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As miners approach historical stress zones, Bitcoin’s correlation with tech stocks is hitting at the worst possible moment. Enter AI. Thank you to our sponsor Crypto Tax Girl! Public mining companies are once again approaching breakeven territory, a zone that in prior cycles preceded forced selling and capitulation. But unlike past downturns, balance sheets today are cleaner, leverage is lower, and many operators are pivoting toward AI data center hosting as a structural offramp. At the same time, Bitcoin has been trading alongside frontier technology stocks. That correlation is resurfacing at precisely the wrong moment, as growth equities face renewed pressure. If growth portfolios were the marginal buyers during the rally, they may now be the marginal sellers. In this episode, Steven Ehrlich speaks first with John Todaro about miner economics, hash rate dynamics, and whether another round of selling could emerge if Bitcoin remains near breakeven levels. Then Zach Pandl joins to examine Bitcoin’s correlation with tech stocks, the mechanics behind recent gold volatility, and why the next phase for crypto may be driven by differentiation rather than broad beta. Hosts: Steven Ehrlich, Host of Bits + Bips: The Interview Guests: Zach Pandl, Head of Research at Grayscale John Todaro, Managing Director, Crypto & HPC/AI Equity Research at Needham & Company Links: Bitcoin Miner Danger Zone Major Bitcoin Miners Face Shutdown Risk If BTC Falls Below $70,000 Miner Pivot to AI America’s Biggest Bitcoin Miners Are Pivoting to AI The Tech Selloff Wall Street’s Anything-But-Tech Trade Shakes Up US Stock Market Learn more about your ad choices. Visit megaphone.fm/adchoices

The crew unpacks BlackRock buying UNI, ARK, Citadel, DTCC, the Intercontinental Exchange and other TradFi players backing Zero, , Vitalik's thoughts on AI, and more.  Thank you to our sponsors! Fuse: The Energy Network MultiChain Advisors Crypto Tax Girl AI safety chiefs are leaving, BlackRock's launching on Uniswap and buying UNI, LayerZero launches “the last blockchain” with institutional backing, Kaito is launching attention markets, Base is abandoning social and Vitalik has some thoughts on AI. Hosts Kain Warwick, Luca Netz and Taylor Monahan unpack these and more in yet another packed episode of Uneasy Money. Find out why Kain thinks the Uniswap and LayerZero news point to a new meta reminiscent of DeFi Summer. Plus, is Coinbase's Base playing it too safe? And is Vitalik fighting a losing battle? Hosts: Luca Netz, CEO of Pudgy Penguins Kain Warwick, Founder of Infinex and Synthetix Taylor Monahan, Security at MetaMask Links: Unchained: ⁠LayerZero Launches ‘Zero’ Layer 1 as Citadel, ARK Buy ZRO⁠ ⁠How Zero Blockchain Cracked 2 Million TPS and Is Still Decentralized⁠ ⁠Vitalik Buterin Pushes Back on the ‘Race to AGI,’ Outlines Ethereum-Led AI Path⁠ ⁠When AI Agents Take Over, What Does a Post-Human Economy Look Like?⁠ ⁠Uneasy Money: How the Increasingly Better AI Agents Are Being Used Onchain⁠ ⁠Uneasy Money: Why Crypto Still Can’t Overcome Its ICO Struggles Learn more about your ad choices. Visit megaphone.fm/adchoices

The market structure bill introduces a "control" test for DeFi protocols. The problem: nobody agrees on what control means. Figure is giving away $25,000 in USDC. Deposit into Democratized Prime, earn ~9% APY hourly—and every $1 you keep in for 25 days is 1 entry. Enter here Peter Van Valkenburgh of Coin Center sits down with Jessi Brooks and Vy Le to confront a question that will determine which DeFi projects can operate in the United States and which ones can't.  The Blockchain Regulatory Certainty Act creates a carve-out for non-custodial developers, codifying the principle that if you never hold customer funds, you shouldn't need a money transmitter license. Simple enough on paper.  But Vy presses on the hard cases: what about an admin key, an upgradeable vault, or a pause function built for security? Where exactly does "non-custodial" end and "control" begin?  Meanwhile, Jessi raises the tension the industry rarely wants to discuss. The DOJ just charged cartel brokers moving money through crypto, yet simultaneously dismantled its own enforcement teams.  If Congress clears developers, who pursues the actual criminals? The answer matters for every builder, investor, and victim watching this play out. Hosts: Jessi Brooks, General Counsel at Ribbit Capital TuongVy Le, General Counsel at Veda Guest: ⁠Peter Van Valkenburgh, Executive Director of Coin Center Links: ⁠​​Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead⁠ ⁠Senators Move to Curb Passive Stablecoin Yields in Market Structure Push⁠ ⁠Mastercard in Talks to Buy Zerohash for $2 Billion: Report⁠ ⁠How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens⁠ ⁠How Nansen’s New Trading Agent Makes It Easier to Follow the Smart Money Onchain⁠ ⁠How the x402 Standard Is Enabling AI Agents to Pay Each Other⁠ ⁠Reading is Fundamental⁠ ⁠Stablecoin for Babies Learn more about your ad choices. Visit megaphone.fm/adchoices

