments and agencies (agencies), or other senior officials within the Executive Office of the President, to attend meetings of the Working Group, based on the relevance of their expertise and responsibilities.

(b)  Within 30 days of the date of this order, the Department of the Treasury, the Department of Justice, the Securities and Exchange Commission, and other relevant agencies, the heads of which are included in the Working Group, shall identify all regulations, guidance documents, orders, or other items that affect the digital asset sector.  Within 60 days of the date of this order, each agency shall submit to the Chair recommendations with respect to whether each identified regulation, guidance document, order, or other item should be rescinded or modified, or, for items other than regulations, adopted in a regulation.

(c)  Within 180 days of the date of this order, the Working Group shall submit a report to the President, through the APEP, which shall recommend regulatory and legislative proposals that advance the policies established in this order.  In particular, the report shall focus on the following:

(i)   The Working Group shall propose a Federal regulatory framework governing the issuance and operation of digital assets, including stablecoins, in the United States.  The Working Group’s report shall consider provisions for market structure, oversight, consumer protection, and risk management.

(ii)  The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.

(d)  The Chair shall designate an Executive Director of the Working Group, who shall be responsible for coordinating its day-to-day functions.  On issues affecting the national security, the Working Group shall consult with the National Security Council.

(e)  As appropriate and consistent with law, the Working Group shall hold public hearings and receive individual expertise from leaders in digital assets and digital markets.

Sec. 5.  Prohibition of Central Bank Digital Currencies. 

(a)  Except to the extent required by law, agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad.

(b)  Except to the extent required by law, any ongoing plans or initiatives at any agency related to the creation of a CBDC within the jurisdiction of the United States shall be immediately terminated, and no further actions may be taken to develop or implement such plans or initiatives.

Sec. 6.  Severability.  (a)  If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other persons or circumstances shall not be affected thereby.

Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department, agency, or the head thereof; or

(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

     (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

     (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. 

THE WHITE HOUSE,

    January 23, 2025.

Neutrality.

Bitcoin is always the best news!

Bitcoin is sacred.

Timing is obvious

Your tastes aesthetics and things you like and desire change over time!

–> Loud cars are obnoxious and suck?

Unpredictable

.

Cinderblocks are cheap

Why Does everyone want to look the same? 

Think Tactical.

Tactical Aesthetics.

TACTICAL.

TACTICS.

TACTIC

Why tactics matter.

Ignore the news; it is all fake!

.

Absorbing heat and energy from the sun : the human body is like a battery energy source that you can charge up?

Waiting is for suckers and losers?

What do you want your kid to become?

I hate logos

Just cover it all up!

Cover Up

Tattoos are ugly?

Boring, Interesting?

Brands are Dead.

Bitcoin is the only “brand” worth following

WOW.

The best photos are wow

Virtual, digital gallery

Nature center, park street photography

Everything is street photography?

Hong Kong is street photography paradise

Insanely simple, insanely light

Home is paradise?

Clear skies ahead!

Heroic.

Focus, how to focus

Broaden your horizons?

Partial is fine

It must be an insanely fucking amazing deal?

.

Even standing is good exercise

Conquering jet lag

Both are great!

WOW.

The best photos are wow

Virtual, digital gallery

Nature center, park street photography

Everything is street photography?

Hong Kong is street photography paradise

Insanely simple, insanely light

Home is paradise?

Clear skies ahead!

Heroic.

Focus, how to focus

Broaden your horizons?

Partial is fine

It must be an insanely fucking amazing deal?

I prefer Saigon — more epic, dynamic, happening —

Anything which can motivate us to move and unlock us to move is good

Never force yourself to do anything which is “virtuous”

If they call it virtuous, it ain’t virtuous.

Sacrifice for the greater good?

Rebellion, rebel

Rebel , rebel also as a verb

Good conscience, Bad conscience

Do you have a personal connection to it or not?

The ethos of travel vlogs?

What should art do? Move, inspire us for movement!

.

Unlocking, unleashing human ambition

What can a human be capable of?

Magic

Dare to be trivial

Would Elon musk like it?

How animation can be superior to real life action?

