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Meme

Paper Bitcoin

Henry’s note: rebuilt from the beat index — 54 beats across 29 episodes, coverage COMPLETE, spanning May 2025 to June 2026. The prior body was the WordPress definition, which describes what paper Bitcoin means everywhere except on the show that coined the running bit.

Paper Bitcoin is the Bugleverse’s central inversion joke. In the wider Bitcoin world the phrase is a slur — off-chain claims, IOUs and treasury-company shares that track the price without granting keys to any coin. On The Bugle the same phrase is said with approval: paper Bitcoin is treated, straight-faced, as the real scaling solution, the only remaining path to mass adoption, and the substance of an entire season of the show’s calendar. The gag never resolves into either endorsement or condemnation; the hosts hold both readings at once, which is why it outlasted every arc it touched.

Its purest statement is Richard Greaser‘s cold-open doctrine on the episode that named the format: a guest “hasn’t figured out yet that the best way to scale Bitcoin is with, paper Bitcoin. So he’s still doing the Lightning stuff.”1 Everything downstream — Paper Bitcoin Summer, the treasury-company gold rush, the pleb-as-exit-liquidity thesis — is that one line extended.

In it with: Rod Palmer · Richard Greaser · Evan Kaloudis · Rob Hamilton · CryptoMags · Pledditor · David Bailey · Michael Saylor · Timmy Tether · Paper Bitcoin Summer

Arc: storylines/paper-bitcoin-menace

The doctrine (May 2025)

The bit is born fully formed on the aptly titled Scaling With Paper Bitcoin, where Greaser introduces guest Evan Kaloudis — a Lightning developer — as a man who still hasn’t grasped that paper Bitcoin is the superior scaling technology.1 Rob Hamilton overrides the premise before it lands: “Dude, you don’t Zeus just added paper Bitcoin support,”2 and Kaloudis concedes he only shipped it because the Bugle bullied him into it. The episode’s origin story for paper Bitcoin among friends is a group-chat rug: “we were just zapping each other fake Bitcoin because of the mint shutdown.”3 Kaloudis closes his own loop eighty minutes later, proposing that the fix for a failing Zeus transaction is “Bugle net support.”4

From there the doctrine metastasises. On Orange Pilled Pioneers Greaser reassigns the show’s favourite slur rather than retiring it — “pleb. You know who’s a pleb? The paper Bitcoiners.”5 — and folds paper Bitcoin into an unbroken theory of custody and power: in a monarchy “everything’s paper Bitcoin, you know, the king, the king actually holds the keys.”6

The war question (June 2025)

Through the June 2025 run the bit becomes a measuring instrument. Rod Palmer poses the hinge the back half of one episode swings on — “Does paper Bitcoin prevent war, or does paper Bitcoin facilitate it?”7 — and the following week reframes Greaser’s temperament as a diagnostic, asking which is worse, “Paper Bitcoin or World War three?” (Greaser: World War three.)8 The same episode gives Rod his post-nuclear citadel, where “radiated zombie shitcoiners who are still looking for yield” moan at the walls instead of moaning for brains,9 and his prescription for the merely grumpy: stop living in the trash can and, like Matt Odell, “start your own” paper Bitcoin venture-capital firm.10

By late June the escalation is the show’s house style. Greaser’s cold open ranks the threats: “There’s war in The Middle East, riots in the streets, and even worse, every day, there’s a new paper Bitcoin company.”11 Rod, meanwhile, states the load-bearing form of the doctrine — every self-custodial Bitcoiner who was ever going to onboard already did, so all remaining growth must be paper: “if we wanna reach mass adoption, it’s gonna have to be through paper Bitcoin. I think Joe Rogan, like, will also be onboarded to paper Bitcoin.”12 The same logic yields his Middle East peace plan — “They have to orange pill the Israeli government. This is how we can stop war in The Middle East”13 — and its cruellest gag, that the only scenario in which Pledditor stops crying is “if a paper Bitcoiner got shot.”14

