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I used to think I had a pretty good handle on the Bitcoin ecosystem. Then I saw this post on X about this company called American HoldCo.
I had never heard of them, so I went to this website of theirs. It's light on details. Mostly it's just a subscribe button in front of tough Americana footage.
So then I went to their X profile and looked at who they were following. Their very first follow is something called Next Layer Capital, which says of itself
We combine 60+ years experience across bitcoin and capital markets to advise Bitcoin treasury companies. Now building @AmericanHoldCo πŸ‡ΊπŸ‡Έ
Very well: what is Next Layer Capital? Their website seems like it has a few more details than American HoldCo:
WE SIMPLIFY & ACCELERATE CORPORATE BITCOIN ADOPTION.
Checking out their Team page, it's all very cool looking and for a moment I thought I'd accidentally clicked on GQ's management page.
I've never heard of any of these guys. It's probably because I don't get out enough, but still, I lurk around Bitcoin enough that I'm a little surprised I don't even recognize an advisor.
So searching around for the first guy on the page: Dean Callas, I see that he spoke on this panel (Financing Corporate Growth w/ Bitcoin) at the Bitcoin 2025 conference in Las Vegas.
Also on the panel was Norma Chu from DayDayCook. Well now, there's something else I've never heard of: what is DayDayCook?
Googling "DayDayCook" returns their investor relations website where I learn that DayDayCook
is spearheading the corporate Bitcoin treasury revolution while maintaining its foundation as a leading global Asian food platform.
That seems great, if perhaps not exactly what one expects to see from "a leading global Asian food platform."
Also surprising is that the largest letters above the fold on their website are "INVESTOR RELATIONS."
Clicking on Company Info doesn't really shed much light on the culinary products of DayDayCook, but it does have contact information...for investor relations. If you go to DayDayCook.com you get to a Chinese language recipe site -- which is what I expected to find.
To find out more, I should email Yujia Zhai of Orange Group Advisors.
What is Orange Group Advisors? If you take the time to go to their website, you will notice that it is very orange. Orange Group Advisors
is a full-service Investor Relations advisory firm based in San Diego.
I didn't recognize anyone on their team, but searching for some of them, I finally found something recognizable: their social media manager goes by the handle @BTC_Bella69420.
Now that sounds like a Bitcoiner. Her X bio reads:
Sr. Director – Retail Strategy, Social Media, & Events at Orange Group Advisors / IR & Event Director at Mining Mafia (Few)
On the Orange Group Advisors' website, their social media manager is listed as having the somewhat unlikely name of Chardonnay Boger.
The Director at Orange Group is Cody Fletcher. His LinkedIn recently reposted an update from Orange Group that read
πŸŽ‰ Orange Group has crossed $2M ARR in 18 months.
β€” Zero dollars raised. β€” No marketing team. β€” 100% convinction. [sic] β€” Stacking Bitcoin.
We’ve worked our way up the entire industry tech stack β€” from mining and infrastructure to fintech, financial services, and treasuries.
Today, we’re the most embedded IR firm in the Bitcoin ecosystem.
Thank you to the clients who trusted us early and the team that keeps delivering. hashtag#OG hashtag#StrengthandHonor πŸš€

What is the point of all this?

It's easy to live in a safe little bubble where everything about Bitcoin is familiar and we know how people talk, but Bitcoin is an open, permissionless system and there is probably a lot more going on than you suspect.
It's easy to live in a safe little bubble where everything about Bitcoin is familiar and we know how people talk, but Bitcoin is an open, permissionless system and there is probably a lot more scamming going on than you suspect.
Fixed that for you.
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There were so many points in the OP where I could have used that word. I'm generally reluctant to call people scammers, though. The term fits so much of this industry, if once one starts, I'm not sure where to stop.
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Yeah, I was sarcastically proposing hyperbole, even though I kind of believe that it's got about a 99.99% chance to be true in this case too.
The problem that the "industry" has is that the most efficient route in Bitcoin to transact is as p2p as possible, as close to L1 sats as possible. That means currently on-chain for larger amounts and peer-through-peer using the lowest possible fee-route on LN.
This causes a dilemma for bankers because the Bitcoin system is rigged against them: there is no need for a middleman. Thus, you see very little legit services and many technically unnecessary attempts to seek rent.
But I do agree with you that we could call everyone a scammer and its kind of bad hyperbole, even when it's true.
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there is no need for a middleman.
That's the key, isn't it?
The whole bitcoin treasury sector feels awfully scammy to me. And yet I can't even convince my dad to hold btc instead of mstr. It's just stupid.
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338 sats \ 10 replies \ @ek 24 Jul
civilization was built on the division of labor, so far people don't consider custody of assets an exception to this rule
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Do you personally consider it an exception to this rule though? Because I think ultimately that's what matters - not what other people do, but what we do ourselves.
But this gets at the conversation I was having with @kepford (#1050253) and @justin_shocknet (#1050277) the other day.
If I understood Justin correctly, he sees free banks as the peers that make up the p2p bitcoin network and the trust model largely remains the same (because remains censorship resistant by transcending geography).
Whereas I think kepford sees a needed cultural change to where people do see custody of assets as an exception to the rule.
(hopefully, I've done justice to their respective viewpoints)
How does the trust model for Bitcoin change if the masses don't self-custody?
Indeed. Maybe that will change. Time will tell.
Took me over a decade and I only just recently succeeded... #1042130
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β€” 100% convinction. [sic]
"conviction. its easy, con--like you!--vic-tion"

edit: re-reading i realized your article took a much more charitable tone than mine.
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Freakin' crazy click journey, eh?
Man, these scammy grey areas of finance<->bitcoin are noooot impressing anyone
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102 sats \ 1 reply \ @OT 24 Jul
They all sound like shell companies to me. I'm glad that I don't hear too much about all this. Maybe it's out of ignorance but there's only so much time in a day. They might "outperform" bitcoin for a short period. I'm not interested in playing that game personally.
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They don’t just sound like shell companies they straight up sound like made up shit and yes there are a lot more important things to focus on with the short amount of free time one has in a day.
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Chardonnay here I'll be soon making a an AMA for all of you here at SN!
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Crypto is so confusing I’m dumb
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stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.