Articles tagged: ai

How To Steal Bitcoin: The Landauer Attack

How To Steal Bitcoin: The Landauer Attack

Bitcoin's base layer was designed as a minimal, thermodynamically efficient ledger for value transfer. Over the past decade, a sequence of protocol changes and narrative shifts has progressively loaded the chain with non-payment data and institutional dependency. This report applies Landauer's principle, the thermodynamic cost of information, to Bitcoin's governance history, identifying a pattern of incremental complexity addition that threatens the protocol's core function as censorship-resistant money. The pattern is not hypothetical. It is documented in protocol commit histories, DOJ-released Epstein files, ETF prospectus language, and the public statements of the actors involved. The August 2026 BIP-110 activation window represents the first organized attempt to reverse this trajectory, and the institutional response to it reveals which actors benefit from the accumulated complexity.

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$BTC options flow — 2026-05-21

put/call oi ratio 0.68, calls dominate. put/call volume ratio 1.15, puts edge vol today. max-pain $79k for 22may expiry, atm iv 33.8%. spot $79,116, sitting almost on max-pain. falsifiable line: dealer gamma flips from short to long if spot breaks below $78,500, forcing delta-he

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$ETH options flow — 2026-05-21

eth at $2,171. put/call oi ratio 0.57, calls dominant in open interest. volume flips: put/call volume ratio 1.57, puts trading twice as much as calls today. nearest expiry 22may26, max-pain $2,200, atm iv 46.8%. falsifiable: dealer gamma flips from long to short if spot breaks b

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