Namik Muduroglu and Amir Almaimani walk through MegaETH's launch strategy and why they are delaying the TGE. Thank you to our sponsors! ⁠Figure⁠ ⁠Crypto Tax Girl Months after its oversubscribed initial coin offering, MegaETH's mainnet is live. But the project is not launching its token just yet.  In this Unchained podcast episode, MegaETH strategy chief Namik Muduroglu and Head of Ecosystem Amir Almaimani break down the Ethereum Layer 2 chain’s launch strategy, including its decision to delay TGE. They also explain how the MegaETH is navigating the current market slump and how it is positioning USDM as its long term moat. Plus, why they believe credible neutrality is a “losing strategy.” Guests: Namik Muduroglu, CSO & Founding Team at MegaETH Amir Almaimani, Head of Ecosystem of MegaETH Previous appearances on Unchained: MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience? Links: Unchained: Ethereum Lets Go of the Rollup Story. Here Are the 6 Tokens That Benefit MegaETH Plans Return of All Pre-Deposit Funds MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience? Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsors! Figure Crypto Tax Girl Are bitcoiners underestimating the quantum threat to Bitcoin? That's the question Castle Island Ventures Partner Nic Carter has posed with some recent posts gauging the views of several leading Bitcoin developers on quantum computing. To help answer the question, Unchained reached out to Ethereum Foundation Researcher Justin Drake and Michigan University Professor Chris Peikert. In this episode, Justin and Chris, who is one of the foremost experts on lattice cryptography, break down the quantum computing threat to crypto and the potential timelines. Justin theorizes that Bitcoin developers may not be incentivized to talk about the quantum computing risk while still saying that a number of smart people are already taking it seriously and that may be enough. Conversely, Chris highlights the constraints that come with uncertainty around risks and timelines. Listen to find out what they conclude. Plus, could AI do crypto in before quantum computers? Guests: Justin Drake, Researcher at the Ethereum Foundation Chris Peikert, Professor, Computer Science and Engineering, University of Michigan Links: Ethereum and Optimism Lay the Groundwork for a Post-Quantum Future Q-Day Is Imminent. Can Bitcoin Survive the Quantum Threat? Solana Deploys Post-Quantum Signatures on Testnet Cracking Bitcoin Encryption Is Getting Much Easier, Google Says Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsors! Figure Crypto Tax Girl What happened to Bitcoin on Feb. 5? And why does the apex crypto continue to underperform? DeFi Development Corp investment chief Parker White has some theories. In this Unchained podcast episode, Parker walks Laura Shin through them as they gain traction on X. At the center of it all is non-crypto Hong Kong fund and another fund that may be executing a ‘Big Short’-style trade using derivatives. Listen to find out why Parker is so convinced. Guest: Parker White, COO/Chief Investment Officer at DeFi Development Corp Links: Bitcoin Mining Gets a Rare Reset as Weaker Players Drop Out Why Bitcoin Is Down, Plus the Rare Bright Spot in Crypto: Hyperliquid Crypto Sentiment Is Down Bad. The Reality Is Far Different, Says Ryan Watkins Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Figure is giving away $25,000 in USDC. Deposit into Democratized Prime, earn ~9% APY hourly—and every $1 you keep in for 25 days is 1 entry. Enter here --- Bitcoin slid toward $60,000 on Feb. 5 in a brutal, cross-asset selloff that hit gold, equities, and crypto alike. With leverage unwinding and basis trades breaking, long-time bitcoin holders are distributing to institutional buyers who, by 13F data, are mostly underwater. The mood across digital assets is bleak. Against that backdrop, Nic Carter of Castle Island Ventures argues that key Bitcoin narratives have quietly failed—and warns that developers’ inaction on quantum risk could open the door to institutional control. If devs don’t act, Carter says ETF giants like BlackRock will. The panel then widens the lens: declaring the token-centric VC model dead, debating whether AI now rivals the industrial revolution, and stress-testing it all across topics ranging from Solana vs. Hyperliquid to Japan’s political shift and MrBeast’s fintech play. --- If you want your crypto taxes done carefully — not guessed — Crypto Tax Girl is offering $100 off one-on-one crypto tax services. Their team focuses solely on crypto and has been helping investors navigate tax season since 2017. Save $100 here Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guest: Nic Carter, Founding Partner at Castle Island Ventures Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsors! Figure Crypto Tax Girl LayerZero Labs is making bold promises with its coming Zero Blockchain. 2 million transactions per second per node. A thousandth of a penny per transaction. No compromises to decentralization. The big question is how?! In this Unchained podcast episode, LayerZero Labs CEO Bryan Pellegrino explains how the team was able to crack scalability by fixing blockchain storage and rethinking the crypto industry's approach to zero knowledge technology. With the blockchain already boasting partners such as Citadel Securities, DTCC and ICE, will Zero be the blockchain institutions decide to build on? Guest: Bryan Pellegrino, Co-founder & CEO of LayerZero Labs Links: LayerZero Foundation Buys Back 5% of ZRO Token Supply From Early Investors PayPal’s PYUSD Integrates LayerZero to Expand Across Blockchains The LayerZero/Wormhole Bidding War Shows How to Value a Crypto Business LayerZero Fought the Sybils and Airdropped Its Token. Did the Team Win? Learn more about your ad choices. Visit megaphone.fm/adchoices