Don’t have combat protocols

Sacrifice

How to gain more energy and power?

Think external sources —

1. Electricity to power a heat lamp, space heater, heater
2. Electricity to power a mega “happy lamp”–> simulated sunlight (certainly not as good as the real thing)– still a great stimulant?

Super fucking wabi sabi

Open it all up!

How to beef your kid up: super simple — just have them eat more beef!

The privilege of light

Unenclosed

MSTR as a Bitcoin upcycling machine?

Absorb energy from the elements and outside

Independence, being “independent” and unencumbered is overrated?

Property sucks

How it can build up? Antifragile.., biological power!

Suit up!

This is what you were meant for

What’s the purpose or point of cinema and film? To unlock human human ambition!

Becoming sentient

Why does most physical property suck?

1. You’re stuck in one physical, geo spatial location? On the internet and cyber ,,, you can be everywhere, all at once!

1. You’re stuck in one physical, geo spatial location? On the internet and cyber ,,, you can be everywhere, all at once!

Insanely fucking great!

“Secret Level” is an adult animated anthology series that premiered on Amazon Prime Video on December 10, 2024. Created by Tim Miller, known for “Love, Death & Robots,” the series features 15 standalone episodes, each set within the universe of a popular video game. 

Featured Video Games:

The series explores diverse gaming worlds, including:

• Dungeons & Dragons

• Pac-Man

• Mega Man

• Warhammer 40,000

• Armored Core

• Sifu

• Spelunky

• The Outer Worlds

• New World: Aeternum

• Unreal Tournament

• Honor of Kings

• Crossfire

• Concord

• Exodus

• PlayStation

Each episode offers a unique narrative and animation style, delving into the rich lore of these games. 

Notable Cast:

The series boasts a star-studded voice cast, including:

• Arnold Schwarzenegger

• Keanu Reeves

• Kevin Hart

• Gabriel Luna

• Ariana Greenblatt

• Emily Swallow

• Claudia Doumit

• Laura Bailey

These actors bring life to characters across the various gaming worlds featured in the anthology. 

Reception and Renewal:

“Secret Level” received mixed reviews upon release. Some critics praised its ambitious storytelling and high-quality animation, while others felt certain episodes lacked depth. Despite the varied reception, the series garnered enough viewership to be renewed for a second season in December 2024. 

Controversial Episodes:

One episode that sparked significant discussion is the reimagining of “Pac-Man.” This segment presents a darker, more violent take on the classic game, diverging from its traditionally family-friendly image. The bold reinterpretation elicited a range of reactions from audiences and critics alike. 

For viewers interested in a blend of gaming culture and animated storytelling, “Secret Level” offers a unique viewing experience. The series is available for streaming exclusively on Amazon Prime Video. 

Films Directed or Produced by Tim Miller (Filmmaker)

1. Deadpool (2016)

• Role: Director

• Overview: A groundbreaking superhero film starring Ryan Reynolds as the wisecracking, antihero Deadpool. Known for its humor, action, and meta-commentary, the film was a critical and commercial success, revitalizing the superhero genre.

• Impact: Earned over $780 million worldwide and set a new standard for R-rated superhero movies.

2. Terminator: Dark Fate (2019)

• Role: Director

• Overview: A continuation of the iconic Terminator franchise, reuniting Arnold Schwarzenegger and Linda Hamilton. The film served as a direct sequel to Terminator 2: Judgment Day, ignoring other sequels.

• Reception: Received mixed reviews but was praised for its action sequences and visual effects.

3. Love, Death & Robots (2019–Present)

• Role: Creator and Producer (film-like animated shorts in anthology format)

• Overview: A Netflix series of short films blending animation and storytelling, each with a unique theme of love, death, or robots. While not a traditional movie, each episode feels like a standalone short film.

4. Blur Studio Cinematics

• While not feature-length films, Tim Miller worked on numerous cinematic trailers and short animated films through Blur Studio, including work for:

• Halo Wars (2009)

• Star Wars: The Old Republic (2011)

• Mass Effect 2 (2010)

• These projects showcase his expertise in visual storytelling and animation.