Paper Bitcoin Summer (mid-2025)

The season is declared by name in Greaser’s cold open on Queen Of Canadian Paper Bitcoin: “It is paper Bitcoin summer.”15 Guest CryptoMags supplies its founding legal fact — a three-year fight with the Ontario Securities Commission ending in a ruling that it is in the public interest for investors to buy paper Bitcoin, to which Greaser’s whole verdict is “Incredible”16 — and her own credential, advising a company billed as “the first Bitcoin treasury company led by a woman.”17 Rod names the summer’s doctrine as institutional conquest (“We’re infecting every institution”)18, and the episode’s best-engineered gag is Greaser’s fix for a rehypothecation panic: “put paper Bitcoin on the blockchain,” which CryptoMags escalates into hiring a Big Four auditor to “paper certify” the coins and putting the certificate on-chain too.19

The season acquires its own vocabulary. On The Orange Pill Is Not Ozempic Rod concedes the one legitimate use case — “Paper Bitcoin’s great for your wife’s four zero one k”20 — and The Bugle‘s outro song becomes the paper-Bitcoin anthem, “cipherpunk for the suit and tie chap.”21 Timmy Tether works the emasculation register: “buying paper Bitcoin sounds like something for guys with wives who have boyfriends.”22 Greaser reframes the whole thing as opportunity — the space is “sleeping on” paper-Bitcoin stock splits executed on the Lightning Network23 — while Rod diagnoses the mood: “the fun, the parties” migrated off-chain “and now it is in Bitcoin meme stocks. It’s a paper Bitcoin,” which is why the on-chain crowd is miserable.24

The mechanism underneath is stated without euphemism. Bitcoin treasury companies are “bailing the Fed out,” and in return the paper Bitcoiners believe they now hold “the keys to monetary policy.”25 The boomers are “the final exit liquidity.”26 Fundamentals’ book Bitcoin for Institutions is summarised as a manual for teaching institutions “how to paper Bitcoin responsibly.”27 And the power shift is Rod’s — “this is the revenge of the podcasters,” Wall Street having out-memed Bitcoin Twitter’s own meme gangs.28

Calling the top (autumn 2025)

The show spends the season refusing to call the top and then calling it. Rod won’t name it until it is “the title of a Joe Rogan podcast,” escalating to a Fed chairman citing paper Bitcoin summer at an FOMC meeting.29 Weeks later Greaser’s cold open declares it over: “Paper Bitcoin summer fizzled out before the first autumn leaves fell to the ground.”30 Guest David Bennett retcons the whole meaning — “we would always talk about reputations as being made of paper”31 — and calls time of death by calendar: “It’s all done. The paper Bitcoins, it’s fall people. First day of fall was what? A couple of days ago?”32

The autopsy runs into winter. Rod’s own paper-Bitcoin essay, “the hardest money ever printed,” is the feature of Stackchain Magazine’s IPO issue.33 Looking back, he can’t find the promised bull run — “couldn’t find it with a search party” — and lands the blame on Swan’s paper Bitcoin Treasury Index, “now it’s trading like the Sears catalog.”34 The meme-gang veterans are accounted for: Greaser asks whether Michael Goldstein, like Pierre Rochard, now “work[s] for a paper Bitcoin company.”35 Only Walker America declines the paper-Bitcoin podcaster-in-chief job on doctrinal grounds — “you can’t sell paper vibes… The vibes have to be the the original bearer instrument.”36

The unwind (winter 2025 – 2026)

By December the seasonal metaphor turns cold. Buster Cherry coins its opposite — “Paper Bitcoin winter is looking like it’s gonna be a cold one, folks”37 — on an episode whose guest, a self-styled Bitcoin crusader, admits “I’ve sold all of mine. I don’t hold Bitcoin anymore.”38 Rob Wallace lands the border rule for Bitcoin media: “never go full treasury company.”39 The year-in-review verdict is that people got “glazed and confused” with paper Bitcoin summer.40

