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Starting from scratch, a nationalised model could work for Britain’s utilities. But register for free to read why the transition costs dwarf any benefits
Starting from scratch, a nationalised model could work for Britain’s utilities. But register for free to read how the transition costs dwarf any benefits Photo: Getty Images
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It is with a heavy heart that we announce we are winding down the Botanix network. This decision is the hardest one we have made in four years, and we want to share the reasoning openly because the people who backed us, built with us, and used what we shipped deserve more than a quiet shutdown notice. First off, an immediate practical consideration for the Botanix community: please withdraw your Bitcoin and other assets before July 9th, 2026. When we started in 2022, the pitch was simple enough to say in a sentence: bring real utility to Bitcoin. What that actually meant in practice, and what we have spent nearly four years building toward, was more ambitious than that sentence made it sound. We were trying to build a Bitcoin-based blockchain that could find genuine product-market fit as a platform for Bitcoin applications, without using token incentives to drive growth, manufacture users, or simulate utility. Almost every chain that has launched in the last cycle has reached for the same playbook (issue a token without PMF, engineer the incentive surface, point at the resulting metrics), and we did not believe this route is a viable strategy in the long term. We wanted to know whether a Bitcoin chain could earn its users on the strength of what was built on top of it, the value it brings in the market with Bitcoin itself as the only meaningful economic primitive in the system. And we built it. The Spiderchain went live and stayed live, a year of mainnet operation with one hundred percent uptime and zero security incidents on a genuinely novel cryptographic architecture. We built Dynafed, a dynamic federation that turned the Spiderchain from a static multisig set into a rotating, decentralized one, the technical milestone that most people in this space said could not be built on Bitcoin without compromising trust assumptions. Twenty-five million transactions, two hundred thousand wallets, and tens of millions of dollars in assets moved across the chain, every single number of that earned organically without a token, without airdrops, without points programs, or any of the manufactured-demand machinery. Chainlink, Morpho, GMX, Dolomite, Fireblocks, Alchemy, Galaxy, OKX Wallet, all integrated. We shipped a Bitcoin neobank with BINK on iOS and Android, with self-custodial email login for Bitcoin (something that had never existed before), native Bitcoin yield, and the lowest borrowing rates against Bitcoin anywhere in the world, all of it downstream of owning the infrastructure. The point of saying this is not to argue with our own conclusion. The protocol works, the product works, and our team and ecosystem worked in concert to do exceptional work. We have run this experiment in earnest, with a working protocol, real applications, and a serious team, for over a year on mainnet and nearly four years in total. The honest answer we have arrived at, after living inside it every day, is that it did not work, at least not in this market and not on this timeline. We want to share what we think we learned, with the caveat that some of this is conviction and some of this is still suspicion, and we would rather be transparent about the difference than pretend to have clarity we do not have. The first thing I've had to sit with is timing. Bitcoin utility, making Bitcoin programmable, productive, and integrated into real financial activity, isn't where the real world users sit right now. The conversation is still on Bitcoin as a reserve asset, on its monetary and political positioning, on base-layer conservatism. Those questions are upstream of the ones a Bitcoin L2 needs people to be asking. I still believe Bitcoin gets there, but belief in the destination is not the same as being able to predict when, and nobody can. It's also possible the destination never materialises at all, and that Bitcoin's role as a reserve asset is simply where it settles. If that's true, there will never be a market for what we were building, and no amount of time or capital would change that. The second is the token question. We intended to eventually launch a token. We saw it, and still see it, as a genuinely new form of equity, something closer to an IPO than an airdrop, to be done when you reach product market fit and the moment is right. That moment never came. What became clear over the last year is that the market largely stopped rewarding even the more considered versions of that playbook. Token launches across the board have broadly underperformed, and those that did go to market with tokens haven't seen the outcomes or PMF that the model is supposed to produce. The third lesson is about where DeFi demand on Bitcoin actually lives. For most use cases that exist today, lending, yield, leveraged exposure, WBTC on a mature general-purpose L2 is genuinely sufficient. Users have voted with their behaviour, and the verdict is that the trust assumptions of a wrapped representation on Ethereum are acceptable to almost everyone who wants Bitcoin-denominated DeFi. Decentralisation matters to people in principle and in conversation; in practice, when something cheaper and easier is in front of them, they use it. The security case for a dedicated Bitcoin L2 is real, but it only matters for a narrower band of applications than our thesis required, one of the clearer lessons this market has taught us. The fourth lesson is structural. The on-chain economy is consolidating around venues that own the user relationship: Hyperliquid, Robinhood, the major CEXes, and now TradFi