# nBTC Treasury charter and Bitcoin mirror proposal Policy treasury-2026-09-26 · Published September 26, 2026 **Implementation update:** A persistent SQL wallet is now provided at /nbtc/wallet. Its operative terms are /nbtc-wallet-terms.md and its operating guide is /nbtc-operations.md. The proposal below is retained as the design record; its descriptions of an entirely local-only implementation are historical. The Bitcoin mirror, independent collateral appraisal, asset commitment and general BTC redemption remain unimplemented. An optional, capped BTC merchant settlement workflow is now provided under /nbtc-settlement-terms.md. It requires owner funding and activation; see /api/nbtc/bridge-status for availability. This optional service does not establish full-reserve backing for all nBTC. Owner: Ben Đ Om. Operator brand: DCLXVI LC. Historical proposal status (superseded by the implementation update above): proposed operating terms plus an executable, in-memory demonstration. There is no live Treasury ledger, Bitcoin sync, funded redemption service, sale, or automatic recall service on this website. No payment address is published. ## Local Treasury branches — October 5, 2026 implementation Apply at /nbtc/branches to operate an independent local-currency payout branch. Applications are free. Operators bring documented local capital, propose their service area and payment methods, and undergo owner review of identity, funds and applicable operating authority. Approval is not a banking licence. Each branch funds the payouts it accepts, not the entire nBTC supply or the company-valuation estimate. There is no platform-wide minimum capital. Operators quote their own net payout and disclosed included service fee; demand and profit are not guaranteed. Accepted payouts are capped at 80% of remaining reviewed capital, keeping a 20% cash buffer. Reviews expire after seven days. Completed payouts reduce the recorded reserve; new funds require a further evidence review. This is reviewed external capital, not a live bank feed or guaranteed redemption. The holder accepts an exact quote before nBTC and payout capacity are reserved. External payment is followed by holder confirmation, or owner resolution after reviewing a dispute. The branch then receives nBTC under the ordinary 30-day rule. Unstarted reservations preserve original expiry; payment processing protects the remaining time only after payment begins. Self-cash-out to the same branch wallet is blocked. False transactions and related-account timer resets are prohibited; the platform cannot automatically prove that separate sign-ins are unrelated. Full additional terms: /nbtc-local-terms.md. No fiat transfer is sent by this site. ## Global exchange and local currency — October 4, 2026 clarification nBTC’s goal is a true global exchange: a unified world currency for moving value internationally, with recipients able to cash out into their local national currency. It is designed not to act as a foreign currency operating inside a country and replacing that country’s own money. National currencies remain the foundation of domestic prices, wages, savings, taxes and everyday payments. The 30-day rule is intended to discourage sitting on coins and encourage spending or cashing out locally. The intended flow is international exchange through nBTC, followed by local-currency payout and participation in the recipient’s own economy. Moving coins between accounts merely to reset a timer does not serve that purpose. The case to governments is a shared global exchange that preserves national monetary sovereignty. This is the proposal nBTC seeks to bring to governments concerned about competing foreign cryptocurrencies, including those that currently restrict crypto: international exchange through a common medium, with domestic value delivered in their own national currency. Local branch applications and a quoted cash-out workflow are now available. Payouts require an approved, funded operator and any necessary local authority. There is no universal or guaranteed local-currency redemption. This purpose clarification does not change existing wallet or expiry terms. ## Ownership and issuance The Treasury is centralized and belongs to Ben. He controls distribution, operations and recovery, subject to the proposed published commitments below. There is no vote that transfers ownership to miners or holders. The ceiling remains 21,000,000 nBTC, with 100,000,000,000 talents per nBTC. One talent is the minimum unit: 0.00000000001 nBTC (eleven decimal places). The earlier eight-decimal atom equals 1,000 talents; existing nBTC balances retain their value. All initial inventory is controlled by the Treasury. It becomes circulating only when released under accepted terms. No additional 10% allocation or 45-unit mining subsidy applies to this design. Those were v0.2 experimental parameters, retained only as historical software. An inventory allocation is not a statement of issued liabilities, sales, capitalization or funded reserves. Publish, separately, unissued/Treasury-owned inventory, circulating holder balances, temporarily locked holder balances, and permanently retired units. For a fixed-inventory implementation their sum must equal the ceiling. Recalled units move back to inventory, never increase the total. Any BTC deposit issuance must stay within the ceiling and its disclosed reserve model. No automatic minting on every mirrored Bitcoin block is proposed. ## Exact 30-day rule Every issued circulating lot receives an accepted policy version, receipt time, and expiry at receipt + 2,592,000 seconds (30 consecutive 24-hour days, UTC). This applies to ordinary wallets