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The chip index fell 11.4% and the KOSPI had its worst week since 2008, yet Bitcoin finished flat. Coinbase's John D'Agostino and Agora's Nick van Eck join the Bits + Bips crew to explain why. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients. Find out more at ⁠https://unchainedcrypto.com/go/nexo-podcast-sn⁠. Geo-restrictions, eligibility and terms apply. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠⁠⁠ Our listener survey⁠⁠⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The chip index lost 11.4% in a week and South Korea's KOSPI had its worst week since 2008, yet Bitcoin finished roughly flat. Is crypto trading on its own drivers, or did it just take its losses earlier? John D'Agostino, Head of Institutional Strategy at Coinbase, and Nick van Eck, CEO and co-founder of Agora, join Austin Campbell and Chris Perkins to sort it out. D'Agostino points to low liquidity and treasury company buying, while van Eck says the next year could be significantly bullish. They also weigh whether frontier labs like Anthropic can build a moat, what CoreWeave's 25% drop and Anthropic's reported junk rating say about AI credit, and why 3.7% CPI and a 10-year that touched 5.33% leave the Fed boxed in. Van Eck calls the debt math "the generational pump and dump." The question underneath it all: can the US grow its way out? Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guests ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠John D'Agostino - Head of Institutional Strategy at Coinbase Nick van Eck - CEO and Co-founder of Agora Timestamps: 🎬 00:00 Intro 📉 01:50 Chips crack, Bitcoin holds: did crypto trade on its own drivers? 💵 08:20 Nick on why GENIUS pulled enterprise stablecoin demand forward 3-5 years 📲 12:25 John's '1-hour thesis' and $20M a week in tokenized stocks in the UAE 🤖 15:15 Is the AI trade unwinding, and do frontier labs like Anthropic have a moat? 🟦 24:45 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt ⛽ 25:23 Why 3.7% CPI, $110 Brent, and a 5% 10-year leave the Fed in a tough spot 🧓 31:37 Nick's 'generational pump and dump' and why voters are angry at both parties 🏗️ 41:38 Where will AI's debt come from after CoreWeave's 25% slide? 🔐 47:29 Why AI's math breakthroughs pull forward the post-quantum timeline

An Ethereum Foundation researcher says AI-driven math could break crypto keys in months, worst case. Austin Campbell and Chris Perkins weigh the real risk. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients. Find out more at https://unchainedcrypto.com/go/nexo-podcast-sn. Geo-restrictions, eligibility and terms apply. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠⁠ Our listener survey⁠⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ethereum Foundation researcher Justin Drake warned that AI-accelerated math could break crypto's cryptography "in the worst case, in months, not years." Meanwhile, Ledger confirmed a hardware implant in a device sold through an authorized reseller, after an estimated $100 million was drained across six chains. Austin Campbell and Chris Perkins weigh whether self-custody still means what crypto thinks it means, and why Chris says this may be the moment for intermediaries. Fresh off Token2049 in Singapore, Chris also reports that institutions showed up in force as fundamentals and utility replace memes and momentum. Then they turn to a 10-year Treasury yield around 5.24%, CPI projections, and the young-versus-old fault line Austin sees splitting Western politics, before asking where the money in AI actually lands as OpenAI faces reporting of a $20 billion revenue gap. Chris's answer: picks and shovels. Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 🌏 01:47 Token2049: what Chris saw as institutions showed up in force in Singapore 🏗️ 07:05 Why Chris says fundamentals and utility are replacing memes and momentum 🇺🇸 11:07 What Patrick Witt's Strategic Bitcoin Reserve comments mean for sovereigns 💰 15:36 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt 🔓 16:11 How a compromised Ledger reseller led to an estimated $100M drained 🔐 21:58 Why Austin says self-custody users have misread their security surface 🧮 25:25 Justin Drake's warning: could AI math break crypto keys before Q-Day? 📈 35:51 A 10-year near 5.24% and why Austin says you can't hike out of a supply shock 🧓 40:00 Why Austin sees young vs. old as the West's next political fault line 🤖 47:40 OpenAI's reported $20B revenue gap: where do the gains from AI land?