5. The Goon (Unreleased)

• Role: Producer

• Overview: An animated adaptation of Eric Powell’s comic book series. Miller has long worked on this project with Blur Studio, but it remains unreleased.

Tim Miller is most recognized for blending visually stunning effects with compelling storytelling in both his films and animation work. Let me know if you’d like details on any specific project!

History of Ginger Consumption in Korea

Ginger (생강, Saenggang) has played a significant role in Korean cuisine, medicine, and culture for centuries. Its introduction and integration into Korean life are deeply rooted in the region’s history and traditional practices.

**1. Introduction of Ginger to Korea

• Origins: Ginger is believed to have originated in Southeast Asia and spread to East Asia through trade and agricultural diffusion. It likely arrived in Korea via China during the early centuries of the Common Era, particularly during the Three Kingdoms Period (57 BCE–668 CE).

• Cultural Exchange: Korea’s proximity to China and the influence of Chinese medicinal texts and agricultural practices facilitated the adoption of ginger as both a culinary and medicinal ingredient.

2. Ginger in Traditional Korean Medicine

• Dongui Bogam (동의보감): One of Korea’s most renowned medical texts, written by Heo Jun in the 17th century, extensively describes ginger’s medicinal properties. It highlights ginger’s ability to:

• Warm the body

• Aid digestion

• Treat colds and nausea

• Ginger was often prescribed in teas, tinctures, and food to improve circulation, treat stomach ailments, and alleviate respiratory issues.

3. Ginger in Korean Cuisine

Ginger has been an essential ingredient in Korean cooking, used for its flavor, preservative qualities, and health benefits:

• Fermented Foods:

• Ginger is a key ingredient in making kimchi, Korea’s iconic fermented dish. It adds spice, balances the fermentation process, and enhances the flavor.

• It is also used in other fermented products like jangajji (pickled vegetables) and soy-based pastes.

• Cooking and Seasoning:

• Ginger is used to neutralize the odors of meat and fish in dishes like galbijjim (braised short ribs) and samgyetang (ginseng chicken soup).

• It is included in marinades and broths for its aromatic and warming qualities.

• Beverages and Desserts:

• Traditional ginger tea (Saenggangcha, 생강차) is a popular herbal drink, particularly during winter or for treating colds.

• Ginger syrup and extracts are used in traditional sweets, like yakgwa (honey cookies).

4. Ritual and Symbolic Use

• Ginger has also been associated with Korean rituals and symbolic practices. Its pungent and “warming” properties were believed to ward off evil spirits and purify spaces, leading to its use in ancestral ceremonies and religious offerings.

5. Modern Use and Revival

• In contemporary Korea, ginger remains popular in traditional and modern applications:

• Health Trends: With increased global interest in wellness, ginger is widely consumed in teas, supplements, and snacks for its immune-boosting and digestive properties.

• Culinary Innovation: Modern chefs incorporate ginger into fusion dishes, desserts, and beverages while honoring its traditional role.

Conclusion

The history of ginger in Korea reflects its deep integration into Korean culture, combining culinary, medicinal, and ritualistic significance. From ancient traditions to modern practices, ginger continues to be a cherished ingredient in Korean life.

Ginger is both spicy and beneficial for digestion due to its unique composition of active compounds and its effects on the body:

Why Ginger is Spicy

• Gingerol: Ginger’s characteristic spiciness comes from gingerol, a bioactive compound similar to capsaicin in chili peppers. Gingerol activates heat receptors on the tongue, creating a spicy sensation.

• Concentration of Gingerol: Fresh ginger contains higher levels of gingerol, while dried or cooked ginger may convert some gingerol to other compounds like shogaols, which are also pungent but with a slightly different heat profile.

Why Ginger is Good for Digestion

1. Stimulates Digestive Enzymes:

• Ginger promotes the production of digestive enzymes that aid in breaking down food efficiently, particularly fats and proteins.

2. Relieves Nausea and Motion Sickness:

• Ginger’s compounds can reduce nausea by acting on the central nervous system and digestive tract. This is why ginger is often used for morning sickness, motion sickness, or post-surgery nausea.

