Advertise on podcast: What Bitcoin Did

"This doesn’t stop, it accelerates from here." Rob Hamilton returns to discuss the AI attacks on Bitcoin, the fallout from the Coldcard hack and the volunteers racing to find vulnerabilities before hackers do. He explains how the Bitcoin Red Team scanned around 650 codebases, flagging more than 10,000 potential issues, including 1,500 rated high or critical. We discuss how a $1 AI scan helped Rob identify the Coldcard flaw, what the team found when it tested Bitcoin Core, and how AI is uncovering problems that security audits missed. Rob also explains why he expects the attacks to spread beyond Bitcoin. We also get into what this means for self-custody, the risks of relying on a single hardware wallet, multisig, testing your backups and whether Bitcoiners really understand the systems protecting their life savings. Finally, we discuss why some American AI models refused to help with the defensive work, how Chinese open models filled the gap, and why Rob sees attempts to restrict access to AI as a threat to freedom of thought. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Rob Hamilton: https://x.com/Rob1Ham

“The people who bet right by being early to Bitcoin are the ones who get blamed.” Avik Roy returns to discuss why he believes America’s debt crisis is far worse than official forecasts suggest, and why Bitcoiners shouldn’t assume they’ll be safe. We get into his 15-year warning, the risk of bank failures and inflation, and how governments could restrict access to Bitcoin or target those who hold it. We also discuss self-custody, capital controls and the freedom to exit, before getting into Bitcoin treasury companies and whether their incentives align with shareholders. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Avik Roy: https://x.com/Avik

“The worst thing is to not own any of it.” Eric Yakes returns to discuss why he believes Bitcoin’s four-year cycle is breaking, why diminishing returns may not be inevitable, and how institutional and nation-state demand could change the next rally. He explains why Bitcoin needs to become bigger and more liquid before its largest potential buyers can make meaningful allocations. We also get into Bitcoin’s role as a hedge against debasement, the debate over money versus digital gold, and why Eric rejects the “private Bitcoin” pitch around Zcash. We finish with how AI could make Bitcoin’s scarcity more valuable, the security risks that concern him most, and why he still believes the biggest mistake is owning none. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/danny ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Eric Yakes: https://x.com/ericyakes

“Bitcoin feels alive, but not intelligent. And AI feels intelligent, but not alive.” Dhruv Bansal joins to discuss why AI may need Bitcoin to survive, why autonomous agents could choose Bitcoin over dollars and stablecoins, and how earning Bitcoin to pay for their own resources could align them with human needs. We also get into how Bitcoin could help rebuild a free and open internet, the problems with advertising and surveillance, and whether AI could accelerate hyperbitcoinization. Dhruv explores how Bitcoin and AI could give rise to a new form of digital life and why he sees an optimistic path for both. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/ ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Dhruv Bansal: https://x.com/dhruvbansal

“We experienced, as a percentage of deposits, the biggest bank run in history.” Alan Lane joins to discuss the fall of Silvergate, the bank run that followed FTX’s collapse, and how his team kept meeting withdrawals as 70% of deposits left. He explains why he believed the bank could rebuild and what changed between surviving the run and deciding to close. We also get into Operation Choke Point 2.0, why Alan believes Washington wanted the industry cut off from banking, and the failures of Silicon Valley Bank and Signature just days after Silvergate’s wind-down announcement. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd BITGO - Secure your Bitcoin with institutional grade security. https://www.bitgo.com/ ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd

“You actually have the president and the Treasury working for Bitcoin because they’re working for a weaker dollar.” Matt Cole joins to discuss why he believes America’s debt crisis leaves the government with few good options, how rising bond yields could force the Treasury and Fed to intervene, and why a weaker dollar could fuel Bitcoin’s next bull market. We also get into why AI could create abundance without generating enough tax revenue to fix the debt problem, his case for $500K Bitcoin by 2030, and whether Bitcoin is entering a supercycle. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. https://learn.ledn.io/wbd ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: https://www.anchorwatch.com/wbd BITKEY - Get 10% off the new Bitkey wallet with code WBD. https://bitkey.world/wbd EXPAT MONEY - Build your Plan B. Explore second residencies, citizenship and offshore wealth protection. https://expatmoney.com/wbd FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles Matt Cole: https://x.com/ColeMacro