participants absorbing an ever-larger share of attention, flow, and revenue. Convenience and institutional credibility win, every time, as soon as they're available. As retail participation thins, that concentration only deepens. We were, and still are, believers in decentralisation, but the current direction of on-chain growth is running through distribution, and any team building base-layer infrastructure today is rowing upstream against that current. We were no exception. The fifth lesson is the most concrete. Both of the above played out directly in our economics. The users we attracted were primarily using Bitcoin as a store of value for yield, a legitimate use case, but not the high-frequency transaction volume that drives fee revenue on a network like ours. BINK was our answer to that: a Bitcoin neobank designed to bring daily usage of BTC and stablecoins on-chain, driving the transaction volume the network needed. It was the right strategic instinct, and one we never got the chance to fully test. BINK only landed on both app stores in the last few weeks, a product that by its nature could only be built once the underlying infrastructure was proven and live. When users choose the convenient option and economic gravity pulls toward distribution, what's left on a decentralised infrastructure layer is a user base that costs more to serve than it generates. Infrastructure costs are what they are, and the fee income never came close to covering them. If you would like to see how we were imagining a Bitcoin future and what we have been working on since September, feel free to download BINK and give it a spin: it’s a full-fledged self-custodial Bitcoin Neobank with email login, one click borrowing, a Lightning integration and more. App store: Play store: This UX is where we think Bitcoin is ultimately heading towards although it feels too early. You can use invite code 1SD31R, but remember to remove your funds by July 9th. We could keep going. We have chosen not to, however, because continuing past the point where additional time stops producing additional learning is not conviction, it is something that looks like conviction from the outside while corroding into something else on the inside. We would rather stop now, with integrity intact and resources available to take care of the people who took a chance on us, than push the experiment past the point where it still has something to teach us. Reminder: Please withdraw all your assets by July 9th. After this, the federation will sweep the remaining Bitcoin. Any other assets or tokens on the network from then onwards will unfortunately be unrecoverable. After this, the federation will sweep the remaining Bitcoin. Any other assets or tokens on the network from then onwards will unfortunately be unrecoverable. To our investors, who backed a thesis that was harder to defend than it should have been, to our partners who built alongside us and bet pieces of their own roadmaps on ours, to the developers who deployed on Spiderchain, to our users and the BINK community who showed up for something experimental and stayed, and most of all to the Botanix team who shipped a genuinely novel system with rigour and care and who made every hard day worth the difficulty: Thank you, more than the words available here can carry.
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The Netherlands also has its Henry Nowak cases. In July 2020, 14-year-old Tamar from Marken was hit by a car on a dark dike road and left to die. Her body was later found in the berm. What happened next is deeply disturbing. The police initially told her mother that the driver was German. Days later the truth came out: it was four Iraqis in the car. The mother was told they withheld the real background because they didn’t want to create a "Wilders-effect" — they didn’t want to give Geert Wilders political ammunition. Even worse: evidence strongly suggests Tamar’s body was moved after the accident. The driver didn’t just flee, they dragged her off the road and left her there like an animal. The driver received only a €1,500 fine for looking at his phone while driving. He then disappeared completely. The fine was returned “undeliverable” and for years he was untraceable. Only after years of fighting by the family (including going to court to force prosecution), a breakthrough came in March 2026: the now 33-year old Jamal is finally being prosecuted for causing the fatal accident and leaving the scene. Just like Henry Nowak in Southampton — an innocent young person dies, authorities seem more focused on protecting a narrative and avoiding “political incorrectness” than on delivering swift justice. A 14-year-old girl dies on a Dutch dike. The system lies about the identity of the driver, gives him a slap on the wrist, loses him for years, and only after massive pressure does real prosecution begin. This is not just a traffic accident. This is a story about truth, accountability, and what happens when institutions put ideology before grieving families. Her name was Tamar. She was 14. She deserved better. ♡
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Boston Dynamics has demonstrated its new Atlas humanoid robot lifting and carrying a 50-pound fridge. The robot uses its whole body to balance and move the heavy object in a natural, human-like way. Before doing it in the real world, Atlas practiced the task for millions of hours in a virtual simulation.
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BULLISH: TRUMP DROPS BOMBSHELL ON BTC “I got into Bitcoin before my second term inspired by my kids, it’s a big win for America. If we didn’t have Bitcoin, China would have taken it. Not on my watch.” Why this matters: • Recent President publicly endorses BTC • Positions Bitcoin as geopolitical asset vs China • Sparks institutional & retail FOMO Bottom line: Trump isn’t just talking. He frames Bitcoin as a national priority and the market is listening.