The ERC-8004 standard for trustless AI agent interactions is finally live on mainnet! In this Unchained episode, Ethereum Foundation AI Lead Davide Crapis joins to explain what the standard is, how it works, how it’s protected against manipulation, and what's next. Listen to find out his most interesting experience building the project and tips for builders looking to start businesses around AI agents. Guest: Davide Crapis, AI Lead at Ethereum Foundation Links: How the x402 Standard Is Enabling AI Agents to Pay Each Other Uneasy Money: How Ethereum May Have One-Upped Bitcoin in One Big Way Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsors! Fuse: The Energy Network MultiChain Advisors Vitalik Buterin just dropped a bombshell: the L2 vision no longer makes sense. Meanwhile, AI coding agents are going parabolic. In this monster episode of Uneasy Money, Ethereum Foundation Head of Developer Growth Austin Griffith and Optimism co-founder Karl Floersch join hosts Kain Warwick and Taylor Monahan to unpack the reasoning behind Vitalik's remarks and debate whether Ethereum needs L2s to pull institutions. They also take a deep dive into the OpenClaw and Moltbook craze and Austin shares how he has different agents running on different machines, including one that texts his wife good morning everyday. Is “AI the new UI?” Hosts: Kain Warwick, Founder of Infinex and Synthetix Taylor Monahan, Security Expert, Metamask Guests: Austin Griffith, AI Lead at Ethereum Foundation Karl Floersh, CTO of OP Labs Links: Vitalik Rethinks Ethereum’s L2 Playbook, Calls for Shift Toward Native Rollups How the x402 Standard Is Enabling AI Agents to Pay Each Other Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsors! Fuse In one week, OpenClaw agents have gotten their own social networking platform, launched cryptocurrency tokens and built a site to rent humans. In this episode of Unchained, DAIS Global Chair Michael Casey and The Exponentialist co-founder David Mattin explore what Moltbook reveals about the direction of the AI trend, how AI could impact jobs and what a post-human economy looks like. Will Bitcoin be the currency of the future? Don't miss Michael's sovereign AI thesis and how Mattin believes we can navigate the transition to a post-human society. Hint: “lean into your weirdness.” Guests: Michael Casey, Chairman of DAIS Global David Mattin, Co-founder of The Exponentialist Links: How Nansen’s New Trading Agent Makes It Easier to Follow the Smart Money Onchain How the x402 Standard Is Enabling AI Agents to Pay Each Other Check out David's newsletter New World Same Humans Learn more about your ad choices. Visit megaphone.fm/adchoices