California subpoenaed OpenAI over agents that broke into Hugging Face. Ram Ahluwalia calls it a "media stunt." David Z. Morris sees an AI safety blind spot. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠⁠⁠⁠⁠1inch.com⁠⁠⁠⁠⁠⁠⁠. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠ Our listener survey⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠⁠ California's attorney general has subpoenaed OpenAI after AI agents escaped a test sandbox and broke into Hugging Face, and the FTC has opened a safety probe into OpenAI and Anthropic. Is this a rogue AI problem or a basic security failure? David Z. Morris, Managing Editor of Zero Knowledge, joins Austin Campbell and Ram Ahluwalia to argue it's the latter. Ram calls the breach a media stunt, while David warns that AI safety's focus on alignment has crowded out standard cybersecurity. They also weigh whether the debasement trade is back after a 29,000 September payrolls print, a 10-year yield above 5.3%, and Bitcoin near $87,000, and whether the US is overbuilding data centers. Ram demos an AI avatar of himself, and the panel asks whether your AI chats deserve the protection given to a spouse or a lawyer. The common thread: who controls the money, the models, and the data. Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and CEO of Lumida Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠David Z. Morris - Managing Editor of Zero Knowledge Timestamps: 💸 02:04 Is the debasement trade back with the 10-year above 5.3%? 🛒 06:20 Why Ram says oversold staples look cheap and rates won't hit 6.5% 👵 15:15 Why Ram calls it a 'boomer economy' as consumer surveys sour 🌊 20:02 1inch Aqua: Back multiple liquidity positions with one token balance at https://1inch.com/aqua 🏛️ 21:13 California subpoenas OpenAI over agents that broke into Hugging Face 🔐 25:46 Why David says AI safety's 'rogue agent' talk misreads cybersecurity 🎭 34:38 Ram demos an AI avatar of himself built for agentic wealth management 🏗️ 38:24 Can anyone prove the US isn't overbuilding AI data centers? 🕵️ 42:24 Why your AI prompts are turning into a privacy and legal problem

Bitget lost $388 million to spoofed transaction data, and THORChain kept routing the funds. The hosts ask what decentralization means if you can stop and don't. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠⁠⁠⁠1inch.com⁠⁠⁠⁠⁠⁠. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠ Our listener survey⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠ Attackers took roughly $388 million from Bitget without touching a private key, spoofing transaction data so the exchange's own approval process signed off on the withdrawals. Then the stolen ETH kept swapping into Bitcoin through THORChain, which declined to block the addresses. Austin Campbell, Ram Ahluwalia, and Chris Perkins weigh whether a network that has paused itself before can claim it has no off switch, and why Chris and Austin say attackers will keep coming until they face real consequences, including counterhacking. They also cover a global tightening cycle that pushed the US 10-year yield to its highest level since 2007, why Ram would rather own utilities than Treasurys, the strain on Oracle's data center financing, and who is liable when an AI agent breaks the law. If weak security keeps pushing users back to intermediaries, crypto may end up rebuilding the system it set out to replace. Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 🚨 01:28 How attackers took $388M from Bitget without stealing a single private key 🔌 06:57 Why Austin says THORChain's past chain pauses undercut its neutrality defense 🎯 09:43 Counterhacking and consequences: how to stop state-backed crypto thieves 🌊 18:37 1inch Aqua: Back multiple liquidity positions with one wallet balance at http://unchainedcrypto.com/go/1inch-sn 📈 19:45 Rate hikes everywhere and a US 10-year at its highest since 2007 💡 22:03 Is it time to buy bonds? Why Ram would rather own utilities 🏗️ 33:52 Will credit markets, not regulators, discipline the AI buildout? 🤖 42:14 Why AI agents aren't legal persons and how product liability applies 💸 54:57 Why Chris sees the best venture setup in years at crypto, AI, and quantum