3. Reduces Bloating and Gas:

• Ginger has carminative properties, meaning it helps reduce the formation of gas and aids its expulsion, alleviating bloating and discomfort.

4. Speeds Up Gastric Emptying:

• Studies show that ginger helps food move more quickly from the stomach to the small intestine, improving overall digestion and reducing the feeling of fullness after meals.

5. Anti-inflammatory Effects:

• Gingerol and other compounds in ginger reduce inflammation in the gut, which can soothe irritation and support a healthier digestive tract.

6. Relaxes the Intestinal Muscles:

• Ginger can help relax the muscles of the gastrointestinal tract, easing cramps and promoting smoother digestion.

Practical Use

• Raw Ginger: Chewing on fresh ginger or steeping it in hot water is ideal for digestive health.

• Ginger Tea: A gentle way to soothe the stomach and promote digestion.

• Cooking: Adding ginger to meals enhances flavor and supports digestion.

In summary, the combination of its spicy, warming nature and active compounds like gingerol make ginger a dual powerhouse for flavor and digestive health.

Biology why ginger spicy

The spiciness of ginger is rooted in its biochemical properties and how it interacts with the human body on a molecular and sensory level. Here’s a breakdown of the biology behind it:

1. Active Compounds in Ginger

The spiciness of ginger comes from a group of natural compounds called gingerols. These are part of a class of molecules called phenolic compounds, which are responsible for the heat and pungency in ginger.

• Gingerol: The primary compound responsible for the heat in fresh ginger.

• Its chemical structure is similar to capsaicin (found in chili peppers) and piperine (in black pepper), which are also responsible for spiciness in other plants.

• When ginger is dried or cooked, gingerol is converted into shogaols and zingerone, which are less sharp but still pungent.

2. Interaction with TRPV1 Receptors

• Gingerol activates TRPV1 (Transient Receptor Potential Vanilloid 1) receptors, also known as capsaicin receptors.

• These receptors are found on sensory nerve endings, particularly in the mouth, skin, and digestive tract.

• Normally, TRPV1 receptors detect heat and physical damage, sending signals to the brain interpreted as “hot” or “painful.”

• Gingerol binds to these receptors, tricking the brain into perceiving a spicy, burning sensation.

3. Why Ginger Feels Warm

• Gingerol doesn’t actually increase temperature, but it gives the illusion of warmth by stimulating the TRPV1 receptors.

• This “thermal” effect is part of ginger’s characteristic spiciness and also contributes to its perceived warming properties, which can stimulate circulation and metabolism.

4. Evolutionary Biology Perspective

• Ginger’s spiciness evolved as a defense mechanism to protect it from being eaten by herbivores and pests.

• The pungent compounds discourage some predators but have been found beneficial by humans, who use them for flavor and medicinal purposes.

5. Digestive Implications

• When ingested, gingerol and related compounds can interact with the lining of the gastrointestinal tract, stimulating digestion and enzyme production while providing mild irritant effects that can actually enhance gut motility.

In summary, the spiciness of ginger is a result of the gingerols activating TRPV1 receptors, mimicking the sensation of heat and pain. This spicy effect evolved to protect the plant but has been embraced by humans for its sensory and health benefits.

New Man, New Virtues.

New virtues for a new type of man?

Never assume nothing unless you have 100% definitive proof?

If you hear a loud noise, investigate immediately!

Pride in your inventions & innovations

Take it back to the beginning.

What can a soul like that be capable of?

GHOST.

“I’m like a ghost I’m like a ghost, can you see me can you see me?”

I must think bigger

I miss Asia?

6.8x gain, around 7x gain in MSTR the last year? $45 to $380

$473 high .. $378 right now

,

2 year, 14x!

,

Investor.

Set your sights bigger.

Simple maths

Pump it back into the system!

Turbocharged

Bitcoin Turbocharged –> MSTR TURBO TURBINE ENGINE compressor

New hope

New Vision

Plan to have it all!

Think utility.

FORTRESS.

Creating your own metaphorical fortress?

Keep holding out!

Outperform

New innovations

More exciting?

Hybrid ,,, MSTR is a Bitcoin hybrid ? Better than raw?

Better than raw Bitcoin?

