RECENT EPISODES
Fri 18 SeptWeekly Roundup 09/18/26 (Clarity fails to advance, Caroline Ellison's new job, AI leaking MNPI, Poland's oil snafu) (EP.740)In this episode, the stalled Clarity Act faces challenges in the Senate, with a narrow vote reflecting Democratic hesitance to grant Trump a legislative win. Meanwhile, Caroline Ellison's new role at Mana Fund raises questions about her classification in finance, following its ties to FTX. Additionally, Poland's state-owned oil company suffers a $230 million fraud involving Tether, highlighting the risks of unconventional payment methods in international transactions.Fri 11 SeptWeekly Roundup 09/11/26 (Liquid hack, AI x-risk, Silvergate revisited, can AI leak MNPI?) (EP.739)In this episode, Matt Walsh delves into alarming claims from Anthropoc employees about the potential catastrophic risks of their AI technology, suggesting a 10% chance of disastrous outcomes. The discussion also covers the recent Liquid network hack, where a bug led to the theft of around 4,000 Bitcoin, raising serious security concerns. Additionally, former Silvergate CEO Alan Lane defends the bank's orderly winddown, attributing its challenges to political and regulatory pressures rather than failure.Fri 4 SeptWeekly Roundup 09/04/26 (HuggingFace hack breaks containment, Hyperliquid onshoring, RSA260 factored, is the stablecoin sandwich cheaper?) (EP.738)In this episode, the hosts delve into the implications of the recent Hugging Face hack, which has raised concerns about AI safety and operational security practices. They also discuss Hyperliquid's entry into the U.S. market amid liquidity concerns and potential North Korean hacker involvement. Additionally, the episode highlights the significant milestone of Cognition factoring RSA 260, prompting urgent discussions about the future of cryptographic security in light of advancing quantum computing capabilities.Wed 2 SeptGuy Young (Ethena) on Digital Financial Markets (EP.737)In this episode, Guy Young from Ethena explores the innovative landscape of digital financial markets, focusing on the USDE, a tokenized dollar product that generates yield through delta neutral hedging and staking. He discusses the importance of differentiation among dollar asset issuers and the need for enhanced user experiences. Young also highlights the growing trend of tokenization and the challenges of achieving scale in new collateral and yield sources, while predicting an influx of asset issuers in the evolving market.Fri 28 AugWeekly Roundup 08/28/26 (BankChain alliance, Goat grazing hedges, SHRINCS, is maximalism over?) (EP.736)In this episode, the formation of the Bank Chain Alliance by 39 State Banking Associations signals a pivotal shift towards tokenized deposits and stablecoins, though experts debate their viability. The discussion also highlights Western Grazers' innovative hedging strategy against potential regulatory changes affecting goat herder wages, and Blockstream's proposal for a quantum-resistant signature scheme for Bitcoin, which faces scrutiny over its practicality. Additionally, skepticism grows around Bitcoin maximalism as critics question its broader relevance in the evolving crypto landscape.Fri 21 AugWeekly Roundup 08/21/26 (SALT Wyoming, SEC's Reg Crypto, Tether's big 4 audit, Crypto Privateers) (EP.735)This week's episode covers the SEC's proposed Reg Crypto rulemaking, released August 18th, which creates token fundraising exemptions allowing raises of up to 5 million, 20 million, or 75 million dollars annually, with a safe harbor provision designed to eventually classify completed projects as commodities rather than securities. Tether received its first full independent audit from KPMG US, a milestone shaped by years of Elizabeth Warren pressuring audit firms to avoid crypto clients.Fri 14 AugWeekly Roundup 08/14/26 (Anti-Datacenter sentiment, dinosaur fossil investing, SEC is DIYing Clarity) (EP.734)This week's episode centers on the growing political backlash against datacenters, with figures like Tucker Carlson and Sherrod Brown voicing opposition that Nick Carter attributes to anxiety over tech wealth inequality rather than substantive policy concerns, creating real risk for the AI capital expenditure buildout.Fri 7 AugWeekly Roundup 08/07/26 (Coldcard hack continues, Ethereum mulls an issuance tweak, ai16z winds down, Clarity deadline looms) (EP.733)This week's