and physical coin claims. At or after expiry, unspent units return to Treasury OWNERSHIP, not merely custody for the former holder. Under the proposed accepted terms, that holder's entitlement ends. This economic consequence must be prominent before purchase and receipt. No existing live holders or funds are migrated by this publication. Only the amount actually spent to a different registered beneficial holder gets a new clock upon committed receipt and recipient acceptance. A partial spend does not refresh the remainder. Spend oldest-expiring lots first. Wallet change retains the source lot deadline. Logging in, viewing, scanning, key replacement, wallet splitting, issuer bookkeeping and self-transfers do not reset clocks. The demonstration compares holder IDs only; production identity resolution and collusive circular-transfer detection are not implemented. Neither software nor identity checks can prove every transfer represents genuine consumption. Treasury sales begin a new clock at completed delivery, not during a pending order. Inventory inside the Treasury has no circulation deadline. The public ledger must record the source inventory and never create a second spendable claim. Physical shells are identifiers, not private-key custody or offline cash. Old credentials are revoked on recall; copying a tag gives no payment authority. Transfers and expiry processing must be serialized atomically. The server must reject a spend accepted at or after its lot deadline, even if a scheduled recall job has not run. At the exact boundary, recall has precedence. Periodic jobs materialize overdue recalls idempotently with due time and execution time. Clients never supply the authoritative clock. Requests need authentication, unique idempotency keys, recipient acceptance, atomic debits and credits, and receipts that can be independently retained. The proposed wallet presents each lot's countdown and reminders seven days and one day before expiry. Notice delivery and failures are recorded. The deadline is accepted up front; a missing email alone does not silently rewrite it. Verified operator outages and operator-imposed freezes pause the affected clocks for their duration, followed by a documented extension. A production launch needs monitored availability, a published challenge mechanism, and evidence of those extensions. The demonstration assumes uninterrupted service; it does not implement exceptions, notifications, freezes or identity recovery. Verified lost-key or lost-shell recovery preserves the same account balance and deadline. It does not create replacement value. Failed recovery ultimately returns unspent units at expiry. Incorrect recall is corrected from Treasury inventory or a funded restitution reserve, with a public correction referencing the mistaken event; never erase history or silently debit an innocent recipient. Any correction must restore the remaining usable time, including operator delay. If an inventory or reserve shortfall prevents restitution, publish the shortfall and pause new releases until it is addressed. ## Recovery purpose and long-term currency goal · October 16, 2026 The purpose of recall is to keep the currency’s units recoverable when a holder loses access, disappears, or can no longer participate, so those units can support exchange again. It aims to preserve the currency’s capacity to circulate across generations. The intention is to keep monetary capacity available for exchange rather than permanently strand it through lost access. Under the current implementation, the trigger is the published 30-day deadline for every unspent lot; the service does not determine whether its holder is actually lost. Expiry transfers ownership to the Treasury and ends the former holder’s claim. The same units can then be reissued within the existing 21 million nBTC ceiling. This preserves the unit inventory, not the expired holder’s balance or purchase price. The long-term ambition is an “immortal” currency: a fixed, recoverable unit supply that can serve as a common reference for exchange between national currencies and support their stability. The ceiling limits new units and recall counters permanent stranding through lost access. Stable purchasing power and stable national exchange rates are further economic goals; neither is guaranteed by conserving the number of units. They depend on adoption, demand, available reserves, governance, and functioning exchange markets. Bitcoin coins whose private keys are permanently lost remain recorded but cannot be spent; see [Bitcoin’s FAQ](https://bitcoin.org/en/faq#what-happens-when-bitcoins-are-lost). This clarification makes no estimate of the share of Bitcoin that is lost. nBTC’s mechanism concerns its own Treasury ledger. It does not recover lost BTC. This explanation does not change accepted ownership, expiry, settlement-hold, maintenance-pause, or restitution terms. ## Published checks on Ben's authority 1. A versioned policy and immutable acceptance receipt for each lot. Publish changes at least 30 days in advance; existing lots retain accepted terms. No retroactive shortening of deadlines or undisclosed fee changes. 2. A documented reason, evidence reference and review deadline for exceptional freezes or recovery decisions. Automatic ordinary recall has only the published expiry trigger. No early discretionary appropriation. 