According to Adam Back, node operators in privacy-focused P2P networks face higher legal and operational risks as they enable more services, paralleling Bitcoin node runner exposure; examples include Tor exit nodes, remailers, and non-leech P2P modes, underscoring operational risk for BTC infrastructure participants, source: Adam Back, X, Sep 16, 2025, https://twitter.com/adam3us/status/1967844735218827532. According to Adam Back, Bitcoin’s timechain has carried non-transaction data for over a decade, including about 3.5 million image files, some NSFW and 3D-printed gun files, predating Taproot in 2021 and even OP_RETURN in 2014, highlighting persistent content-moderation and compliance risks for nodes and miners, source: Adam Back, X, Sep 16, 2025. According to Adam Back, network viability depends on volunteers operating nodes and Tor exits; while Tor support can reduce exposure for some BTC operators, it shifts risk to exit-node operators, shaping how operational risk is distributed across the network, source: Adam Back, X, Sep 16, 2025. According to Adam Back, he created Hashcash in 1997 to combat false-flag spam while running an anonymous remailer and also built a censorship-resistant Eternity Usenet in 1997, illustrating long-standing adversarial dynamics that inform today’s BTC risk model, source: Adam Back, X, Sep 16, 2025. According to Adam Back, Bitcoin remains gray or illegal in some countries even as regulations become more open elsewhere, and as bearer cash and hard money it is higher stakes than file sharing, elevating policy sensitivity and regulatory overhang that traders should factor into BTC risk assessment, source: Adam Back, X, Sep 16, 2025.