episode centers on the Coldcard hardware wallet hack, which Nick Carter argues is worse than FTX in human terms because victims were ordinary people storing retirement savings, with over 100 million dollars lost traced to a flawed entropy source from a sparsely maintained GitHub repository. The hosts also discuss Ethereum researchers proposing EIP 8361, which would taper staking yield to zero once half the supply is staked, drawing sharp criticism from Aave and Lido.Fri 31 JulWeekly Roundup 07/31/26 (Situational Awareness collapse, Coldcard exploit, latest on CLARITY, Visions of Bitcoin 8 years on) (EP.732)This week's episode covers the collapse of Leopold Aschenbrenner's AI hedge fund after Citadel announced a Fed rate hike triggered margin calls across a leveraged portfolio that had grown to roughly 40 to 45 billion dollars, sending month-to-date performance to minus 67 percent despite a year-to-date gain of plus 80 percent.Fri 24 JulWeekly Roundup 07/24/26 (BTC Security Consortium, Genesis' Terra trade, DAT departures, Farewell to BitMEX, Network State drama) (EP.731)This week's roundup opens with the formation of a Bitcoin Security Consortium whose members, including Coinbase, BlackRock, Fidelity, Block, and Galaxy, have collectively committed $15 million toward quantum research, with Galaxy separately offering up to $5 million in developer grants for post-quantum cryptography solutions.Fri 17 JulWeekly Roundup 07/17/26 (Teleprompter insider trading, the AI DeFi apocalypse fizzles, NY's datacenter ban) (EP.730)Gabriel Perez, identified as Trump's teleprompter operator for roughly a decade, allegedly traded prediction markets using advance knowledge of speech content and made over one hundred thousand dollars, with speakers framing the conduct as insider trading and arguing that prediction markets structurally guarantee similar scandals will recur.Fri 10 JulWeekly Roundup 07/09/26 (BonkDAO exploit, Choke Point 2.0 extended to audit firms, Kraken v Mazars) (EP.729)This week's episode centers on three interconnected stories about crypto's ongoing institutional legitimacy battles. The BonkDAO governance attack saw an attacker spend $4.4 million to acquire roughly one percent of Bonk tokens, submit a proposal to send $20 million to themselves, and win with only 7 of 18,000 members voting over the Fourth of July weekend, exposing the absence of any professional treasury oversight.Fri 3 JulWeekly Roundup 07/03/26 (OpenUSD announced, Binance leaves the EU, Strategy's new framework) (EP.728)This week's roundup covers Strategy's newly announced five-component digital credit capital framework, which includes two separate one-billion-dollar repurchase programs funded by selling Bitcoin and a new plan allowing up to 1.25 billion dollars in Bitcoin sales, though the framework leaves unaddressed roughly one billion dollars in convertible notes due September 2027.Fri 26 JunWeekly Roundup 06/26/26 (Quantum EOs, STRC's selloff, more MSTR) (EP.727)In this week's roundup, hosts dig into Trump's executive order pulling the federal quantum preparedness deadline forward to 2031 and targeting a commercially relevant quantum computer by 2028, raising pointed concerns that Bitcoin developers have yet to begin post-quantum upgrade work despite Google and Cloudflare both flagging a cryptographic transition by 2029 or 2030.Fri 19 JunWeekly Roundup 06/19/26 (STRC under pressure, Illinois' crypto tax, Open weight AI vs the AI boom) (EP.726)This week's discussion centers on mounting stress in MicroStrategy's preferred instrument STRC, which has fallen from its $100 par value to $82 since mid-May, driven by a margin call liquidation cascade among leveraged holders who borrowed at six to seven percent expecting eleven to twelve percent yields, with comparisons to Terra Luna emerging and no clean resolution path available to Strategy without risking a Bitcoin sell-off doom loop. Illinois Governor J.B.Fri 12 JunWeekly Roundup 06/12/26 (Strategy survives, Zcash Orchard bug, the thin model hypothesis) (EP.725)This week's discussion centers on Strategy's latest Bitcoin moves, a critical inflation vulnerability found in Zcash's Orchard shielded pool, and the broader implications of AI tools lowering the barrier for security research. Rather than selling, Strategy purchased 1,500 BTC while Michael Saylor paid off 1.5 billion dollars in convertible debt three years early, shrinking cash runway for preferred share servicing to roughly six months.Tue 9 JunOmid Malekan (Columbia Business School) on Private Money, Financial Systems, and Crypto in Geopolitics (EP.724)Omid Malekan, who teaches at Columbia Business School, argues that the most underappreciated feature of Bitcoin is the optionality of self-custody, which keeps competitive pressure on custodians alive even as institutional ETF products dominate flows.Fri 5 JunWeekly Roundup 06/05/26 (MSTR wobbles, Polymarket's MSTR market, Andrew Left convicted) (EP.723)This week's discussion centers on Strategy's unexpected reversal after it sold 32 Bitcoin for roughly 2.5 million dollars, its first sale since 2022, while simultaneously retiring approximately 1.5 billion dollars in convertible notes, shrinking its runway for servicing STRK preferred dividends from about two years to four months. The structural tension between Bitcoin's zero yield and the 10 to 12 percent yields promised on preferred securities is described as irreconcilable through financial engineering.Fri 29 MayWeekly Roundup 05/29/26 (Was debanking real, SoFiUSD, WSJ gets free banks wrong, trouble in ETHland) (EP.722)In the week's most substantive debate, Nick Carter argued that the debanking controversy was driven by FDIC regulatory action, including pause letters and a roughly 15 percent cap on crypto deposits, which destroyed the business models of Silvergate and Signature Bank in March 2023, not voluntary bank decisions.Fri 22 MayWeekly Roundup 05/22/26 (AI and power bills, SpaceX IPO, Prime Trust clawbacks, USG invests in quantum) (EP.721)This week's episode covers the politics and economics of AI power consumption, the looming SpaceX IPO, and a pair of significant crypto legal developments. Nick Carter presents state-level data arguing that heavy data center load has actually suppressed residential electricity prices in Virginia, Texas, Nevada, and Iowa, while blaming renewable transitions for rising costs in California and New York.Fri 15 MayWeekly Roundup feat. Gus Coldebella 05/15/26 (Clarity advances, Circle's Arc token) (EP.720)Gus Coldebella, chief legal officer at Castle Island Ventures, joins to discuss the Clarity Act as the week's headline regulatory development. Circle's 222 million dollar raise from Andreessen Horowitz, BlackRock, Apollo, and Intercontinental Exchange draws scrutiny because the deal is structured as a token presale for Circle's Arc blockchain rather than standard equity, raising concerns about the structural conflict of maintaining two simultaneous cap tables.Fri 8 MayWeekly Roundup 05/08/26 (Consensus Miami, AI layoffs strike Coinbase, Clarity compromise, AI energy and water use) (EP.719)The discussion highlights three key topics: the impact of AI on employment, particularly at Coinbase with significant layoffs due to AI advancements; developments in cryptocurrency and blockchain, including substantial acquisitions and the introduction of a $2.2 billion crypto fund; and the Clarity Act, which may favor banks over blockchain innovation by limiting stablecoin rewards. These points reflect the intersection of regulatory, technological, and financial dynamics in the evolving crypto landscape.Fri 8 MayWeekly Roundup 05/08/26 (Consensus Miami, AI layoffs strike Coinbase, Clarity compromise, AI energy and water use) (EP.719)In this episode, the discussion highlights three key topics: AI's impact on workforce layoffs, particularly at Coinbase, raising concerns over potential job displacement; the ongoing developments in the cryptocurrency sector, including significant acquisitions and the proposed Clarity Act affecting stablecoin regulation; and environmental implications of AI versus blockchain technologies, focusing on energy and water usage in data centers and Bitcoin mining.Fri 1 MayWeekly Roundup 05/30/26 (DeFi's worst ever month, PTJ on Bitcoin, quantum canaries) (EP.718)The podcast reviews DeFi's challenges, marking May as its worst month, while discussing ongoing improvements in security measures against hacking. Insights include Paul Tudor Jones’ view of Bitcoin's superiority over gold despite quantum vulnerabilities, alongside the formation of DeFi United to address bad debt through a coalition. The episode also highlights regulatory advancements, such as Gemini's DCO license approval, enhancing the legitimacy of cryptocurrencies and blockchain technology in