The bit survives into 2026 as a reference point for whatever comes next. Rod names the successor season — “last year’s paper Bitcoin summer this year is gonna be the summer of plebs on plebs violence”41 — and describes the consolidated paper-Bitcoin order, in which “Strive is kinda like the Berkshire Hathaway of paper Bitcoin companies,” rolling up half the sector to take on Michael Saylor.42 He announces a concept album about the season’s sunk costs, “One More Summer, One More Edit,”43 and states its moral flat: “Pike investors use Plebs as exit liquidity.”44

The final beats fold paper Bitcoin into the show’s grievance liturgy. The Pleb Pride Month ad lists it among the things plebs blame instead of themselves — “It’s Paper Bitcoin’s fault… It’s David Bailey‘s fault.”45 — and Greaser sets it in a lineage of extraction vehicles: SPACs and IPOs, then ICOs, now prediction markets and paper Bitcoin, “new exciting ways for the plebs to be excellent liquidity.”46 Rod’s PIPE joke completes the thought — plebs are “pipe investors,” except neither P stands for pleb, and the real beneficiary is the private-equity investor in the “zombie company” reverse-merged public under a new logo and a Bitcoin treasury.47

Origins and retcons

The bit acquires several incompatible origin stories, and the show keeps all of them. The group-chat Fedimint rug is paper Bitcoin arriving by accident among friends.3 But on Pioneers Frame The Conversation Greaser retcons the Canadian falafel chain Tahini’s into the true progenitor — “he was like an OG paper Bitcoiner,” a man who treats Bitcoin as a treasury asset and won’t spend or accept it, whom Rod then claims were “the first They are the first treasury company to be announced.”48 Bennett’s later retcon abandons the coin entirely: the paper was always the reputations.31 None of these is retracted; the earliest and the latest coexist, which for a satirical universe is not an error but the point.

The satire object

Paper Bitcoin is also invoked as pure liturgy, detached from any thesis. It anchors Rod’s on-air eulogy — “We are gathered here today to mourn the passing of bitcoin, aged 16,” addressed to “podcasters, pioneers, node runners, paper bitcoiners”49 — and it is what PodConf is accused of selling as the path forward: “KYC, listen to Plebslop, buy paper Bitcoin.”50 By the end of the corpus it functions less as an argument than as a fixed point the show can orbit.

irl: “Paper Bitcoin” is a real term of abuse among Bitcoin custody hardliners — the equivalent of “paper gold” — aimed at ETFs, exchange balances and the Bitcoin treasury companies (Strategy, Metaplanet and their imitators) that dominated 2025. The satire’s whole move is to take the pejorative and voice it as praise, which is why the show can never quite say whether it is for or against the thing.

The meme on X (2025–2026)

The bit did not stay on the show. Across Rod Palmer‘s, Richard Greaser‘s and The Bugle‘s own timelines it became a self-sustaining running gag — the accounts’ single most worked-over subject, with hundreds of posts between them. The timeline version is the audio doctrine compressed to caption length: the same inversion, declared as a season, merchandised, and then buried on schedule.

Declaring the season

Where the show announces Paper Bitcoin Summer in a cold open, X treats it as an event you can be late to. “It’s the summer of Paper Bitcoin 😎🌞,” The Bugle posts as July opens51; three weeks later the account has moved to gatekeeping it — “Paper Bitcoin Summer ☀️ If you don’t get it, I don’t have time to explain it to you—I’m sorry.”52 Greaser plays the same note straight, asking only: “Are there any paper bitcoin meetups yet?”53 Rod supplies the season’s defiant slogan over a summer that would not, per the show, actually arrive — “Nothing stops this Paper Bitcoin Summer.”54 The Paper Bitcoin Summer merch cycle runs in parallel: national logos (“Made a Paper Bitcoin Summer logo for Canadians 🇨🇦”), a four-country poll, and a “Wet Hot Paper Bitcoin Summer #PBS” riff.55