“I think everyone is underestimating the speed of AI.” Jordi Visser joins the show to discuss why he believes AI could trigger a major shift in global wealth, weaken the investment appeal of stocks and real estate, and create a new bull case for Bitcoin. He explains why wealthy investors haven’t needed Bitcoin yet, and how AI’s deflationary effects could change that. We also get into whether AI is a bubble, how agents and tokenization could transform finance, and why Big Tech may struggle to maintain its dominance. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. SWAN - Buy Bitcoin, Build Wealth. Discover Swan’s Bitcoin products for individuals and businesses. ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: BITKEY - Get 10% off the new Bitkey wallet with code WBD. CAPE - Get 33% off your first six months with code WBD. FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles Jordi Visser: https://x.com/jvisserlabs

“The things they need to do to bring inflation down are just too painful for them.” Andy Constan returns to discuss why he thinks politicians will keep running large deficits, how inflation can shift the cost of America’s debt onto savers and future generations, and why that creates a bull case for Bitcoin. We also get into how institutions decide whether to own Bitcoin, why its volatility and weak correlation with gold keep Andy on the sidelines, and whether a US debt collapse is inevitable. Andy explains why bonds look more attractive to him today, what it would take to bring inflation down, and whether AI could change America’s debt outlook. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. SWAN - Buy Bitcoin, Build Wealth. Discover Swan’s Bitcoin products for individuals and businesses. ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: BITKEY - Get 10% off the new Bitkey wallet with code WBD. CAPE - Get 33% off your first six months with code WBD. FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Andy Constan: https://x.com/dampedspring

“You don’t need inflation for anything whatsoever. It’s essentially a counterfeiting cartel.” Peter St Onge returns to discuss why he believes 2% inflation is a scam, how central banks transfer wealth from savers to governments and Wall Street, and why technological progress should be making life cheaper. We also get into Austrian economics, his argument that the Fed causes the recessions it then tries to fix, and America’s growing debt problem. Peter explains why he thinks the AI bubble still has room to run, how he uses Bitcoin as a place to park profits, and what could bring money back from AI into Bitcoin. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. SWAN - Buy Bitcoin, Build Wealth. Discover Swan’s Bitcoin products for individuals and businesses. ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: BITKEY - Get 10% off the new Bitkey wallet with code WBD. CAPE - Get 33% off your first six months with code WBD. FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles Peter St Onge: https://x.com/profstonge

“I think the primary product that they’re the most interested in selling is AI psychosis.” Erik Cason returns to discuss why he believes American capitalism has already ended, how AI could accelerate the rise of the surveillance state, and why owning your own AI could become as important as holding your own Bitcoin. We also get into AI dependence, his warning of a “digital 9/11”, the competition between Chinese open models and American AI companies, and the personal AI system he’s building. Erik explains how Bitcoin and cryptography fit into this future, and why Bitcoin could become essential for paying for AI when governments restrict access. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. SWAN - Buy Bitcoin, Build Wealth. Discover Swan’s Bitcoin products for individuals and businesses. ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: BITKEY - Get 10% off the new Bitkey wallet with code WBD. CAPE - Get 33% off your first six months with code WBD. FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Erik Cason: https://x.com/Erikcason