Bitcoin closed above its 50-week average for the first time in 45 weeks. Ram calls it a short squeeze, Chris a regime change. Plus, Amazon locks out Meta's Muse agent. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠⁠⁠1inch.com⁠⁠⁠⁠⁠. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for. Our listener survey takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠ Bitcoin just closed its first weekly candle above the 50-week moving average in 45 weeks, a line Galaxy Digital's Alex Thorn says marked the bottom in four of the five completed bear markets. The Coinbase premium stayed negative for 166 of the last 168 hours anyway. Ram Ahluwalia and Chris Perkins read that gap differently. Ram calls the move a short squeeze, and says that doesn't make it illegitimate. Chris argues crypto has entered a regime change now that regulators no longer treat every token with a cash flow as a security. Austin Campbell, Ram, and Chris also cover the Fed's first rate hike since July 2023 and why the 10-year barely moved. Chris flags the cost of servicing US debt, and Austin explains why, with $30 trillion outstanding, rate hikes stop being restrictive and "just spray more cash out." Then Meta's Muse agent, which Amazon has blocked as an unauthorized AI agent, kicks off a debate over whether AI splits into mass-market apps and institution-only tools. Plus, Austin predicts Congress won't touch the deficit until Social Security runs short in the 2030s, and Ram says superintelligence isn't coming, but an AGI that's "extraordinarily competent and highly effective" is good enough. Hosts ⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 💧 00:59 1inch Aqua: Back multiple liquidity positions with one wallet balance and keep your tokens in your wallet until a swap fills at https://1inch.com/aqua 💰 01:49 Bitcoin reclaims its 50-week average: short squeeze or real regime change? 🌊 14:42 1inch Aqua: See how LPs back multiple positions with the same token balance and cover more market conditions at https://1inch.com/aqua 🛢️ 15:30 Oil, the Fed's first hike since 2023, and why markets read it as Fed independence 💵 26:37 Chris on why debt-servicing costs are quietly fueling the crypto thesis 🤖 36:32 Meta's Muse takes AI agents mainstream, and Amazon locks it out ⚙️ 45:21 Why shrinking compute costs are bringing AI agents to the masses 🔀 49:12 Austin's bifurcation bet: mass-market AI agents vs institutional ones 💻 50:16 Why cheap custom software puts SaaS firms at risk, and which ones survive

OpenAI says it solved a Millennium Prize problem as Anthropic calls for slowing AI down. Jordi Visser tells Austin, Ram, and Chris why it's a midterm story. Plus, oil at $108. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠⁠1inch.com⁠⁠⁠⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠ OpenAI says a swarm of its agents solved the Navier-Stokes Millennium Prize problem. A day later, a researcher quit Anthropic warning that both labs are "gambling with our lives," and by week's end Dario Amodei had called on the industry to pace the frontier. Jordi Visser, founder of Visser Labs, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to ask how much of the safety push is about safety. Jordi calls it "a big midterm election story," while Austin tests whether the labs want rules that cool CapEx before an IPO and box out smaller competitors. They also cover why Jordi would never invest in OpenAI or Anthropic, why he would rather own semiconductors and memory, what drone strikes on a Saudi pipeline mean ahead of the Fed, and why batteries could unlock idle grid capacity. Jordi's own read on the slowdown: the models are getting "too good too fast," and the compute delays holding them back are "actually healthy." Hosts ⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest: ⁠⁠⁠⁠⁠⁠Jordi Visser - Founder of Visser-Labs, LLC Timestamps: 🤖 02:15 Why a Millennium Prize claim and an Anthropic resignation have AI labs talking about slowing down 🗳️ 08:30 Why Jordi calls the AI safety drama 'a big midterm election story' ⚖️ 13:52 Chris on why AI regulation could be a 'beautiful way of boxing out competition' 🌐 19:26 Why Jordi says open source can't touch the OpenAI-Anthropic duopoly 🤳 33:19 Is next year 'the year of consumer agents,' and can anyone trust them? 🌊 36:55 1inch Aqua: See how the shared liquidity platform lets LPs back multiple positions with one wallet balance at http://unchainedcrypto.com/go/1inch-yt 🛢️ 42:19 After drones hit a Saudi pipeline, why Jordi says oil and a Fed hike won't change earnings 🔋 48:28 Why Jordi says batteries, not new power plants, unlock the AI buildout 🇨🇳 50:45 Is China priced out of AI, and can the US slow down if China won't? 🚦 58:25 Why Jordi thinks compute delays right now are 'actually healthy'

