According to @BitMEXResearch, the current situation is looking increasingly like an attack on Bitcoin’s key censorship-resistance characteristics, as stated in its X post on Sep 25, 2025: https://twitter.com/BitMEXResearch/status/1971332742718832834. The post explicitly directs readers to Adam Back’s related discussion for context, indicating an active debate among Bitcoin leaders on potential transaction-level censorship: https://x.com/adam3us/status/1971330468961542213. For traders, the source frames elevated censorship-risk concerns around BTC’s core utility, warranting close monitoring of the referenced discussion for updates that could inform positioning and risk management, per @BitMEXResearch’s alert: https://twitter.com/BitMEXResearch/status/1971332742718832834.

According to @adam3us, enforcing controls in any moderately programmable system via private key encoding is information-theoretically impossible, underscoring the durability of censorship resistance in crypto networks like Bitcoin for trading theses, source: @adam3us on X, Sep 13, 2025. He cites BitMEX Research’s prior "private key encoding" argument as the decisive refutation of "try harder" enforcement approaches, reinforcing that protocol-level restrictions cannot be reliably imposed or verified, source: @adam3us on X, Sep 13, 2025. For traders, this supports positioning that BTC’s on-chain mechanics remain resistant to key-encoding-based controls, shifting risk assessment toward off-chain factors rather than protocol enforcement, source: @adam3us on X, Sep 13, 2025.

According to Adam Back, Bitcoin is already censorship resistant, with encoding channels remaining porous via Taproot and fake public keys. Source: Adam Back on X, Sep 2, 2025. He also contends that even BitMEX Research's so-called detectable kill-shot private key encoding becomes undetectable in the limit, urging critics to drop the censorship narrative. Source: Adam Back on X, Sep 2, 2025.