It's Wednesday, my dudez, and it's Nordic Node time!

Not the world's most exciting forthnight, but honestly: after fork and Coldcard debacle, we needed a break (#1540813).

Still: we get euronotes pranks, Danes wrench-attacking Pokémon associations (not bitcoin meetups!), Bitcoin miners turning to AI instead (#1535737), and the moral economy of Norway shockingly blowing up in financial paradox.

For putting bitcoin on the balance sheet of a publicly listed company, the less real activities and commercial operations the entity has, the better. In the summer of 2025, one bitcoin, the archetypal non-financialized outside asset, was worth two/three/five bitcoin as a financialized asset; if you missed the Paper Bitcoin Summer and its associated mania (insert analogy of Icarus flying too close to the sun…), congrats for maintaining more brain cells than the rest of us did.

Also, I loved this line:

The Bitcoin world may lie in shambles, at the end (let’s pretend?) of a very infectious, sociologically challenging bear market. 

But it’s not like the nonsense in fiatland that drove us here is at all in any better of a state. Instead of fixing the money they issue, our European Central Bank overlords are trying to fix the cosmetics of the crumbling excuse for money they rule.

What's for Reading, Homie?

Norwegian Mr. Burns: Speaking of the moral economy of allocating electricity, Norway’s Oljefondet quietly reported its best quarter in years, mostly boosted by tech (ergo, AI) stocks. Yes, yes, complain about the electricity use all you want; we’re busy earning billions off the stocks benefiting from the compute. 

The Coldcard Case is Cold: The final post-mortem technical deep-dive into what went wrong at Coldcard, courtesy of Loïc Morel and the Wizardsardine team. Amazing. Also, Jameson Lopp’s BIP-110 post-mortem. 

Nordic Financiers: Bitcoin Suisse AG, a “leading Swiss premium crypto finance service provider” (yeah, that’s a mouthful -.-) is aggressively catering to the Nordic market, now that the treasury scene is dead. Once they get their MiCA stuff in order, it shall be interesting to see what comes of it. Count me skeptical. 

The Deep Philosophical Wisdom of Play: Great weekend read in the Financial Times on life purpose, work-life balance, and what the play — ostensibly placing inefficient obstacles in your way — amounts to. (gift link) #1548719

Disagree but worth reading: Miller Cole, of Smarter Web UK (a treasury company….) has a nice overview out about gross vs net metrics for the sats backing a treasury company’s outstanding shares. A self-respecting Bitcoiner shouldn’t be involved with treasury companies; but if you are, it’s better to do it well and analytically rigorous.

The Nordic Node #7: "The Day the Token Wars Came"

The Nordic Node #6: "A Dilution a Week Keeps the Saylorbois Weak"

The Nordic Node #5: "EU Overlords, Decaying Cultures, & Treasury Companies Dying"

The Nordic Node #4: "Satoshi Talks, Mining Controversy, and some Suitcoinery"

The Nordic Node #3: "Two Suitcoiners and a Bitcoin Bodyguard Walk into a Bar..."

The Nordic Node #2: "Lambs, Bitcoin Adoption, and Criminals"

The Nordic Node #1: "Welcome to the Nordic Node!"

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