The Grumpy vs Gleeful index — the show’s mood gauge — reads “MAX Gleeful as Paper Bitcoin Summer kicks into gear.”56

The inversion, in caption form

Rod’s timeline is where the doctrine’s straight-faced praise is purest. He asks the market to “pay me in paper bitcoin”57; reports that “paper bitcoin OTC desks are running out of pBTC”58; and coins the movement’s charitable creed, “hate the paper bitcoin not the paper bitcoiner.”59 The purest bit is his mock-naïve fact-check of self-custody itself: “someone said you don’t need paper bitcoin that you can just buy bitcoin p2p and hold the keys yourself.. can anyone confirm? i’ve never heard this before. trying to verify.”60 His Stackchain essay — the one the show later files as its winter autopsy33 — is trailed by The Bugle as audio: “🔊Paper Bitcoin. The Hardest Money Ever Printed.”61

The newswire

The Bugle’s bulletin format does most of the heavy lifting, minting fake concessions from real hardliners. Craig Wright “has re-emerged and he’s claiming he invented paper Bitcoin”62; Adam Back “says he’s changed his name to Adam SPAC Dr. SPAC, ‘Why not? It’s Paper Bitcoin Summer!’”63; a “Teddy Bitcoins” is revealed to be legally “Teddy Paper Bitcoins.”64 The testimonial genre gets a spokesman, “Theodore Persimmons,” recommending you go “private key free.”65 And the season gets its villains’ gallery: “The Four Horseman of Paper Bitcoin Stocks 💵 Michael Saylor David Bailey Jack Mallers Dylan LeClair” — the account’s highest-engagement post in the set.66

War, grumps and Pledditor

The X material corroborates the war framing the show builds in June 2025. Rod dates the rally to a conflict: “coinbase sponsored the 12 day war to kick off the paper bitcoin bull market.”67 The Bugle stages a summit — “White House Bitcoin Advisor David Bailey and Pledditor have reportedly entered negotiations to meet at Jekyll Island, Georgia to discuss a Paper Bitcoin Truce.”68 Rod’s most-liked post of the whole set is a hater’s obituary: “he died doing what he loved, calling paper bitcoin a scam. rest in cold storage, 👑.”69 Pledditor stays the designated grump; over a chase-scene clip Rod narrates, “as we showed pledditor, there’s no place you can go where we won’t find you to tell you we all miss you at paper bitcoin summer.”70

The unwind on the timeline

The seasonal reversal the show narrates through winter is on X too, and it outlives the summer by a year. Greaser lands the coldest line — “Pomp is trying to podcast his way out of paper bitcoin winter”71 — filing Pomp under the same recovery-by-podcast bit as Walker America. Rod reframes the whole gag as a trolley problem, the podcaster asked whether to divert a runaway trolley onto “400 million publicly traded companies that do not own bitcoin” or spare them and keep “bullying paper bitcoin companies with no operating business.”72 By 2026 the summer is a debt the plebs are told to repay — “I would rather that you just said ‘thank you for paper bitcoin summer. thank you for all the pleb slop and podcasts’”73 — and Greaser closes the canon back where it started, at the white paper: “Adam Back is the only Paper Bitcoiner cited in the white paper.”74 The revival tease never dies either; The Bugle keeps promising “Another Paper Bitcoin Summer” on the back of each new treasury-company acquisition.75

Footnotes

  1. Scaling With Paper Bitcoin @ 1:31 — of Evan Kaloudis, ASR “Evan Kalupis”; the cue’s full text begins “He he works on the Lightning Network.” ↩ ↩2