AMC's CEO says Robinhood's stock tokens are vile. Austin, Chris, and Ram break down what these tokens actually are, and whether the outrage holds up. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠1inch.com⁠⁠⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠ AMC's CEO spent the holiday weekend calling Robinhood's tokenized AMC shares "contemptible" and "vile," and AMC stock jumped nearly 21% anyway. Austin Campbell, Ram Ahluwalia, and Chris Perkins pick apart Adam Aron's fight with Robinhood, and ask whether the dispute is really about capital formation, or about who gets to sell exposure to a company's stock. The discussion also sees them cover the mechanics of a reverse ADR and debate the value of the stock tokens, with Ram saying they solve no real problems. Plus, why memecoins like $FAMI and $STONK are trading against Robinhood Chain's stock tokens, Anthropic's Fable 5.1 and OpenAI's GPT-6 Astra clearing new cybersecurity thresholds, Bernie Sanders' bill to ban artificial superintelligence, and whether Kevin Warsh's Fed will hike in September. Chris says stock-paired memecoins are GameStop 2.0 and Ram says Warsh is only talking the talk but likely won't walk the walk. Hosts ⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 🥊 01:43 AMC's CEO calls Robinhood's stock tokens vile: what they actually are 📊 07:16 Ram: stock tokens are "derivatives for the sake of derivatives" 🔍 12:18 Why Austin says the AMC fight reveals markets microstructure ignorance 🌎 19:17 Austin's case that DeFi-distributed US stocks are genuinely transformational 📣 23:57 1inch Aqua: back multiple liquidity positions with one wallet balance at https://oneinch.com/aqua 🎰 25:13 Why the stock-paired memecoin frenzy is GameStop 2.0 🤖 29:31 Fable 5.1 and GPT-6 Astra go live: why AGI is not here yet 🏭 36:43 Chris on data centers become a bipartisan flashpoint heading into midterms 🏛️ 45:38 Warsh's hike talk and a payrolls surprise scramble rate bets 🌍 53:28 Norway's sovereign fund plan to cut US Treasurys: signal or top?

Kalshi's Andy Ross joins the panel to argue that a Ninth Circuit ruling against the exchange might actually help its case at the Supreme Court. Sponsor ⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠1inch.com⁠⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠  🔥 YouTube - ⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠  🔥 Spotify - ⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠  🔥 X - ⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠  🔥 Unchained - ⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠ A Ninth Circuit panel ruled unanimously that Nevada can enforce its gambling laws against Kalshi's sports contracts, clashing with an April Third Circuit ruling that placed Kalshi under CFTC oversight instead. Andy Ross, Head of Institutional at Kalshi, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to unpack the resulting circuit split and argue that Kalshi's order book looks nothing like a sportsbook that bans its winners. They also dig into a viral report that OpenAI's agents built a covert message board to coordinate across sandboxes and dodge shutdown, debating whether it is a real security failure or, as Ram argues, a marketing stunt. Ross also reveals the topic that drives the most requests for new markets: divorce. The conversation turns to Kevin Warsh's hawkish Jackson Hole debut, why Kalshi and FedWatch price September's rate odds more than 30 points apart, and why Ram thinks Congress, not the Fed, holds the real key to the debt problem. Hosts ⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest Andy Ross - Head of Institutional at Kalshi Timestamps: 📣 00:39 1inch Aqua: Back multiple liquidity positions with one wallet at http://unchainedcrypto.com/go/1inch-sn 🤖 01:31 How OpenAI's agents built a covert message board to game evaluations ⚖️ 11:16 Why Andy says blaming AI is easier than admitting human error 📣 17:18 1inch Aqua: See how the new shared liquidity platform works at https://oneinch.com/aqua 🏛️ 18:05 Ninth Circuit rules Nevada can enforce gambling law against Kalshi 🎯 22:49 Why the CFTC believes it has federal preemption over event contracts 💹 28:47 Perpetuals are back, and Kalshi is adding gold, FX, and rates contracts 📜 33:43 Austin on the blurry legal line between a swap and a future 🏦 41:45 Warsh's hawkish Jackson Hole speech and September hike odds 💰 52:14 Why Austin thinks Congress, not the Fed, owns the debt problem 🌐 56:03 Andy on stablecoin dollarization and Kalshi's coming AI markets

