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Shielded Bitcoin : A Zcash Style Privacy Layer Without Changing BTC Transaction Rules


A New York cryptography research group has outlined a way to hide Bitcoin payment details on the base chain itself, without asking miners or node operators to adopt a protocol upgrade.

The design, called Shielded Bitcoin, comes from [alloc] init researchers Clara Shikhelman, Mikhail Komarov, and Aleksei Moskvin.

It borrows the encrypted-note model made familiar by Zcash, then parks that model on Bitcoin as it exists today.Bitcoin’s ledger is public by design.

Amounts, timing, and links between spends are visible, and wallets can often be tied to people or firms.

That transparency is a feature for auditability and a liability for treasuries, trading desks, and anyone who wants to move value without broadcasting a full financial trail.

Soft-fork proposals that would bake stronger privacy into consensus have not landed.

Shielded Bitcoin tries a different route: treat Bitcoin as a bulletin board that stores and orders encrypted bytes it cannot read.Inside the system, value lives in notes—small encrypted records that hold an amount and a way for the owner to claim it.

Those notes never appear in readable form on chain.

When Alice pays Bob, she creates an encrypted note only Bob can open, then publishes a transfer as ordinary Bitcoin data.

The payload includes the encrypted outputs, a one-time serial number (a nullifier) for each note she is spending, and a compact zero-knowledge proof.

The proof asserts that the spent notes exist, that she is authorized to spend them, and that incoming and outgoing amounts balance—without revealing which notes or how much they contain.

Independent indexer software watches the chain, checks each proof, and rejects reused nullifiers.

Anyone can rerun the same checks from published history.

No indexer, miner, or observer can spend another user’s notes.

Spending authority stays with the user’s spending key.

Separate viewing keys can detect incoming payments or recover outgoing history, which allows selective disclosure to an accountant or counterparty without handing over the ability to move funds.

What remains public is limited but real.

Outsiders can see that a shielded transfer happened, when it happened, how many notes were consumed and created, the fee, and the carrier Bitcoin transaction.

They cannot see amounts, the shielded sender and recipient, or which prior notes were spent.

The team is clear that a recognizable wallet paying the publication fee can still leak who posted the envelope.

The authors contrast the design with CoinJoin, PayJoin, and Silent Payments, which still leave amounts and much of the transaction graph visible, and with Zcash itself, which runs its own chain.

They also distinguish it from client-side-validation systems that keep proofs off-chain and risk loss of private data.

Shielded Bitcoin publishes enough on Bitcoin that a wallet can later reconstruct state from its keys and the public history.Important work remains unfinished.

Peg-in and peg-out—moving ordinary bitcoin into the private pool and back out—are reserved for a companion paper based on the group’s PIPEs research, which uses witness encryption so that no operator ever holds user funds. The current paper does not claim that entry and exit will be private.

Other caveats include a trusted setup for the Groth16 proofs used in the reference profile, a larger on-chain footprint (on the order of four times a typical payment), and the usual anonymity-set limits: unusual amounts, timing, and thin usage can still shrink privacy.

The proposal is research, not a live product. If it holds up under review, it would let users keep bitcoin’s settlement and security while moving value with far less public metadata—without a soft fork, federation, or bridge operator.



Philadelphia Fed chief signals more tightening as inflation stays sticky


The broader economy, she argued, offers the Fed room to act. The unemployment rate sits at 4.1%, a level she described as consistent with maximum employment.

Real consumption grew at an annualized rate of 3.4% in the second quarter of 2026, and the Atlanta Federal Reserve Bank’s GDPNow model was pointing to above-4% growth in the third quarter.

The labor market has broadened, with total job gains averaging 74,000 per month over the summer.

Meanwhile, another Fed rate hike before the end of 2026 is a “reasonable” expectation, New York Federal Reserve President John Williams said Thursday, though he declined to say whether it will come in October.

Other officials have said similar things. Fed Governor Michael Barr said Wednesday that “further policy adjustments are likely to be needed to ensure inflation comes down to target in a timely fashion.”

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New Senate Bill Would Give First-Time Homebuyers $5 For Every $1 They Save


Key Points

  • A $5 match for every $1 saved: Sen. Jeff Merkley’s Homeownership Promise Act would give first-time homebuyers up to $50,000 from HUD on top of $10,000 they save themselves, for as much as $60,000 at closing.
  • Limits on who and what qualifies: Buyers must be 18 or older, have never owned a home and finish HUD-approved housing counseling. The home can’t cost more than the area’s median single-family price, and the bill sets no income limit.
  • Still a long shot: The bill has two Democratic sponsors and no dollar figure or cost estimate. It needs Republican support to move in the Senate before the 119th Congress ends in January 2027.

Sen. Jeff Merkley introduced the Homeownership Promise Act (PDF File) on September 23, 2026, a bill that would have the federal government match first-time homebuyers’ down payment savings at a 5-to-1 rate. A saver who puts away the $10,000 maximum would receive up to $50,000 from the Department of Housing and Urban Development (HUD), for a combined $60,000 at closing. Sen. Ron Wyden is the lone cosponsor, according to Merkley’s announcement.

The new Homeownership Promise Accounts would function as savings accounts with a large federal grant paid out on purchase day. The concept resembles the match Foyer offers on home down payment savings and the $1,000 federal Saver’s Match coming to retirement accounts in 2027, but at a far larger multiple.

The bill defines an “eligible family” as one or two first-time buyers, so a couple buying together would share one account and one $60,000 cap rather than each opening their own (another marriage penalty).

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Why It Matters

The typical first-time buyer is now 40 years old, the oldest on record, and first-time buyers accounted for just 21% of purchases (a historic low) according to the National Association of Realtors’ 2025 Profile of Home Buyers and Sellers. Merkley’s stated goal is a credible path to a modest home by age 30. Younger buyers carrying student loan debt face a second squeeze, since student loan payments count against your debt-to-income ratio when a lender figures out how much mortgage you can qualify for.

The dollar amounts show why a 5-to-1 match is the right fit. The median existing-home price was $429,100 in August 2026, and NAR reports first-time buyers put down a median 10%, or about $42,900 at that price. A maxed-out $60,000 account would cover that with room to spare, equal to roughly 14% of the median home.

Building the same balance alone in a high-yield savings account would take most young households years longer.

The Details

Here’s how the accounts would work:

  • Eligibility: One or two first-time homebuyers age 18 or older who have never owned a principal residence and have completed a HUD-approved housing counseling program.
  • Home price cap: The purchase price, excluding closing costs, can’t exceed the median single-family price for the area as determined by HUD.
  • Income limits: None appear in the bill text (this is rare).
  • Where accounts live: Any participating Community Development Financial Institution (CDFI), which must pay interest comparable to its unrestricted savings accounts. Many CDFIs are credit unions.
  • Contribution caps: $10,000 combined from personal, employer, and nonprofit sources, plus up to $50,000 in federal matching funds.
  • What gets matched: The bill ties the 5x grant to personal contributions only. Employer and nonprofit money counts toward the $10,000 cap but, as written, doesn’t draw its own match. A worker whose employer chips in $4,000 could personally save $6,000 and collect $30,000 in federal funds.
  • Emergency access: Savers can withdraw their own contributions at any time, for any reason, in any amount. The summary adds that matching grants would pay out only after the full contribution balance is restored.
  • Payout timing: HUD’s grant executes at the closing settlement, and up to two eligible families can apply their accounts to the same purchase.

How This Connects

Congress has floated several first-time buyer proposals this year. A bipartisan Senate bill introduced in August would let savers pull up to $35,000 tax-free from a 529 plan for a first home, provided the account has been open at least 15 years.

Current law already permits a $10,000 penalty-free IRA withdrawal for a first home purchase, though that option requires having retirement savings to tap in the first place.

Merkley’s approach stands apart because it adds new federal dollars rather than unlocking tax breaks on money families already saved, putting it closer to the $1,000 Trump Account deposit for newborns than to a deduction.

Housing has been a long-running focus for Merkley, who ran Portland Habitat for Humanity before entering the Senate. His office credits him with the predatory mortgage ban in the 2010 Dodd-Frank Act and with the hedge fund single-family home purchase ban in the 21st Century ROAD to Housing Act, which recently became law.

What’s Next

The bill is still just a proposal. It only has on cosigner and there’s no indication the Republican-controlled committee will even consider it. Without consideration, the proposal would expire when the 119th Congress ends in January 2027.

Until then, buyers can estimate how much house they can afford using savings they control today.

Editor: Colin Graves

The post New Senate Bill Would Give First-Time Homebuyers $5 For Every $1 They Save appeared first on The College Investor.

Butler National Corp director Joseph Daly buys $16,400 in shares




Butler National Corp director Joseph Daly buys $16,400 in shares

Costco Costs More Than $920 a Share. Here’s Why I’d Still Buy One.


It’s not just Costco‘s (COST +2.93%) packaged merchandise trading in large sizes. The leading warehouse club operator also has a bulk-size price. Costco closed at $922.77 on Friday. Don’t let the large price dissuade you.

You would need to shell out more than $92,000 to buy a round lot of Costco, but don’t let the steep potential cover charge dissuade you. Your broker may offer fractional shares, but even if that’s not the case, a single share for a little more than $920 could set you up nicely for the years ahead.

Image source: Getty Images.

A real deal

Here’s the deal. Costco stock may seem pricey, but it’s actually trading 2% lower than it was a year ago. This is opportunity knocking, even if you’re not a card-carrying member of the warehouse club chain. Costco is still growing.

Revenue has increased 10% over the past year, while the bottom line has risen even faster. Its latest quarterly update — announced late last week — was another earnings beat, even if you back out some coffer-padding tariff refunds.

Costco Wholesale Stock Quote

Today’s Change

(2.93%) $26.29

Current Price

$922.77

Costco has traditionally been a low-beta stock, holding up well during market setbacks given its somewhat recession-resistant value proposition. Beyond the dividend that it has increased for 22 consecutive years, it should also announce a larger special distribution later this year.

Add it all up, and Costco is a quality stock worth owning. Your next $1,000 to invest can be put to work on buying 100 shares or more of a speculative stock trading in the single digits, but a single share of Costco could be the better investment.

Rick Munarriz has positions in Costco Wholesale. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

Hilton Honors Could Be Adding a New “Black Diamond” Elite Tier


Hilton Honors Adding “Black Diamond” Elite Status?

Hilton Honors might have another elite tier in the works. “Black Diamond” has reportedly appeared in internal Hilton training materials, positioned above the recently launched Diamond Reserve tier.

The reported hierarchy, first shared by Loyalty Lobby, shows Black Diamond at the very top, followed by The Honors Society, then Diamond Reserve, Lifetime Diamond and Diamond.

There aren’t many details beyond that. Hilton hasn’t officially announced Black Diamond, and we don’t know the qualification requirements, benefits, or whether it would even be a publicly attainable status.

The Honors Society tier isn’t entirely a secret anymore. Hilton CEO Chris Nassetta was asked about the rumored invite-only status earlier this year. He didn’t confirm it, but suggested there could eventually be something beyond Diamond Reserve.

Josh Remsberg appointed Head of Commercial Partnerships at direct-to-fan platform EVEN


Direct-to-fan platform EVEN has appointed Josh Remsberg as Head of Commercial Partnerships.

The position at EVEN is a new one, the company said on Friday (September 25).

Remsberg most recently served as SVP, Head of Commercial Strategy & Revenue at Warner Records, leaving the label in a restructuring of its marketing and commerce teams in July 2025.

Remsberg will run the company’s commercial relationships across the music business, dealing with labels, distributors, managers, artist teams, and other partners.

His brief also covers EVEN‘s commerce relationships, including merchandise partners, plus what the company calls “key industry and chart-reporting organizations.”

He most recently served as SVP, Head of Commercial Strategy & Revenue at Warner Records. Warner Records’ US revenue rose 30% during Remsberg‘s tenure, and its US market share grew by 35%.

Remsberg brings more than 20 years of experience across commercial strategy, revenue, business development, marketing, and artist management. At Warner, he oversaw revenue, commercial partnerships, and strategic marketing for a roster including Zach Bryan, Benson Boone, and Teddy Swims.

“Josh understands both the creative ambition of artists and the commercial realities of the teams supporting them,” said Mag Rodriguez, Founder and CEO of EVEN. “As EVEN continues to scale, he will help us deepen our relationships with labels and partners across the industry and expand how they use EVEN STUDIO, to build stronger artist businesses and create more value around music.”

Before Warner Records, Remsberg spent two decades at Universal Music Group, most recently as SVP, Commerce & Business Development at Capitol Records. He moved to Warner Records in 2022 as SVP, Commercial Revenue.

“As EVEN continues to scale, he will help us deepen our relationships with labels and partners across the industry and expand how they use EVEN STUDIO, to build stronger artist businesses and create more value around music.”