  2. Scaling With Paper Bitcoin @ 1:43 — Kaloudis concedes at 1:47, “I got tired of you guys bullying me.” ↩

  3. Scaling With Paper Bitcoin @ 4:50 — Fedimint rendered “Feda Mint” by the ASR. ↩ ↩2

  4. Scaling With Paper Bitcoin @ 1:19:32 — quote spans four cues, ending “and we’ll be cooking with gas.” ↩

  5. Bugle Weekly 63 @ 4:54 — cue opens mid-sentence from “It’s time to just ditch that word.” ↩

  6. Bugle Weekly 63 @ 50:32 — the “monarchies are gay” tirade, aimed at Saifedean Ammous (“Seifedean”) and Aleks Svetski (“Svetsky”) for parroting Hoppe; the paper-Bitcoin payoff, “everything’s paper Bitcoin… the king actually holds the keys,” lands at 51:44 (t-3124). ↩

  7. Bugle Weekly 64 @ 29:31 — one sentence across four cues; segment titled “The Impact of Paper Bitcoin on War.” ↩

  8. Bugle Weekly 65 @ 4:12 — the question completes as “Paper Bitcoin or World War three?”; Greaser answers “World War three” at 4:16. ↩

  9. Bugle Weekly 65 @ 12:35. ↩

  10. Bugle Weekly 65 @ 51:50 — Matt Odell named unmangled. ↩

  11. BTP 18 @ 0:07 — the same cold open declares “we are officially in the fourth turning.” ↩

  12. Bugle Weekly 66 @ 26:17. ↩

  13. Bugle Weekly 66 @ 28:31. ↩

  14. Bugle Weekly 66 @ 46:23 — verbatim “if a paper Bitcoiner got shot, that might be the only time Pledder is not crying.” Pledditor is rendered “Pledder”/“Pledger”/“Plenner” across this stretch; he is the X purity-tester, not Matt Odell, who is absent from the episode. ↩

  15. BTP 20 @ 0:01 — also the title of the episode’s first and last chapters. ↩

  16. BTP 20 @ 2:36 — “‘26 page ruling” is ASR; the figure may have been 126 or 226. ↩

  17. BTP 20 @ 22:58 — of DDC; Rod calls it “founded by and lost by a woman” at 23:17, ASR for “led by.” ↩

  18. BTP 20 @ 26:30 — “There’s no institution left standing”; two cues earlier Rod coins “BIA… Bitcoin intelligence agency.” ↩

  19. BTP 20 @ 1:07:08 — “Brilliant.” is CryptoMags’; chapter titled “Put Paper Bitcoin On the Blockchain.” Reprised at 1:12:46. ↩

  20. Bugle Weekly 69 @ 41:57 — “four zero one k” is ASR for 401k; paired with “Stablecoins are for HR departments.” ↩

  21. Bugle Weekly 68 @ 41:48 — the uncredited outro song; “sad stacks” is ASR for “sat stacks.” ↩

  22. Bugle Weekly 73 @ 1:05. ↩

  23. Bugle Weekly 72 @ 7:08 — quote spans 7:08 and 7:11; follow-through, “paper Bitcoin stock splits on the Lightning Network,” at 7:12. ↩

  24. Bugle Weekly 73 @ 6:21 — Timmy Tether names the season at 0:53 (t-53); the “wives who have boyfriends” line is at 1:05. ↩

  25. Bugle Weekly 68 @ 1:43 — verbatim, ASR warts: “It’s gonna save the Fed’s bailing the Fed out Bitcoiners.” ↩

  26. BTP 19 @ 4:06 — Charlie Spears agreeing that boomers “are the final exit liquidity.” ↩

  27. BTP 19 @ 1:12:09 — quote spans 1:12:09 and 1:12:17. ↩

  28. Bugle Weekly 71 @ 8:17 — “leveraged Bitcoin equities as Corey at Swan calls them” (ASR for Cory Klippsten) made “cooler than Pleb Underground.” ↩