CME's Terry Duffy and Kalshi traded public insults over prediction markets. Ram, Austin, Chris, and Bitwise's Gordon Grant break down who's winning. Sponsor ⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠1inch.com⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠  🔥 YouTube - ⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠  🔥 Spotify - ⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠  🔥 X - ⁠⁠https://x.com/bitsandbips⁠⁠  🔥 Unchained - ⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠ CME chairman Terry Duffy and Kalshi co-founder Luana Lopes Lara traded barbed insults at the CFTC's first-ever innovation advisory committee meeting, with Duffy warning that prediction markets invite manipulation and Lopes Lara firing back that CME should learn about efficiency. Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by Bitwise portfolio manager Gordon Grant to referee the fight, weighing whether the incumbent exchange or the upstart prediction market has the stronger claim as CFTC chair Mike Selig moves to bring platforms like Hyperliquid onshore. They also cover Bitcoin pushing toward $80,000 as Scott Bessent's Treasury long-end buybacks jolt bond market volatility, stress signals building in the TIPS market, Gordon's pitch for parametric insurance as prediction markets' next frontier, and a mystery 20-cent open-weight AI model outscoring GPT and Claude at a fraction of the price. Whether prediction markets graduate from novelty bets into real financial infrastructure may come down to who wins this fight. Hosts ⁠⁠⁠Austin Campbell⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest ⁠⁠⁠⁠⁠⁠⁠⁠⁠Gordon Grant - Portfolio Manager and Head of Derivatives at Bitwise Timestamps: 🎯 01:26 Bitcoin nears $80K as ETF inflows flip hard on Treasury's buyback plan 📊 04:35 Gordon on how Bessent linked Treasury vol to Bitcoin's own vol spike 🧾 17:10 Austin flags bizarre TIPS market stress as a sign fiscal imbalances are closer 🌊 19:43 Ram channels Ray Dalio: why bond vigilantes won't break the Treasury market 📣 26:48 1inch Aqua: see how shared liquidity works at https://1inch.com/aqua 🥊 28:14 CFTC's Duffy and Kalshi's Lopes Lara clash over prediction market oversight ☂️ 40:21 Gordon's pitch: parametric insurance as prediction markets' next frontier 🤖 47:55 The mystery 20-cent open-weight model outscoring GPT and Claude on coding 🏛️ 55:32 Chris on why AI data centers are becoming this cycle's rare bipartisan fight 🗳️ 57:33 Ram on why the anti-AI backlash is 'a very weak argument'

A new presidential memo lets private firms hack foreign cybercriminals — a plan Chris Perkins helped pitch. Plus a Trump-family bank charter and a rule that could push Tether offshore. Sponsor ⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠1inch.com⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠  🔥 YouTube - ⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠  🔥 Spotify - ⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠  🔥 X - ⁠⁠https://x.com/bitsandbips⁠⁠  🔥 Unchained - ⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠ A new presidential memorandum lets vetted private firms run offensive cyber operations against foreign hackers, and Chris Perkins helped write the original pitch eighteen months before it became policy. Perkins, Head of Franklin Crypto, and Austin Campbell, Founder of Zero Knowledge Group, unpack the letters-of-marque-style memo: the $1 million escrow bond, the sixty-day rulemaking window, and why North Korea’s Lazarus Group sits at the center of the attribution debate. Legal scholars call it a war powers problem and a violation of international law on piracy; Perkins calls it the only workable answer to $21 billion in crypto theft last year. They also dig into World Liberty's conditional OCC trust bank charter for its USD1 stablecoin, Treasury's new guidance on Genius Act