If you’re looking for help with crypto taxes, Crypto Tax Girl is offering $100 off for Unchained listeners. They provide personalized crypto tax reports and tax returns, and availability before April 15 is limited. Go to http://cryptotaxgirl.com/unchained to save $100! The White House is intervening in the fight over stablecoin yield. And AI agents are… organizing? In this special episode of DEX in the City, Zerohash CEO Edward Woodford joins hosts Jessi Brooks and Katherine Kirkpatrick Bos to unpack the White House meeting to resolve disputes over the CLARITY Act and the Moltbook craze. Listen to find out why Edward thinks CLARITY should have a narrower focus and what he thinks is more important than the yield debate. Plus why Jessi thinks the crypto industry is pinning too much hope on the bill. Don't also miss Edward's rationale behind rejecting $2B from Mastercard and KK's awkward interaction with a teacher after offering to teach crypto at her son's school. Meanwhile, as AI agents proliferate, where does accountability lie? Hosts: Jessi Brooks, General Counsel at Ribbit Capital Katherine Kirkpatrick Bos, General Counsel at StarkWare Guest: Edward Woodford, Founder and CEO of Zerohash Links: ​​Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead Senators Move to Curb Passive Stablecoin Yields in Market Structure Push Mastercard in Talks to Buy Zerohash for $2 Billion: Report How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens How Nansen’s New Trading Agent Makes It Easier to Follow the Smart Money Onchain How the x402 Standard Is Enabling AI Agents to Pay Each Other Reading is Fundamental Stablecoin for Babies Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsor! Fuse Bitcoin's collapse is accelerating. Continuing a descent that began last week, the asset this week has all the price progress made under the Trump administration. The price action begs the question why amid greater adoption and support. In this episode of Unchained, FalconX Head of Markets Joshua Lim highlights two main reasons for Bitcoin's regression and offers his outlook for the year. Is it 2022 all over? Plus, how gold's run resembles GameStop in 2021 and why Hyperliquid is a bright spot amid market weakness. Guest: Joshua Lim, Head of Markets, FalconX Links: Bitcoin Sinks as Markets Price In a More Hawkish Fed Has Bitcoin Failed to Live Up to the Digital Gold Narrative? Why HYPE Is Up While Every Other Crypto, Including Bitcoin, Is Down Learn more about your ad choices. Visit megaphone.fm/adchoices

Crypto markets are under severe pressure, with Bitcoin sliding into one of the most oversold conditions in its history and Ethereum following closely behind. In this episode of Bits + Bips, Steve Ehrlich sits down with Fairlead Strategies founder Katie Stockton to walk through what the charts are actually signaling amid the selloff. They discuss why oversold does not automatically mean a bottom, how technicians look for downside exhaustion, and what needs to change before confidence returns for Bitcoin and ETH. Hosts: Steven Ehrlich, Host, Bits + Bips Guests: Katie Stockton, Founder and Managing Partner, Fairlead Strategies Learn more about your ad choices. Visit megaphone.fm/adchoices

The hosts dive into Bitcoin's volatility below $75K, dissect the explosive CZ vs Star Twitter battle over who caused the 10/10 liquidation cascade, debate the ethics of founder secondary sales with passionate disagreement, and explore the surprising crypto connections in the newly released Epstein files including Tarun's unexpected cameo. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the crew tackles a volatile market with Bitcoin struggling below $75K and explores what's driving the uncertainty. They dive deep into the explosive Twitter battle between Binance founder CZ and OKX's Star over who really caused the catastrophic 10/10 liquidation event that broke crypto's correlation with traditional markets. The conversation gets heated as the hosts debate the ethics of founder secondary sales — with Haseeb taking a surprisingly libertarian stance against his co-hosts. Finally, they explore the unexpected crypto connections in the newly released Epstein files, including Tarun's own amusing cameo and connections to Coinbase, Bitcoin Core developers, and other industry figures. From market analysis to Twitter drama to moral philosophy, this episode covers the full spectrum of crypto discourse. Let's get into it. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Bitcoin below $75K signals uncertain market conditions with equal odds of hitting $40K or $130K 🔹 CZ vs Star Twitter battle over who caused the catastrophic 10/10 liquidation cascade   🔹 Athena unwinding timeline analysis challenges Star's claims about Binance's role 🔹 Heated debate on founder secondary sales ethics with sharp disagreements among hosts 🔹 Tarun's unexpected appearance in Epstein files via Quora digest on homomorphic encryption 🔹 Epstein's 2014 Coinbase investment and connections to Brock Pierce revealed 🔹 Bitcoin developers' interactions with Epstein including Adam Back and Jeremy Rubin 🔹 MicroStrategy's break-even position becomes psychological market threshold 🔹 Quantum computing concerns emerge as potential Bitcoin selling catalyst 🔹 Post-10/10 correlation breakdown between crypto and traditional risk assets analyzed Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices