Javier Mateos

Recuperando cuenta

The big battle is between self-sovereignty and centralization. It starts with money, but it's going to be the big battleground for AI, robots and much more.

Strategy can survive a Bitcoin crash but a rally might bankrupt it. #microstrategy #strategy...Show more

Grateful to @HackerNoon for making my piece a top story on their homepage 🙏 And the timing couldn't be better, because Strategy's President just handed everyone a perfect example of what the article is about. Today he confirmed: BTC Yield more than doubled this quarter, from 3.7% to 7.8%. If you don't know what that means, here's why it matters — and why it's the most misunderstood number in this whole story. BTC Yield measures bitcoin-per-share. It divides the coins the company holds by its diluted shares. Notice what's missing: price. The dollar value of Bitcoin never enters the formula. Which means it can post record numbers while the stock is down 80% and the market screams "Ponzi." And that's exactly the point I make in the piece: this metric is real AND a mirage at the same time. Real, because the accretion is genuine — shareholders own more sats per share than before. The machine is working. A mirage, because it's engineered to look away from the one thing creditors and the taxman actually count: value in dollars. You can wave a triumphant BTC Yield while the collateral behind $22B in obligations melts. So when a Strategy exec shows you this number, both things are true at once: it's a genuine signal of the flywheel working, and it's the friendliest possible framing of a brutal year. That's the whole game with $MSTR — learning to hold two ideas at the same time. Wall Street has it down ~80% and calls it the next Ponzi; I sat down and read the balance sheet instead of the headline. The "42% discount" is misread leverage, there's no margin call possible, and the real risk isn't Bitcoin falling — it's Bitcoin rising too fast and triggering a cash tax on gains it never realized. Full breakdown — charts, plain-English explainers, not investment advice 👇 hackernoon.com/michael-saylor… Death spiral, or is the market overreacting?

"Paper Bitcoin" may become the defining financial risk of the next decade. #Bitcoin can remain perfectly scarce while markets create synthetic exposure that exceeds the underlying asset—just as happened with gold. I argued this last year when discussing fractional reserve and Bitcoin IOUs: hackernoon.com/bitcoin-and-fr…

@saylor acaba de publicar una excelente reflexión sobre la próxima década de #Bitcoin. Hay un punto que me llamó especialmente la atención: dejar de discutir si Bitcoin necesita más funciones y pasar a discutir qué ocurre alrededor de Bitcoin. En 2024 escribí justamente sobre uno de esos riesgos: cómo el desarrollo de mercados de crédito, custodios e instrumentos financieros puede derivar en "paper Bitcoin" si no existen mecanismos sólidos de transparencia y Proof of Reserves. El protocolo puede permanecer incorruptible mientras la capa financiera vuelva a cometer los mismos errores que vimos durante siglos con el oro y el sistema bancario. Me alegra ver que esta discusión empieza a ocupar un lugar central. @javier_mateos/bitcoin-y-la-reserva-fraccionaria-una-posibilidad-off-chain-4f4954f28bfb" target="_blank" rel="nofollow noopener">medium.com/@javier_mateos…

Nada de esto es "va a subir". Es una hipótesis con un tablero para seguirla trimestre a trimestre. Léelo completo acá 👇 @javier_mateos/strategy-michael-saylor-quiz%C3%A1-rece-para-que-bitcoin-no-suba-demasiado-c60a7bfd826a" target="_blank" rel="nofollow noopener">medium.com/@javier_mateos…

Otras 2 cosas que parte del consenso lee mal: -El "42% de descuento" no es desconfianza en $BTC. Es apalancamiento mal leído. -No hay margin call posible. Nadie puede obligarla a malvender. El mercado le puso precio al miedo y no a la metodología.

Two weeks ago, Ethereum researchers met in Berlin to continue charting the protocol's long-term trajectory, following along discussions with client teams in Svalbard in April. The updated strawmap is at strawmap.org, and I attached a picture of it to this post. My own high-level takeaways: * "Lean Ethereum" is not a single one-shot upgrade, it is a collection of improvements that will come online to the Ethereum network over the course of three or four years. But make no mistake, this IS the third major iteration of Ethereum in the same way that the Merge was the second. Almost every major piece of the protocol will be replaced: - Verification through recursive STARKs, rather than direct re-execution. Recursive STARKs become an enshrined first-class core component of the protocol - Replacing everything quantum-vulnerable with quantum-safe alternatives - Consensus: decoupled available chain and finality, one or two-round finality. Theoretically optimal security properties, simpler than today, and faster than today - Multidimensional gas - State: not just tree structure, but what *types* of state are available - Changes to client architecture ... At the same time, simplification, cleanup and future-proofing. And this will all be done in a way that minimizes disruption to existing application. We've done this before (the Merge), we can do it again. * H-star (aka Hegota) is probably Ethereum's last thematically "pre-Lean" fork. Starting from I-star, most of everything we do will have a very strong "Lean" feel to it in one way or another. * Privacy is no longer an afterthought, it is a first class goal. When designing Frames, the mempool, additions to the state tree, we explicitly ask the question "okay, how do quantum-safe, intermediary-free privacy protocol transactions go through this, and what is the overhead?" * Formal verification of everything for security. * FV also makes us much more comfortable with canonicalization (having pieces of the protocol that are directly defined as a piece of bytecode expressed in some language). evm-asm is being written in part to become a canonical proof system for the EVM. * Quantum safety has shifted up a LOT in priority. This adds a lot of work (eg. finalizing a quantum-safe blobs design has become urgent; this work has already been ongoing for months) * Probably the single most disruptive part of the plan is the changes to state. There is growing consensus around leaving present-day-style "dynamic state" mostly unchanged, but scaling it only a medium amount, and adding new types of state that are more scalability-friendly (eg. no need for builders to sync/store all of it) but more restrictive, and that will scale a large amount. eg. possible Ethereum in 2030: 2 TB of present-day-style (dynamic) state, and 100 TB of new-style (scalable but restrictive) state This "new-style" state would work very well for ERC20s, NFTs, many defi use cases, but not eg. highly "central" objects like Uniswap contracts, or onchain order books, or other complex things (which are crucial for Ethereum but which only take up a small percentage of state) Hence, it will not be *necessary* to rewrite any apps, but it will be *very cost-effective* to eg. rewrite an ERC20 token into a newer design that uses a new type of UTXO storage that is currently being explored, so that it will have >10x lower txfees. Design of these new state types (current ideas: keyed nonces, ring buffers, UTXOs, statically accessible state, temp state) is an area where we will need a lot of feedback from application developers (incl. privacy-friendly application developers) and probably several rounds of rethinking and iteration. * In the context of a much larger total state size, we need to figure out the incentive issues around who stores this state and what motivates them to. Even saying "each node stores 1%" is not good enough - why do they store that 1% and why are they willing to serve it? This is being elevated as a first-class research area. * Ethereum will need to have a "VM" other than EVM in one form or another - at the very least, we need something like leanISA for recursive STARKs - and the gains are large in exposing it to users so that we support programmable privacy and better scalability. Right now, the most likely contenders are leanISA and RISC-V. My own ideal is that in this world, we adjust the protocol so that the EVM becomes a high-level-language compiler-level feature, and the protocol only "sees" RISC-V / leanISA directly. But this is still far away. * Gas limit increases, blob increases and slot time decreases will happen many times over the next ~5 years. We expect a large gas limit increase with Glasterdam. Each step of increased scale or decreased slot time is a matter of getting to the point where it is safe to do it, which comes from a combination of client optimization and protocol changes. Ethereum is CROPS. Ethereum is scaling. Ethereum is reinventing itself. Onward.

Michael Saylor quizá esté rezando para que #Bitcoin NO suba demasiado. Un análisis más profundo muestra cosas que se están pasando por alto, y van más allá de que #Strategy $MSTR haya caído aproximadamente 80%. Link del artículo: @javier_mateos/strategy-michael-saylor-quiz%C3%A1-rece-para-que-bitcoin-no-suba-demasiado-c60a7bfd826a" target="_blank" rel="nofollow noopener">medium.com/@javier_mateos…

Why ISO 20022 won't make any stablecoin moon — and how the real regulatory convergence quietly entrenches USDC, USDT and a Trojan horse. #stablecoins #iso20022...Show more

¿Y si el verdadero caballo de Troya no fueran las CBDC? ISO 20022, la Travel Rule, la GENIUS Act, Chainlink y USDT0 están convergiendo hacia algo mucho más profundo que una simple actualización bancaria. Mientras todos miran las supuestas "monedas ISO 20022", el cambio real ocurre en la infraestructura del dinero digital. Les dejo mi análisis 👇 @javier_mateos/iso-20022-no-va-a-hacer-explotar-ninguna-stablecoin-el-caballo-de-troya-es-otro-c92437be73cc" target="_blank" rel="nofollow noopener">medium.com/@javier_mateos…

Read the full story👇 hackernoon.com/stablecoins-au…

Money became programmable and payments now run without humans: two chapters of one race where almost everything still settles in dollars. #stablecoins #x402...Show more

Quien paga, manda... y, desde hace un tiempo, quien paga puede no ser una persona. En la carrera por la transaccionalidad, hay un vínculo ineludible entre las stablecoins y los pagos autónomos. Y en ese caldo, casi todo, se liquida en dólares. @javier_mateos/la-carrera-por-la-transaccionalidad-de-las-stablecoins-a-los-pagos-autónomos-ea6ffa94554a" target="_blank" rel="nofollow noopener">medium.com/@javier_mateos… #stablecoins #x402 #bitcoin #ethereum #privacity

Fútbol + cripto en una misma conversación. Detrás de los fan tokens, hay comunidad, beneficios para hinchas... y también mucha volatilidad. Gracias a @Lucioferranta por la invitación y a Manuel Díaz Reynolds por el intercambio. Link a la nota: iproup.com/economia-digit… #FanTokens #Cripto #Mundial2026

Muy contento de haber participado en esta nota de @iproup sobre crédito colateralizado y #DeFi en Argentina. Gracias a @Lucioferranta por la invitación y por compartir espacio junto a @CasadioPablo (@bit2me ) y Federico Ogue (Nexo Argentina). Es importante entender que los sistemas de crédito descentralizado no eliminan el riesgo. Lo trasladan desde la identidad y el scoring crediticio hacia la gestión algorítmica del colateral, la liquidez y la volatilidad del mercado. Link a la nota: iproup.com/economia-digit…