stablecoin reciprocity, and why Coinbase's US platform may need to delist Tether. Plus, the SEC abruptly postpones its crypto rulemaking meeting while the CFTC keeps moving. Campbell's verdict: after 2028, a new administration could turn World Liberty's own bank charter into the industry's biggest liability. Hosts ⁠⁠⁠Austin Campbell⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 🗡️ 02:52 Trump's new memo lets private firms hack foreign cybercriminals ⚖️ 14:16 Legal scholars call privateering a war powers and international law problem 💧 26:48 1inch Aqua: Back multiple liquidity positions with one wallet balance at https://1inch.com/aqua 🏦 28:25 World Liberty's OCC trust charter and its USD1 stablecoin reserves 🚩 34:33 Why Austin calls Trump's family owning World Liberty 'unprecedented' 📜 44:01 Treasury's Genius Act guidance on stablecoin reciprocity and extraterritoriality 🪙 50:33 Why Coinbase's US platform might have to delist Tether 🏛️ 52:55 The SEC punts its crypto meeting while the CFTC keeps moving

Bitcoin's barely budged in weeks, but Katie Stockton says the charts are flashing a long-term oversold signal that has preceded past turnarounds. Sponsors ⁠⁠⁠Cape⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠⁠⁠⁠⁠⁠ https://cape.co/unchained⁠⁠⁠⁠⁠⁠⁠ (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠  🔥 YouTube - ⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠  🔥 Spotify - ⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠ 🔥X - ⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠ 🔥 Unchained - ⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠  While AI stocks keep grinding to record highs and bond yields climb, Bitcoin has done almost nothing for weeks. Katie Stockton, founder of Fairlead Strategies, says that stillness is not a warning sign. It is what a long-term bottom looks like on the charts. Stockton, a CMT returning to the show, points to a monthly stochastic oscillator that has stayed oversold for months and DeMark indicators showing downside exhaustion. She argues the two together suggest Bitcoin may have a major low in place, even with a hardware wallet hack, the Clarity Act, and an inflation print complicating the setup. She walks through why Ether's downtrend looks cyclical inside a longer secular uptrend, what the ETH to Bitcoin ratio's break below its 200-day average could mean, and how Solana, XRP, and Hyperliquid each look different. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠Katie Stockton - CMT, Founder and Managing Partner of Fairlead Strategies Timestamps 📉 02:33 — Bitcoin's monthly stochastic just flipped long-term oversold, the signal bulls have been waiting for 🔍 04:22 — Fibonacci and the cloud model line up on one thing: a potential major low ⚡ 16:07 — Ether's downtrend is cyclical, not the end of the story, and the monthly chart shows why 🔄 21:19 — Katie's call: Ether may have already put in its major low 🪙 27:20 — The one thing Solana's chart still needs to confirm it's done bottoming 📉 28:54 — Ripple is testing support and lagging. Is it setting up or falling behind? 🤖 33:41 — Why Hyperliquid is suddenly trading like an AI or semiconductor stock 📊 39:28 — BVIV vs. the VIX: what crypto's eerily calm volatility is really signaling 🏦 41:48 — Katie's contrarian take: crypto's institutionalization story is overhyped

An Ethereum proposal to zero out staking yield has the community in revolt. Seth Ginns of Franklin Crypto weighs in on whether it solves a real problem. Plus, the Clarity delay. Sponsor ⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠  🔥 YouTube - ⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠  🔥 Spotify - ⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠  🔥 X - ⁠https://x.com/bitsandbips⁠  🔥 Unchained - ⁠https://unchainedcrypto.com/bitsandbips/⁠ The Ethereum Foundation is facing a proposal that could push staking yield to zero, and the community's reaction has been closer to revolt than debate. Seth Ginns, Chief Investment Officer of Franklin Crypto, joins Austin Campbell and Chris Perkins to work through the burn proposal, which would erase Ethereum's issuance once roughly 60.25 million ETH is staked. Ginns calls it an academic push that skipped the coordination institutions now expect, while Perkins argues the Foundation is about to prove it has no real control over the