$2M

Total fucking opposite?

Redorange

Exciting or not?

If no house then what?

A joyful fun life of speculation!

Speculator

Think, thinking long term

New techniques, new approaches

I love the iPhone SE!

Bitcoin is sacred

All white everything

White it all out!

The simpler solution

The simplest solution

Magically generate money

Generate income

Peace, peaceful

https://twitter.com/BTC_Archive/status/1874956659392712762/mediaViewer?currentTweet=1874956659392712762&currentTweetUser=BTC_Archive&mode=profile

The desire to smash new records?

Bigger numbers are always better

.

How to maximize your lifts

Digital construction

“So fucking cool” or not?

Life is too short for lame.

@BTC_archive

Below is a simple, flavorful way to prepare 4 pounds of beef ribs using only garlic, ginger, and basic seasonings (salt and pepper). This method relies on a low-and-slow oven roast, letting the natural flavors of the beef shine through while infusing garlicky-ginger goodness.

Garlic & Ginger Beef Ribs

Servings: 4–6

Time: ~15 minutes active prep + 3–4 hours cook time

Ingredients

• 4 pounds beef ribs (short ribs or back ribs)

• 2 tablespoons fresh ginger, finely grated or minced

• 4 cloves garlic, minced (about 1 tablespoon)

• 2 teaspoons kosher salt (adjust to taste)

• 1 teaspoon freshly ground black pepper (adjust to taste)

Feel free to adjust the amounts of garlic and ginger based on your preference.

Instructions

1. Preheat the Oven

• Preheat your oven to 275°F (135°C). A lower temperature helps break down connective tissue and makes the ribs tender.

2. Prep the Ribs

• Pat the ribs dry with paper towels.

• If there is a thick membrane (silverskin) on the underside of back ribs, remove it if possible (this helps with tenderness and flavor penetration).

3. Season the Ribs

• In a small bowl, mix together the ginger, garlic, salt, and pepper to form a coarse paste.

• Rub this paste evenly over all sides of the ribs.

• For best results, let the seasoned ribs rest at room temperature for about 20–30 minutes (or refrigerate for up to a few hours to deepen the flavor; if you refrigerate, allow them to come back to near-room temperature before cooking).

4. Roast Low & Slow

• Place the ribs on a baking sheet or in a roasting pan, bone-side down.

• Cover the pan with foil to help retain moisture.

• Roast in the preheated oven for 2.5–3 hours, or until the ribs are tender.

• You’ll know they’re close when the meat starts to shrink away from the bones and a fork or toothpick slides in with minimal resistance.

5. Optional Browning Step

• If you prefer a crispier exterior, remove the foil after 2.5–3 hours.

• Increase the oven temperature to 375°F (190°C).

• Roast for an additional 15–20 minutes, uncovered, to get a nicely browned exterior.

6. Rest & Serve

• Remove the ribs from the oven. Let them rest for 5–10 minutes (tent loosely with foil) to redistribute the juices.

• Slice or separate the ribs and serve warm. The natural juices, along with the concentrated garlic-ginger rub, should provide plenty of flavor.

Tips & Variations

• Adjust Garlic/Ginger: If you’re a big garlic fan, feel free to add an extra clove or two. Similarly, more ginger will add extra punch.

• Spice It Up: Though you mentioned only seasonings, a sprinkle of chili flakes or a pinch of cayenne (if allowed) can bring some heat.

• Moisture: If your ribs seem dry during cooking, add a small splash of water or beef broth to the pan (but this isn’t strictly necessary).

Enjoy your tender, garlicky-ginger beef ribs!

TYSONS CORNER, Va.–(BUSINESS WIRE)– MicroStrategy (MSTR.NaE)^® Incorporated , the largest corporate holder of bitcoin and the world’s first Bitcoin Treasury Company, today announced it will report its financial results for the fourth quarter of 2024 after the U.S. financial markets close on Wednesday, February 5, 2025 and will host a live Video Webinar at 5:00 p.m. Eastern Time to discuss the results. 