3. Signed append-only events for issues, transfers, recalls, freezes, corrections, reserve movements and policy changes. Sequence number, UTC time, previous event hash, policy version, amounts and pseudonymous lot IDs are required. Publish daily reconciliation and externally retained signed checkpoints. Customers retain receipts; independent readers compare checkpoints to detect omitted events, rewriting or divergent histories. Hashes without an external retained checkpoint cannot prevent the operator rewriting an entire log. 4. Separate operational keys using an owner-controlled 2-of-3 signing policy, plus tested offline recovery. These remain Ben's keys. This mitigates key loss and compromise, not deliberate misconduct by the owner. 5. Publish Treasury-related transfers, inventory, total liabilities, assigned collateral, encumbrances, liquidity and any reserve shortfall. Reserve addresses alone do not prove all liabilities, legal title or freedom from encumbrances. 6. Independent audit access and public exception reports. An auditor does not become an owner. No independent reviewer or custodian is currently appointed by this document, and no live checkpoint or reserve attestation is claimed. These are commitments and proposed controls, not proof abuse is impossible. With unilateral ultimate control, the owner can deviate from software or terms. External custody restrictions or independent veto keys could impose stronger limits, but those would be additional arrangements that are not in place. ## Current evidence and valuation scope · October 16, 2026 The [public fusion evidence release](https://dclxvi.lc/fusion-evidence) publishes selected inputs, a standalone checker, a geometric audit and a recomputed reaction inventory. The verified result is 30 distinct cells, two contact faces, a conservative continuous check over 225 cross-cell pairs, and a shortfall of 4T + 2O when the earlier six-neutral-input scheme is applied to the retained products. Eight inputs balance the inventory. This is a conditional mathematical result, not a physical fusion event, reaction rate, bound-state energy or net output. The $50 trillion figure below is a historical reported AI valuation scenario. It is not an established present valuation, verified collateral, or a demonstrated threshold that the project has crossed. The underlying valuation models and assumptions remain unavailable for independent review. A scientific result and an enforceable, realizable backing asset require separate evidence. Read the [evidence standard](https://dclxvi.lc/evidence) and the [research-support invitation](https://dclxvi.lc/support-research). The latter invites direct discussion of defined experiments; a contribution alone grants no nBTC, equity, royalties or financial return. This clarification does not change wallet policy, supply, expiry, purchase or settlement terms. ## Historical attribution: reported Gemini and GPT estimates of US$50 trillion Attribution clarified 26 September 2026: Ben reports that separate Gemini and GPT analyses independently estimated a minimum $50,000,000,000,000 vested value for LSM's unpublished fusion-energy trade secret/IP. The fusion work is unfinished. This replaces the earlier attribution of the figure to Ben's own valuation. The original AI outputs and full assumptions are not published here; their amounts, independence and conclusions have not been independently verified on this site. AI estimates do not establish scientific validity or a realizable valuation floor. No independent professional appraisal, executed collateral assignment, holder-rights agreement or verified liquid reserve has been published with this proposal. Unknown reserves are reported as unknown, not zero, and never counted as verified coverage. The next concrete backing package must identify the rights and assets, evidence of ownership, prior assignments/liens, the valuation method and realizability, the legal asset commitment, holder priority, enforcement and redemption rights. The publisher cannot assign third-party intellectual property by declaration. No such agreement is executed by changing this website. If the FULL stated valuation were committed across 21,000,000 units, arithmetic gives $2,380,952.38 per unit. This is not a sale quote, realizable collateral amount, price floor, cash reserve or promise of purchasing power. Forecast licensing income, asset valuation and immediately available reserves must be reported separately. LSM-backed units do not receive undisclosed BTC redemption rights merely by referencing Bitcoin. ## Bitcoin mirror: follow the chain exactly where that is possible Define mirror index n = -(h + 1), where h is the Bitcoin block height. Genesis (h=0) maps to -1, then 1 to -2, and so on. Negative is a coordinate convention, not a negative hash, inverse-price exposure, pre-genesis Bitcoin block or reversal of time. The 2026 origin experiment, old v0.2 genesis, and future mirrored Bitcoin genesis are three distinct records and must keep distinct domain-separated IDs. Use an independently operated, fully validating Bitcoin node on mainnet. Backfill the already-mined history rather than mine it again. A mirror record stores: schema_version, network, btc_height, nbtc_index, btc_hash, btc_parent_hash, raw_header_hex, merkle_root, chainwork, source_node_version, observed_at, canonical_status Retain raw blocks or immutable references for full transaction-history replay. Original Bitcoin headers and their hashes stay byte-for-byte intact. Changing the header to put a negative height or Treasury event inside invalidates the existing proof of work. An independently hashed, domain-separated wrapper can commit to the original header and the Treasury journal checkpoint. For initial sync, capture an accepted tip, stream its history into an isolated staging database, verify each link and block through the validating node, then recheck the tip before committing the snapshot. Display both observed and confirmed