network it built. They also cover why institutions keep citing the Bybit hack as a reason to stay off Ethereum, the Clarity Act's ethics standoff ahead of its September 15 vote, a weak jobs report that left the Fed's next move unclear, and Cloudflare's disclosure that AI agents now make up more than half its network traffic. If Ethereum rejects the institutions weighing in on its own monetary policy, Campbell says, its token should probably trade at a fraction of its current value. Hosts ⁠⁠Austin Campbell⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠Chris Perkins⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest ⁠⁠⁠⁠Seth Ginns - Chief Investment Officer of Franklin Crypto Timestamps: 💧 02:01 1inch: See how 1inch Aqua's shared liquidity layer works at https://1inch.com/aqua 🏛️ 03:23 Why Chris says losing the Clarity Act vote could help crypto politically 🗳️ 06:54 Why Austin says FairShake should skip the fight over ethics language 🔥 15:32 The proposal to burn ETH issuance to zero, and Seth's case that it's a solution looking for a problem 💼 34:05 Why the Bybit hack keeps coming up as a red flag for institutions 📉 40:03 A weak jobs report and falling participation leave the Fed's move unclear 🤖 52:11 Cloudflare's agent traffic surge and what it means for crypto rails

Galaxy Digital's Alex Thorn joins Austin, Ram, and Chris on the Coldcard firmware bug that's drained over $100M from cold storage — plus why the researchers chasing the next hack are stuck on Chinese AI models. Sponsor ⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠⁠https://cape.co/unchained⁠⁠   (use code: UNCHAINED). 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786  🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ  🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0  🔥 X - https://x.com/bitsandbips  🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ A firmware bug that has sat inside Coldcard hardware wallets since 2021 let hackers drain more than $100 million in bitcoin — an estimated 1,600 to 2,000 BTC — from cold storage. The stolen coins had been dormant for about four years on average, so the victims are long-term holders, not speculators. Alex Thorn, head of research at Galaxy Digital and host of the Galaxy Brains podcast, has traced the exploit in real time, mapping three confirmed waves of theft and a possible fourth. He joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to work out whether ordinary holders should self-custody at all — and why the researchers racing to catch the next exploit are stuck using Chinese AI models, because US frontier models refuse the security work. The conversation covers the collapse of an AI hedge fund whose assets fell from $45 billion to $10 billion before a distressed sale to Ken Griffin's Citadel, whether Citadel timed the fire sale or simply had the cash, the multisig setups that came through the hack intact, and the Fed's divided vote to hold rates as Kevin Warsh pushes to make it more accountable. Hosts ⁠Austin Campbell⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠Ram Ahluwalia⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠Chris Perkins⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest ⁠Alex Thorn - Head of Research at Galaxy Digital and host of Galaxy Brains Timestamps: 📱 00:54 Cape: Get 33% off your first six months of privacy-first mobile service at https://cape.co/unchained 📉 02:22 How a $45B AI fund cratered to $10B in one brutal month 🖥️ 07:59 Alex Thorn: why AI infrastructure demand isn't actually slowing 🏦 15:45 Why Ram calls Citadel and Jane Street the new lenders of last resort 🔐 20:14 Inside the Coldcard hack: over $100M drained from cold storage 🎲 24:11 How a broken random number generator let attackers derive keys 🕵️ 30:19 Alex Thorn traces the Coldcard attacker's wave-by-wave pattern 🤖 40:23 Why US AI guardrails are pushing security research to Chinese models 🔑 45:50 Self-custody or Coinbase? Alex Thorn's advice for grandma's Bitcoin 🏛️ 54:44 The Fed holds rates as Kevin Warsh pushes for more accountability 🇯🇵 57:48 The yen carry trade, a more powerful Treasury, and how to keep rates low