A live Video Webinar of the event can be accessed under the “Events and Presentations” section of MicroStrategy’s investor relations website at https://www.microstrategy.com/investor-relations. The Video Webinar will be conducted on the Zoom platform and questions will only be taken from Video Webinar participants. Log-in instructions will be available after registering for the event. An archived replay of the event will be available beginning approximately two hours after the call concludes. 

About MicroStrategy Incorporated(MSTR.NaE)

MicroStrategy (MSTR.NaE) is the world’s first and largest Bitcoin Treasury Company. We are a publicly traded company that has adopted Bitcoin as our primary treasury reserve asset. By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate Bitcoin and advocate for its role as digital capital. Our treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. In addition, we provide industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere. We leverage our development capabilities to explore innovation in Bitcoin applications, integrating analytics expertise with our commitment to digital asset growth. We believe our combination of operational excellence, strategic Bitcoin reserve, and focus on technological innovation positions us as a leader in both the digital asset and enterprise analytics sectors, offering a unique opportunity for long-term value creation. 

MicroStrategy (MSTR.NaE), MicroStrategy AI, Intelligence Everywhere, Intelligent Enterprise, and MicroStrategy Library are either trademarks or registered trademarks of MicroStrategy Incorporated (MSTR.NaE)in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners. For more information about MicroStrategy(MSTR.NaE), visit www.microstrategy.com. 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122117597/en/

Source: MicroStrategy Incorporated(MSTR.NaE)

The terms realized return and unrealized return refer to the profit or loss on an investment, but they differ based on whether the investment has been sold.

Realized Return

• Definition: The profit or loss you have already secured by selling the investment.

• Example: You bought a stock at $50 and sold it at $60. The $10 gain per share is your realized return because the transaction is complete.

• Tax Implications: Realized returns are typically taxable.

Unrealized Return

• Definition: The paper profit or loss on investments you currently hold but haven’t sold yet.

• Example: You bought a stock at $50, and its market value is now $60. The $10 gain per share is your unrealized return because you haven’t sold the stock yet.

• Tax Implications: Unrealized returns are not taxable since the investment has not been sold.

Key Difference:

• Realized return involves completed transactions and may have tax consequences.

• Unrealized return is still hypothetical and reflects potential profit or loss.

.

Realized return and unrealized return are two ways of describing whether an investment’s gains or losses have been “locked in.”

1. Unrealized Return (Unrealized Gain or Loss)

• Also referred to as a “paper” gain or loss.

• Occurs when the value of the investment changes (goes up or down) but you still hold the asset.

• Because the asset hasn’t been sold, the gain or loss is not finalized—you could lose it if the price drops (or the loss could reverse if the price goes back up).

• For example, if you bought a stock at $390 and it’s now priced at $400, you have an unrealized gain of $10 per share (about 2.56%). But this gain is not locked in until you sell.

2. Realized Return (Realized Gain or Loss)

• Occurs when you sell the asset and “realize” (finalize) the gain or loss.

• Once you sell at a higher (or lower) price than your purchase price, the gain (or loss) becomes realized and is typically used for tax calculations.

• In the same example: if you purchased a stock at $390, and then you sell it at $400, you realize a $10 gain per share (a 2.56% realized return).

In short:

• Unrealized return is the gain or loss you have on paper, before selling.

• Realized return is the gain or loss you lock in once you sell the asset and the transaction is complete.

Static versus dynamic money

How to generate a yield

*

Sell the bitcoin when it is up, buy more microstrategy stock, when microstrategy stock goes up sell some of it and buy more bitcoin, rinse and repeat? 

---

Exposure to the elements

Asset agnostic

Just think… What will give you the higher yield?

Generating more heat, generating more bodily heat is a good idea?

Forever hot

I be hot forever!

How to become hotter

Maybe it’s a good idea to take this literally?

Maybe the problem with people is they’re always so cold or too cold?

Emotionally cold people are also physically cold?

To become more warm, a warmer person means to physically and also physiologically become more warm?

Cold people are quite literally too physiologically cold?

You don’t want to be “cool”, which means cold… Rather just want to become super hot?

Better to be hot, lit than cold

Hotter is Better

The hottest color– the color of heat is orange red?

What’s the color of fire?