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🚨🚨BIG ANNOUNCEMENT 🚨🚨  Zac Brown Band @zacbrownband to Headline 250th Fourth of July 
Celebration on June 28, Brussels, Belgium   U.S. Ambassador to Belgium Bill White is excited to announce the multi-platinum, GRAMMY award-winning group, Zac Brown Band—whose music has generated more than 11 billion streams worldwide—will perform as the headline act as the U.S. Tri-Mission in Belgium celebrates the 250th anniversary of the United States’ independence. With more than 5,000 guests, to include our great US servicemembers and their families, the invitation-only June 28 event at Parc du Cinquantenaire will also feature a range of activities in a festival setting, brief remarks from senior U.S., Belgian, EU, and NATO leaders and visual displays to cap off the evening including fireworks and a historic aircraft flyover.   “We (@BryanEureWTW @USAmbEU @AndyPuzder @MattWhitaker46 @USAmbNATO) are excited to welcome a truly wonderful talent like Zac Brown Band to perform for our brave men and women in uniform, their families, and our thousands of guests from Belgium and Europe,” said Ambassador White.  “Zac is a very strong and longstanding supporter of military veterans, and I know that he and the band will bring an incredible energy to our celebration in the heart of Brussels. Thanks to Zac and our other participants, we believe this event will be one to remember for generations to come.”   “The band and I are honored to be part of his historic celebration of America’s 250th anniversary of independence,” said Zac Brown.  “We cannot wait to join Americans, Belgians, and friends from around the world for an unforgettable night of music in Brussels.”   Founded in 2002, Zac Brown Band is an American country music group that blends country, Southern rock, folk, bluegrass, reggae, and pop influences.  A native of the state of Georgia, frontman Zac Brown is an American singer, songwriter, and guitarist, who has won eight major music awards, including three GRAMMY Awards.  Brown is also the founder of Camp Southern Ground, a summer camp that supports both military veterans and neurodiverse children and youth with social, emotional or financial challenges. We’re excited to welcome ZBB and @KendraScott to Belgium!
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“The new leaders are establishment actors: pragmatic, hardened nationalists operating with a clear-eyed assessment of Iran’s capabilities and vulnerabilities.” Such write “professors” @vali_nasr and @nargesbajoghli about the new leadership of the Islamic Republic in their new propaganda… sorry… “article” in @ForeignAffairs. It couldn’t be further from the truth. First of all, using the term “nationalist” to describe I.R. leaders is completely misleading. The regime leaders have continuously shown that the only thing they don’t care about is the national interests of Iran. They have consistently put their own interests above those of the country and have created an extraction economy that uses Iran’s vast resources—material and human—to fill their own pockets. This is not nationalism. This is oligarchic thievery and ideological colonialism imposed on Iran by a ruling class that sees the country not as a nation to be developed, but as a territory to be exploited. A nationalist government seeks to maximize the prosperity, security, dignity, and power of its people. What exactly has the Islamic Republic done? - It presided over one of the largest brain drains in modern history. - It turned one of the most resource-rich nations on earth into an economic basket case. - It squandered hundreds of billions of dollars on foreign adventures while millions of Iranians struggled to afford meat, medicine, and housing. - It destroyed Iran’s currency. - It destroyed Iran’s environment. - It destroyed trust between state and society. - And it has systematically driven away many of the very people most capable of building the country. Furthermore, to call these thieves “pragmatic” requires a breathtaking disregard for the historical record. Pragmatic leaders do not spend decades pursuing ideological projects that leave their country isolated, sanctioned, poorer, weaker, and increasingly dependent on foreign powers. Pragmatic leaders do not antagonize much of the world while simultaneously claiming victimhood for the consequences. Pragmatic leaders do not sacrifice generations of economic development to preserve the privileges of a small ruling elite. The I.R. has often been tactical… It has often been ruthless… It has often been adaptive... But adaptive is not the same as pragmatic. A bank robber who changes getaway cars is adaptive. He is not pragmatic. The regime’s leadership has repeatedly demonstrated a willingness to sacrifice Iran’s long-term national interests whenever those interests conflict with the preservation of the system itself. And that is the central deception embedded in sentences like the one above. By describing regime insiders as “pragmatic nationalists,” the authors attempt to present the Islamic Republic as merely another state pursuing ordinary national interests. It is not. The central political struggle in Iran today is precisely that the interests of the regime and the interests of the Iranian nation have diverged. The freedom movement led by @PahlaviReza and @NoorPahlavi is not confronting a group of misunderstood nationalists... no! It is confronting an entrenched ruling class whose survival depends on preventing the emergence of a normal, prosperous, accountable nation-state. The Iranian people are the nationalists. The regime is what stands in their way. @vali_nasr I challenge you to a debate on this matter... name the time and place.
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These are an example of what in China is called a 'nail house' (dingzihu). Buildings like this represent those who, like stubborn nails, defy state-ordered evictions and demolitions by refusing to vacate their properties.
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The biggest mistake governments are making about AI: They think AI is a software race. It isn't. It's an industrial infrastructure race. A nation without compute is a nation renting intelligence from someone else. A country that does not control: energy chips data centers AI infrastructure will become a customer. Not a competitor. We learned this lesson before. Oil shaped the 20th century. Compute will shape the 21st. AI policy cannot just be about safety and regulation. It needs to be about industrial strategy. Follow me if you want to understand the economy being built underneath AI.
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