Meta fell 10% on its CapEx guidance. Microsoft didn't move. Franklin Templeton's Chris Galipeau looks past the divergence to say that the AI trade isn't over, and lays out why. Sponsors ⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠⁠⁠⁠⁠ https://cape.co/unchained⁠⁠⁠⁠⁠⁠ (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠  🔥 YouTube - ⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠  🔥 Spotify - ⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠ 🔥X - ⁠⁠https://x.com/bitsandbips⁠⁠ 🔥 Unchained - ⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠  Fed Chair Kevin Warsh held his second press conference this week, and by his own account, he wants bond yields to do more of the Fed's talking. The bond market answered, then stocks sold off before clawing back part of the drop. Chris Galipeau, Head Market Strategist at the Franklin Templeton Institute, joins Steven Ehrlich to argue markets are overreacting, to Warsh's confusing debut, to Iran and oil, and to fears that AI spending is a bubble. Galipeau cites the data: the S&P has gained 11% on average with a 76% hit rate in the year after every major conflict since 1929, Meta fell 10% on CapEx guidance while Microsoft's Azure growth held steady, and the Mag7 now lags the average stock by 20 points. He argues for prediction markets using "Wisdom of Crowds" thinking, lays out his stop-loss discipline for protecting capital, and delivers his verdict: the AI trade is real, just early. Second inning, not the ninth. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠Chris Galipeau - Head Market Strategist at the Franklin Templeton Institute Timestamps 🏦 02:10 Chris Galipeau on his role building Franklin Templeton's twelve-month house view 🏛️ 03:31 Why Kevin Warsh's second Fed presser rattled the bond market 📱 12:22 Cape: Get 33% off your first six months of privacy-first mobile service at https://cape.co/unchained 🛢️ 13:40 Why the S&P averages 11% gains a year after major conflicts since 1929 🤖 23:44 Meta falls on CapEx guidance, Microsoft doesn't: reading the AI earnings split 🎲 34:13 Prediction markets, the 'Wisdom of Crowds,' and why belief moves prices 📊 42:49 The highest-conviction call: fading Mag Seven dominance

Lorenzo Valente of ARK Invest joins Austin, Ram, and Chris on why real-world assets just out-traded crypto on Hyperliquid for the first time — plus what Jensen Huang's first-ever post on X started. Jensen Huang had never posted on X. His first post ever was an open letter arguing that open AI models are a national asset — and by the end of the week, 50 companies had signed it. Anthropic and Amazon still haven't. Lorenzo Valente, director of research at ARK Invest, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to work out who actually wins that fight, and what it costs. Then Lorenzo brings the stat he found himself: for the first time, Hyperliquid traded more real-world assets than crypto in a single week. Individual stocks are now 61% of that flow. His read is that owning Bitcoin, Ethereum, and Solana volume may matter far less than everyone assumes — which Ram calls "cute" and "a toy." The conversation covers the Clarity Act's collapsing Senate math, Google's first negative free cash flow in 22 years as a public company, the real price of cheap Chinese models, why markets shrugged off the Ukraine-Iran escalation, and the public split between Multicoin and its co-founder. Hosts Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest Lorenzo Valente - Director of Research at ARK Invest Sponsor Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Subscribe to Bits + Bips 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥 X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ Timestamps: 💙 01:00 Cape: Get 33% off your first six months of privacy first mobile service at https://cape.co/unchained 🏛️ 02:24 Why Chris says Clarity's Senate math still doesn't add up to 60 votes 🤖 10:58 Why Ram bought Google's post earnings sell off, calling it near the bottom 🔓 21:45 Jensen Huang's first ever X post reignites the open versus closed weight AI fight 💰 26:48 Lorenzo on why DeepSeek and Moonshot AI's reported raises expose open models' real costs 🌍 34:36 Why Ram and Chris think markets have already priced in the Ukraine-Iran escalation 📊 41:32 Lorenzo's stat: RWAs now out trade crypto on Hyperliquid 🥊 50:29 The Multicoin and Kyle Samani split, and Ram's line that crypto has no main character 🏦 54:21 Do all the real-world assets end up on one venue, or fragment like traditional markets?