How to increase the fire, how to increase the heat?

Hot Boy***

Think hot, hot boy!

Hot, hot rod!

Hot dick

What is hotter?

Hotty Totty

Curves are more fun!

Increase your heat, increase your metabolism

The point isn’t to take “good photos“, the point is to just have fun?

Each photo you shoot is an experiment!

If you knew with 100% certainty before you show a photo,… This is impossible. Thus every photo you shoot is just an experiment.

,
Citadel

Each man for himself seeks a citadel?

Bitcoin, digital citadel?

Bitcoin as a metaphorical fortress ?

A fortress powered by chaos?

More chaos , more good!

Bitcoin is the strongest asset on the planet ***–> the goal is to acquire more of it?

$100M is good enough –> 10 bitcoins is enough ***–> then just speculate beyond that?

I love the vol, the volatility !

How to generate bitcoins out of thin air?

Compassion is for women?

Men –> Mercurial

Sand feet –> barefoot in the sand is great!

Luck etymology

Apolitical, apolitical is better 

Politics is toxic

Stainless steel is ugly

ALSo cold– metaphorically and literally… Better to have warm colors and materials instead?

Money as a means to generate more bitcoins ?

Never stop generating yields?

I love LA forever!

---

10% of 1 million is 100,000 or one bitcoin… So if you could 10 times, increase 10%, you will get another 10 bitcoins?

*

 the only way to get more bitcoins by having more bitcoin?

Double your money and make it stack?

is there an MSTR token on coinbase?

Buy low, sell high.

When you no longer need to impress nobody else

How to generate more BTC yield

concerned versus anxious 

How to increase your money

---

Double your money

Predict the news

With insanely insanely big financial decisions always communicate first

Take your own advice

Put $1 million into microstrategy 

Play with your own capital

I’ve never made a loss in my life

I’ve never made a loss on any of my trades 

Create and make your own rules and principles

Greater Yield

Crypto mania

Never book with them ever again — lots of fake booking hotels, and they refuse to return your money?

Never book Expedia.

Things to fix:

1. Airbnb
2. Credit cards, banks, are a scam? JPMORGAN CHASE is a joke
3. Expedia and third party booking apps ; never using them again

1. I just fucking want it to work & not break!
2. Warranty, repair follow up process is ridiculous — Dyson sucks
3. Expedia is a scam, book direct
4. Even the banks are a joke? Chase Sapphire and their banks and credit cards are terrible
5. Airbnb is also a joke. Refuse to refund your money.

Becoming more peacock?

—> The goal is to procreate more children!

Last week, $MSTR achieved a BTC Gain of 6,120 BTC, reflecting a 1.36% BTC Yield on our 450,000 BTC base. At ~$105K/BTC, this translates to $642.6M in value generated through treasury operations—reinforcing our commitment to maximizing shareholder returns. @saylor

Value generated — maximizing shareholder returns

Apex predator — beyond?

Why Humans are beyond

The most prolific blogger of all time

Bitcoin ownership > Home ownership

The desire to acquire

Rest is augmentation , muscle and muscular augmentation and growth

Condensed food concentrated wealth fat

Edible Wealth

What looks gangsta?

Two different people

Conquering for the sake of access to what?

Light & Heat

Good trading, bad trading.

Sometimes to just sit and wait is best?

MicroStrategy Acquires 11,000 BTC and achieves BTC Yield of 1.69% YTD 2025; Now Holds 461,000 BTC

Raised in captivity

You pay for the ecosystem

Ideal environment, what are we seeking for the ideal environment?

The theory of expansion 

The ethos of armored core?

Soul know no fear?

Seeking the best

Mystery ranch best bag

The freedom of movement

Traveling Optimizations

The privilege of lying horizontally

What do humans want?

Being a father of a son — the ultimate sacred great thing?

We literally got everything and access to everything —

1. Titan.fitness — buying all of your exercise and workout equipment. When you’re traveling and abroad it is actually insanely difficult to gain access to a good gym or equipment.
2. Costco, Costco business center — beef ribs galore!

Social Worlds

White paint (with wax, ceramic wax) is invincible!