the finance sector.Fri 1 MayWeekly Roundup 05/30/26 (DeFi's worst ever month, PTJ on Bitcoin, quantum canaries) (EP.718)The podcast discusses the current decline in DeFi vulnerabilities and flash loan hacks, signaling improved security within the sector. It raises concerns over Bitcoin miners' profitability and dangers posed by mercenary miners, alongside recent 51% attacks affecting networks like Monero and Litecoin. Insights also include a focus on quantum computing's threat to cryptographic security, highlighted by Paul Tudor Jones’ views on Bitcoin’s vulnerabilities, reinforcing the need for robust developer responses amidst evolving challenges in the crypto landscape.Mon 27 AprPluto (Harbor) on the fate of DeFi after KelpDAO (EP.717)In the discussion on the aftermath of the KelpDAO hack, the vulnerabilities in cross-chain bridging and the sophistication of hacks, particularly targeting Aave, were highlighted, revealing a pressing need for enhanced security in DeFi. There was a focus on the potential role of AI in identifying vulnerabilities in smart contracts, alongside skepticism about the safety of restaking and layer derivatives. The need for true decentralization and improved risk management strategies in the DeFi landscape, as well as the introduction of the Harbor project for better validator security, was also emphasized.Mon 27 AprPluto (Harbor) on the fate of DeFi after KelpDAO (EP.717)Pluto discusses the KelpDAO hack's significant repercussions for DeFi, emphasizing the need for enhanced security and infrastructure in response to evolving exploit tactics. The potential of AI in improving audit processes and transaction legitimacy is examined, though skepticism about its effectiveness against social engineering vulnerabilities remains. Additionally, the importance of decentralization and better risk management practices is stressed, alongside the introduction of the Harbor project, aimed at strengthening security through innovative validator networks.Fri 24 AprWeekly Roundup 04/24/26 (Finding Satoshi, KelpDAO retrospective, Insider weather betting, Coinbase's Quantum report) (EP.716)The episode discusses the "Funding Satoshi" documentary, exploring potential candidates for Satoshi Nakamoto, specifically Hal Finney and Len Sassaman, while emphasizing the significance of their contributions to cryptography. It also reviews the KelpDAO incident exposing vulnerabilities in DeFi linked to a hack, prompting a reassessment of security measures. Additionally, Coinbase's Quantum Advisory Group addresses the implications of quantum computing on blockchain security, suggesting the need for proactive technological upgrades.Fri 24 AprWeekly Roundup 04/24/26 (Finding Satoshi, KelpDAO retrospective, Insider weather betting, Coinbase's Quantum report) (EP.716)The discussion covers the "Funding Satoshi" documentary, exploring Hal Finney and Len Sassaman as potential Satoshi Nakamoto candidates, while raising skepticism about de-anonymization methods. The hosts analyze the KelpDAO hack, highlighting security vulnerabilities in DeFi. They also address legal issues surrounding Coinbase and Gemini's prediction markets amid concerns of gambling laws, alongside Coinbase's report on quantum computing threats to blockchain security, emphasizing the need for proactive measures.Wed 22 AprBrandon Arvanaghi (Meow) on Banking AI Agents (EP.715)Brandon Arvanaghi discusses Miao's groundbreaking launch of bank accounts for AI agents, integrating AI into fintech and revolutionizing financial management. This innovation enables AI to handle tasks like payments and bookkeeping, while ensuring secure permissions with human oversight. The conversation also highlights the potential of stablecoins to disrupt traditional banking and the necessity for fintech partnerships, underscoring the competitive landscape for AI-driven solutions in the financial services market.Wed 22 AprBrandon Arvanaghi (Meow) on Banking AI Agents (EP.715)Brandon Arvanaghi of Miao discusses the integration of AI agents with banking services, enabling them to open real bank accounts, akin to early mobile banking. He emphasizes the potential of AI in streamlining financial operations, while also addressing the intersection of stablecoins and AI, facilitating transactions and reducing reliance on traditional banks. Miao’s focus on user experience and adaptability positions it for success in a