  29. Bugle Weekly 74 @ 32:22 — escalated at 33:08 to a Fed chairman citing paper Bitcoin summer at an FOMC meeting. ↩

  30. BTP 23 @ 1:30 — same cold open: “Nostra has become a ghost protocol” (ASR for Nostr). ↩

  31. BTP 24 @ 32:49 — premised on the podcast adage that a reputation takes years to build and seconds to burn; payoff at 33:07, “there’s a very real possibility of a forest fire.” ↩ ↩2

  32. BTP 24 @ 33:42 — triggered by a same-day 100-BTC buy from a treasury company the ASR renders “BeHodl.” ↩

  33. Bugle Weekly 84 @ 1:02:00 — quote spans three cues; Greaser’s copies of Stackchain “are still sealed.” ↩ ↩2

  34. Bugle Weekly 83 Pt 2 @ 2:48 — the missed bull run at 2:32 (“couldn’t find it with a search party”); the Swan index line at 3:05. ↩

  35. Bugle Weekly 78 @ 45:24 — resolves the ASR “Michael Bitzstein” (Bitstein / Michael Goldstein, no page); “Pierre Richard” is Pierre Rochard. ↩

  36. BTP 25 @ 7:04. ↩

  37. Bugle Weekly 88 @ 1:25 — Buster Cherry, pinning the bear market on Dennis Porter’s silence. ↩

  38. Bugle Weekly 88 @ 20:23 — the guest blames “core v 30” (also “COVID thirty” in the ASR) and promises to rebuy “once we get what we want and we can impose that on others.” ↩

  39. BTP 28 @ 16:58 — Rob Wallace; Rod’s concession follows, “The Paper Bitcoin summer parties are the best parties… but you do have to deal with the Paper Bitcoiners.” ↩

  40. Bugle Weekly 91 @ 35:24 — the sentence continues “with Pay for Bitcoin summer,” ASR for Paper Bitcoin Summer. ↩

  41. Bugle Weekly 96 @ 7:51 — the violence is specifically BIP 110 violence; the name competes with “white goi summer” for the same season. ↩

  42. Bugle Weekly 108 @ 49:51 — Strive Asset Management (no page); ticker garbled “SOTA”/“SALTA”/“Sansa”; Rod’s coda at 51:14, “Crypto is effectively dead.” ↩

  43. Bugle Weekly 110 @ 22:08 — “it’s about paper Bitcoin summer, and it is about not giving up… But what is the cost?” ↩

  44. Bugle Weekly 110 @ 23:27 — “Pike investors” is ASR for PIPE (private investment in public equity) investors. ↩

  45. Bugle Weekly 111 @ 0:43 — the Pleb Pride Month ad’s litany of scapegoats. ↩

  46. Bugle Weekly 111 @ 44:02 — “excellent liquidity” is the ASR’s recurring mangling of “exit liquidity”; tokenized securities named as next at 44:47. ↩

  47. Bugle Weekly 111 @ 45:18 — reverse-merger definition at 45:29, “take a dying zombie company and take it public under a new logo with a Bitcoin Treasury.” ↩

  48. Bugle Weekly 79 @ 24:12 — Adam Semeka (ASR “Adam, Samecca”); the Tahini’s origin retcon is at 22:51 (t-1371) and 23:34 (t-1416). Tahini’s has no page and its founder’s name is fumbled on air. ↩

  49. Bugle Weekly 80 @ 3:09. ↩

  50. Bugle Weekly 80 @ 51:53 — PodConf rendered “Podkoff”/“Podcom” in the ASR. ↩

  51. “It’s the summer of Paper Bitcoin 😎🌞” — @bitcoin_bugle, 2025-07-01. ↩

  52. “Paper Bitcoin Summer ☀️ If you don’t get it, I don’t have time to explain it to you—I’m sorry.” — @bitcoin_bugle, 2025-07-19. ↩