Is it truly “healing”?

The term “self-healing” in the context of vinyl wraps and paint protection films (PPFs) can be a bit misleading, as it does not involve literal healing like in biological systems. Instead, the process relies on the material’s physical properties to temporarily “erase” or conceal damage. Here’s a deeper look into what it really means:

1. Elastic Memory

• The thermoplastic polyurethane (TPU) layer in self-healing wraps has an “elastic memory.” This means the material can return to its original state after being deformed (like scratched or abraded).

• Minor surface-level scratches don’t penetrate deeply; they distort the top layer of the film. When heat is applied or given enough time, the polymer chains reorganize themselves, smoothing out the damaged area.

2. Limitations

• Only Surface-Level Damage: The wrap can only “heal” minor scratches or swirl marks. If the damage penetrates deeper into the film or through it, it cannot recover.

• No Structural Repair: The material doesn’t regenerate or repair itself at a molecular level. The damage is essentially smoothed out rather than permanently repaired.

• Gradual Wear: Over time, repeated scratches and environmental wear can degrade the self-healing properties.

3. Comparison to Real Healing

• In living organisms, healing involves cellular repair and regrowth, which is an active biological process.

• In self-healing wraps, it’s a passive physical process where the material’s properties enable it to recover its shape under the right conditions (heat or pressure).

4. How Effective Is It?

• For minor cosmetic issues, the self-healing process works effectively, making scratches less visible or even invisible.

• However, it’s not a “magic fix” for significant damage and won’t make the material last forever.

In short, it’s not “healing” in the strictest sense but rather a clever use of material science to provide a durable and aesthetically pleasing finish that can recover from light damage.

…

Self-healing vinyl wrap for cars is a specialized material designed to repair minor scratches, swirls, and abrasions on its surface without requiring manual intervention. Here’s how it works:

1. Material Composition

Self-healing vinyl wraps are made from advanced polymers, often incorporating thermoplastic polyurethane (TPU). This material is both flexible and highly durable, giving it the ability to stretch and resist damage.

2. Self-Healing Mechanism

The self-healing properties are due to the elastic properties of the TPU layer. When the surface of the wrap is scratched, the material can return to its original state under certain conditions, effectively “healing” the scratch.

3. Activation of Self-Healing

The self-healing process is usually activated by:

• Heat: Heat from sunlight, a heat gun, or warm water can soften the TPU layer, allowing it to reflow and eliminate scratches.

• Time: Minor scratches can sometimes heal on their own over time as the material relaxes and returns to its original form.

4. Protection

Beyond self-healing, these wraps offer protection against:

• UV rays

• Minor abrasions

• Chemical exposure

• Road debris and contaminants

5. Maintenance

To maintain the self-healing properties, you should:

• Regularly clean the wrap using mild soap and water.

• Avoid abrasive cleaners or harsh chemicals that could damage the material.

• Use heat to enhance healing for more noticeable scratches.

This technology is particularly popular in paint protection films (PPFs), which are a specific type of clear self-healing wrap applied over a car’s paint to preserve its finish.

Knight armor

How to feel like a boss

Becoming Indestructible

Posted by @saylor

How to feel elevated?

The philosophy of optimism

Elevated, lofty thinking

Life ideals?

Origin of species

Speculate

Sterility

.

“God bless the establishment”

Boring or fun gameplay?

New, carte Blanche gameplay

Militants

Unrestricted freedom for the individual?

Standing training

Truth will set us free

.

None of these things are genuinely beneficial

“Virtue is knowledge “**

Feelings in line with true belief

“Indifferent things”

Courage means conquering what everyone fears

Courage, indifference to pain

Achadenfreude

.

Excess, excessive style

Are the days of greatness over?

Foreman grill

When to opt out

Humor is godlike

Am I the strongest pound for pound person on the planet?

.

Mastering your metabolism & physiology

.

What terrible suffering is beneath your smile!

highest homes and castles which live in the sky

The hopeless have no shame

The job of kings is to bear calamities

Firmer, fix sturdy feet

Don’t run away from fortune, not manly.

I know no fainting fears

.

Entertainment is apex

Healing powers

Think Food