"The rest of the world, of course, should always have been paying attention to Bitcoin, but they should be paying attention to it for a very different set of reasons now because they’re next.” Jameson Lopp returns to discuss how AI is accelerating the race between hackers and defenders, what the Coldcard and Liquid hacks reveal about Bitcoin security, and why he sees Bitcoin as the canary in the coal mine for other industries. We also get into hardware wallets, multisig and protecting life-changing amounts of bitcoin, the risks of KYC leaks and physical attacks, and what Jameson learnt from talking to scammers and interviewing North Korean applicants trying to get jobs at Casa. THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. SWAN - Buy Bitcoin, Build Wealth. Discover Swan’s Bitcoin products for individuals and businesses. ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: BITKEY - Get 10% off the new Bitkey wallet with code WBD. CAPE - Get 33% off your first six months with code WBD. FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Jameson Lopp: https://x.com/lopp Jameson Get's Swatted: https://www.youtube.com/watch?v=yCWJY8olZHU

“I think AI is officially too big to fail.” Jeff Ross returns to discuss why he expects an AI-led manufacturing boom in the US and how rising productivity could help America grow its way out of debt. We also get into why AI-driven deflation could benefit people but threaten a debt-based monetary system, and why the government may eventually have to backstop the AI buildout with QE or yield curve control. • - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - THANKS TO OUR SPONSORS: LEDN - Explore Bitcoin-backed loans and get 0.25% off your first loan. SWAN - Buy Bitcoin, Build Wealth. Discover Swan’s Bitcoin products for individuals and businesses. ANCHORWATCH - Insured Bitcoin custody, security & inheritance. Book a consultation: BITKEY - Get 10% off the new Bitkey wallet with code WBD. CAPE - Get 33% off your first six months with code WBD. • - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Jeff Ross: https://x.com/FormerDrJeff

“We don’t really have the tools to deal with fiscal-driven inflation.” Lyn Alden returns to discuss why the US is entering deeper fiscal dominance, what the Treasury’s recent buybacks signal, and why America’s growing debt and $2 trillion deficits are changing what monetary policy can actually achieve. We discuss the increasingly K-shaped economy, why developed markets are beginning to take on characteristics once associated with emerging markets, and why Lyn believes this macro environment could persist well into the 2030s. Lyn also explains why she believes Bitcoin is increasingly well positioned for the years ahead, why capital could rotate out of the AI trade, and what would need to happen for Bitcoin to enter a stronger bull market. • - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - THANKS TO OUR SPONSORS: LEDN SWAN ANCHORWATCH BITKEY CAPE • - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Lyn Alden: https://x.com/LynAldenContact

“There is a reckoning. There is a point at which something has to be addressed.” Nik Bhatia returns to get into America’s $40 trillion debt problem, why the real danger is the share of tax revenue being consumed by interest, and how continued Treasury bill issuance could eventually trigger stress in the repo market and force the Fed to intervene. We discuss whether Treasury buybacks helped drive Bitcoin’s recent 20% rally, why the UK, France and Japan may face major monetary intervention before the United States, and how Washington is attempting to reclaim control of the offshore dollar system. Is the world entering a new kind of financial war? Nik also explains why he believes Bitcoin’s bottom is in but the next bull market has not yet begun, what his liquidity indicators are signalling, and why the bond market could determine Bitcoin’s next major move. THANKS TO OUR SPONSORS: LEDN SWAN ANCHORWATCH BITKEY CAPE FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Nik Bhatia: https://x.com/timevalueofbtc The Bitcoin Layer: https://www.youtube.com/c/TheBitcoinLayer

“You could have a massive cycle here this time around that will shock people.” — Joe Carlasare Joe Carlasare is a commercial litigator, Bitcoiner and author of Unconfiscatable. In this interview, we discuss why he believes the Bitcoin bottom is in, how the recent drawdown changes Bitcoin’s risk profile, and why a move above $100K could trigger the next major cycle. We also discuss institutional adoption, the future of the four-year cycle, Bitcoin-backed banking and credit, Treasury buybacks, fiscal dominance, AI investment, structural inflation and why Joe is bullish on the economy, markets and Bitcoin. THANKS TO OUR SPONSORS: LEDN SWAN ANCHORWATCH BLOCKWARE BITKEY CAPE FOLLOW: Danny Knowles: https://x.com/_DannyKnowles Joe Carlasare: https://x.com/JoeCarlasare