Mag Rodriguez, EVEN

At Capitol, his remit took in digital strategy and business development, digital deals, marketing technology, advertising, and the Capitol 360 Innovation Center.

As Head of Commercial Marketing, he worked on release strategies for artists including Katy Perry, Halsey, Paul McCartney, and Niall Horan.

EVEN says Remsberg also co-founded independent management company Art Associates, whose clients included Mayer Hawthorne, Gabriel Garzón-Montano, and Tuxedo.

“This is a moment when artists have more ways than ever to reach fans, but there is still an enormous opportunity to make those relationships more direct and more valuable,” said Remsberg. “EVEN is building something that works alongside streaming and the rest of the existing ecosystem while creating entirely new opportunities for artists and their partners.

“I’m excited to help bring that model to more of the industry.”

EVEN launched in April 2024 and sells music, content, and experiences direct to fans before releases reach streaming services.

“EVEN is building something that works alongside streaming and the rest of the existing ecosystem while creating entirely new opportunities for artists and their partners.”

Josh Remsberg, EVEN

The platform supports over 30 payment methods across 140 currencies and reports eligible sales to Luminate for Billboard chart inclusion.

Artists reach it through two products: EVEN Marketplace, a consumer-facing discovery platform, and EVEN Studio, a white-label product that turns artist websites into fan destinations.

The hire follows a run of partnership deals for the company. EVEN struck a multi-year agreement with Universal Music Group in February this year, establishing it as a direct-to-fan resource for the major’s labels and artists.

In June, EVEN partnered with independent music company Cinq Music to bring its tools to that company’s distributed roster.

Those deals followed earlier agreements with digital distributors including Too Lost and Symphonic in 2025.

EVEN says it has onboarded more than 500,000 artists, via direct signups and distribution partnerships, across over 3,000 labels and distributors in more than 110 countries.

Remsberg‘s appointment is the latest senior hire at the company, which named Lauren Wirtzer Chief Operating Officer in October 2025.

Wirtzer joined EVEN after senior roles at SoundCloud, UnitedMasters, and Instagram.Music Business Worldwide

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Exponential Wealth: Centuries of Stock and Bond Returns


Section 1. Overview of Stock and Bond Returns

Authors: 
Roger G. Ibbotson, PhD (Yale School of Management; Zebra Capital Management, LLC)
Laurence B. Siegel (CFA Institute Research Foundation)
Thomas M. Idzorek, CFA (Morningstar) 
James P. Harrington (Kroll) 

Section 2. The Past 100 Years in US Markets

Authors:
Roger G. Ibbotson, PhD (Yale School of Management; Zebra Capital Management, LLC)
Otto S. Manninen (Yale School of Management)
William N. Goetzmann, PhD (Yale School of Management)
James Tyler (Bridgewater Associates)  
Thomas S. Coleman, PhD (University of Chicago)
Laurence B. Siegel (CFA Institute Research Foundation)
Carla S. Nunes, CFA (Valuation Research Corporation)

Section 3. Centuries of US and Global Returns

Authors:
Edward F. McQuarrie, PhD (Santa Clara University) 
Elroy Dimson, PhD (Cambridge Judge Business School)
Paul Marsh, PhD (London Business School)
Mike Staunton, PhD (London Business School)  
William N. Goetzmann, PhD (Yale School of Management)
Fernando Reyes De La Luz (Yale School of Management)
K. Geert Rouwenhorst, PhD (Yale School of Management)  
Rajkumar Janardanan (SummerHaven Investment Management)
Xiao Qiao, PhD (City University of Hong Kong)
Tadaaki Komatsubara (Ibbotson Associates Japan, Inc.)  
Peng Chen, PhD, (Morningstar China)  
Bryan Taylor, PhD (Finaeon, Inc.) 
David Chambers, PhD (Cambridge Judge Business School) 
Antti Ilmanen, PhD (AQR Capital Management)
Paul Rintamäki (Frankfurt School of Finance and Management)

Section 4. The Future

Authors:
Thomas M. Idzorek, CFA (Morningstar)
Roger G. Ibbotson, PhD (Yale School of Management; Zebra Capital Management, LLC)
Paul D. Kaplan, PhD, CFA (Morningstar Canada) 
William N. Goetzmann, PhD (Yale School of Management)
Otto S. Manninen (Yale School of Management)