  53. “Are there any paper bitcoin meetups yet?” — @GreaserRichard, 2025-07-01. ↩

  54. “Nothing stops this Paper Bitcoin Summer” — @rodpalmerhodl, 2025-08-22. ↩

  55. “Made a Paper Bitcoin Summer logo for Canadians 🇨🇦” — @rodpalmerhodl, 2025-07-22; the four-country logo poll — @bitcoin_bugle, 2025-07-22; “Wet Hot Paper Bitcoin Summer #PBS🌞⛱️” — @bitcoin_bugle, 2025-07-18. ↩

  56. “The Grumpy vs Gleeful index is MAX Gleeful as Paper Bitcoin Summer kicks into gear” — @bitcoin_bugle, 2025-07-02. ↩

  57. “pay me in paper bitcoin” — @rodpalmerhodl, 2025-07-02. ↩

  58. “paper bitcoin OTC desks are running out of pBTC” — @rodpalmerhodl, 2025-07-06. ↩

  59. “hate the paper bitcoin not the paper bitcoiner” — @rodpalmerhodl, 2025-07-05. ↩

  60. “someone said you don’t need paper bitcoin that you can just buy bitcoin p2p and hold the keys yourself.. can anyone confirm? i’ve never heard this before. trying to verify.” — @rodpalmerhodl, 2025-07-06. ↩

  61. “🔊Paper Bitcoin. The Hardest Money Ever Printed - @rodpalmerhodl” — @bitcoin_bugle, 2025-07-07. ↩

  62. “Craig Wright has re-emerged and he’s claiming he invented paper Bitcoin” — @bitcoin_bugle, 2025-06-25. ↩

  63. “@adam3us says he’s changed his name to Adam SPAC Dr. SPAC, “Why not? It’s Paper Bitcoin Summer!"" — @bitcoin_bugle, 2025-07-16. ↩

  64. “Teddy Bitcoins reveals his full legal name is Teddy Paper Bitcoins.” — @bitcoin_bugle, 2025-07-15. ↩

  65. “Paper Bitcoin saves me time… I highly recommend going ‘private key free’! - Theodore Persimmons” — @bitcoin_bugle, 2025-06-19. ↩

  66. “The Four Horseman of Paper Bitcoin Stocks 💵 Michael Saylor David Bailey Jack Mallers Dylan LeClair” — @bitcoin_bugle, 2025-06-17; 442 likes, the highest-engagement post in the scanned set. ↩

  67. “coinbase sponsored the 12 day war to kick off the paper bitcoin bull market” — @rodpalmerhodl, 2025-06-23. ↩

  68. “White House Bitcoin Advisor David Bailey and Pledditor have reportedly entered negotiations to meet at Jekyll Island, Georgia to discuss a Paper Bitcoin Truce” — @bitcoin_bugle, 2025-06-29. ↩

  69. “he died doing what he loved, calling paper bitcoin a scam. rest in cold storage, 👑” — @rodpalmerhodl, 2025-07-14; 507 likes, the most-liked post in the set. ↩

  70. “as we showed pledditor, there’s no place you can go where we won’t find you to tell you we all miss you at paper bitcoin summer” — @rodpalmerhodl, 2025-07-20. ↩

  71. “Pomp is trying to podcast his way out of paper bitcoin winter” — @GreaserRichard, 2026-07-13. ↩

  72. “you are a podcaster, a trolley is headed towards 400 million publicly traded companies that do not own bitcoin. you can pull the lever to divert it to the other track, bullying paper bitcoin companies with no operating business. what do you do?” — @rodpalmerhodl, 2026-01-13. ↩

  73. “I would rather that you just said ‘thank you for paper bitcoin summer. thank you for all the pleb slop and podcasts.’…” — @rodpalmerhodl, 2026-01-14. ↩

  74. “Adam Back is the only Paper Bitcoiner cited in the white paper” — @GreaserRichard, 2026-03-25. ↩

  75. “David Bailey Claims NAKA’s Acquisition Of Bitcoin Inc Will Ensure Another Paper Bitcoin Summer, Twitter Spaces Analysts Skeptical” — @bitcoin_bugle, 2026-02-17. ↩