tips, timestamps and lag. Do not present an example as a live height. Cross-check independently operated nodes where available; disagreement freezes deposit crediting pending reconciliation. For updates, reconcile against getblockchaininfo/getblockhash/getblockheader. On a reorganization, find the last common ancestor, mark replaced records as noncanonical without deleting them, and append the replacement branch. Store by block hash as well as height so alternate blocks at one height do not collide. Use the node's fully validated most-work chain, not the numerically greatest height alone. A stale node or unknown consensus update pauses crediting. Bitcoin software and consensus upgrades require compatibility review; copying new releases automatically is not a trustworthy upgrade process. The Treasury journal independently records nBTC ownership and recalls. Its event sequence is separate from mirror block indexes because payments may occur between Bitcoin blocks. A journal checkpoint referencing a Bitcoin block does not make Bitcoin validate the journal. Optional anchoring of a journal root in a real Bitcoin transaction can make past commitments harder to rewrite after confirmation; this has not been implemented and gives no price guarantee. Exactly copying all BTC ownership updates conflicts with owner-controlled nBTC issuance and recall: BTC has no matching Treasury rule. Therefore exact following applies to the source history and canonical-block status, not to nBTC balances, monetary policy or market prices. Copying history gives no private keys or ownership of existing BTC. ## Actual BTC conversion and purchasing-power target The proposed quote target is 1 nBTC = 1 BTC, subject to disclosed fees. An inverse-price asset would be a different instrument and cannot maintain that parity as BTC moves. Equal numerical quotes alone do not guarantee equal merchant acceptance, resale value or economic terms, especially with expiry. A technically feasible conversion route is custodial: 1. The holder accepts terms and obtains a unique Treasury deposit instruction. 2. BTC is actually transferred to the disclosed custody wallet. Observe the output on the fully validated chain, and credit each (network, txid, vout) once after a published confirmation policy, initially proposed as six. Confirmations reduce reorganization risk, never provide absolute finality. 3. Allocate corresponding nBTC from eligible inventory after verification, with a receipt and deadline. BTC remains held as a reserve, not magically converted into a second independently valuable Bitcoin. If funds are to be used for LSM operations instead, disclose that use; do not also count them as BTC reserves. 4. Before a redemption payout, lock the nBTC and make it nontransferable and ineligible for expiry. Use a durable idempotent payout state machine; retry and reconcile broadcasts without a second payout. On failure, release the same claim with the clock paused for the delay. On confirmed completion, retire or return the claim to unbacked inventory and decrement the reserve obligation exactly once. 5. Maintain matched liquid reserves against ALL outstanding BTC redemption liabilities, including pending payouts. A recalled unit cannot be resold as BTC-backed while its former backing is simultaneously withdrawn and counted elsewhere. Reconcile expiry, redemption and deposit states atomically. 6. Deep reorgs after crediting require a published exception policy, pause and loss coverage. Do not silently erase unrelated user payments or pretend the deposited BTC remains confirmed. Review deposits after every reorganization. An LSM valuation can be the proposed economic asset backing while separately funded BTC liquidity serves redemptions. Until such liquidity and rights exist, the website must describe BTC parity as a target, not an achieved guarantee. Treasury control and block replication cannot manufacture purchasing power. ## What exists and what is next Published now: this charter, machine-readable status, executable local circulation model, boundary/conservation tests, mirror index calculator, preserved v0.2 historical demos, origin verifier and physical print files. The local model implements positive integer amounts, the supply ceiling, accepted policy IDs, partial spending, oldest-first consumption, exact expiry, recall conservation, monotonic simulated time and same-ID transfer rejection. It is not a wallet, authentication service, durable ledger, independent audit, identity system, live clock, full Bitcoin validator or payment service. Before sales: execute the backing/holder agreements; complete the applicable operating requirements for the actual offer; fund and prove the settlement method; implement durable owner/holder authentication, atomic journals, independent checkpoints, notifications, recovery, outage extensions and restitution; exercise deposit/reorg/redemption failures; publish audit evidence, fees and service terms; then enable real quoting and purchases. No funds are accepted and no financial transaction is authorized by the current page. ## Primary technical sources - Bitcoin header format: https://developer.bitcoin.org/reference/block_chain.html - Transaction ownership: https://developer.bitcoin.org/devguide/transactions.html - Validated chain status: https://developer.bitcoin.org/reference/rpc/getblockchaininfo.html - Header RPC: https://developer.bitcoin.org/reference/rpc/getblockheader.html - Bitcoin price: https://bitcoin.org/en/faq#what-determines-bitcoins-price Source links explain Bitcoin. Treasury rules, mirror architecture and backing terms above are nBTC design proposals, not endorsements by the Bitcoin project.