competitive fintech landscape, highlighting the transformative role of AI and blockchain technology in finance.Fri 17 AprWeekly Roundup 04/17/26 (BIP361 proposal, SEC's DeFi frontend policy, CSW's Bitcoin movie) (EP.714)The episode discusses the BIP 361 proposal addressing the management of 1.7 million quantum-vulnerable Satoshi Coins, emphasizing potential government intervention. It highlights the SEC's clarification that DeFi frontends like Uniswap do not need broker-dealer registration, fostering innovation. Additionally, the conversation touches on the rise of corporate interests in Bitcoin, along with news about Goldman Sachs' Bitcoin ETF filing and concerns over Justin Sun’s coin freezing amid centralized DeFi practices.Fri 17 AprWeekly Roundup 04/17/26 (BIP361 proposal, SEC's DeFi frontend policy, CSW's Bitcoin movie) (EP.714)In this episode, Matt Walsh and Nick Carter discuss the BIP361 proposal, which seeks to protect Bitcoin from quantum vulnerabilities by freezing unassigned addresses for five years. They also highlight the SEC's guidance on DeFi frontends, allowing platforms like Uniswap to operate without broker-dealer registration. Additionally, they touch on Craig Wright's upcoming movie despite his legal disqualification as Satoshi Nakamoto, alongside corporate moves to integrate cryptocurrencies into traditional finance.Fri 10 AprWeekly Roundup 04/10/26 (New Satoshi candidates, Mythos' 0-days, CZ's memoir) (EP.713)The discussion highlights speculation around potential new candidates for Satoshi Nakamoto's identity, particularly the skepticism surrounding Adam Back's candidacy. Innovations in AI may soon assist in uncovering this mystery. Additionally, the implications of the Mythos model raise concerns about cybersecurity within smart contracts and DeFi, emphasizing the need for standardized practices. Finally, regulatory updates signal ongoing developments in digital asset legislation amidst market volatility and significant Bitcoin investments.Fri 10 AprWeekly Roundup 04/10/26 (New Satoshi candidates, Mythos' 0-days, CZ's memoir) (EP.713)The discussion covers three key topics: the ongoing speculation around the identity of Satoshi Nakamoto, with skepticism towards various candidates and the potential for AI to aid in identification; the introduction of the Mythos model, which raises security concerns in the blockchain space; and the increased regulatory focus on digital assets, highlighted by recent developments in funding for blockchain projects and the need for clearer regulations from the Treasury.Thu 9 AprConnor Dougherty (Valinor) on the Evolution of Private Credit (EP.712)Connor Dougherty of Valinor Digital discusses the evolution of private credit, shifting from traditional lending to "open credit" facilitated by digital infrastructure, enhancing efficiency in capital markets. He highlights the importance of transparency in building investor trust amidst a reliance on relationship lending. The conversation also touches on the rise of DeFi and stable coins, indicating potential growth in on-chain lending and innovative financing solutions like Raincard while projecting a substantial increase in stable coins, thus reshaping future credit markets.Thu 9 AprConnor Dougherty (Valinor) on the Evolution of Private Credit (EP.712)Connor Dougherty of Valinor Digital discusses the evolution of private credit, shifting from traditional models to "open credit," fueled by digital advancements enhancing borrower-lender coordination. This evolution emphasizes transparency and efficiency, particularly in the context of credit solutions for digitally native businesses. Valinor aims to bridge private credit with the crypto space, highlighting the potential of stable coins and on-chain lending, while adapting to the demand for innovative financing in capital markets.Fri 3 AprWeekly Roundup 04/03/26 (Two big quantum papers, Drift protocol hack, Maritime Salvage law) (EP.711)The episode highlights two critical quantum computing papers posing threats to Bitcoin, particularly regarding elliptic curve cryptography vulnerabilities. It contrasts Bitcoin's slower upgrade response to Ethereum's proactive plans by 2029. Additionally, the Drift Protocol hack illustrates the rising security risks in the cryptocurrency space, emphasizing the potential role of AI in these challenges, while debates around Bitcoin mining legislation and market aggregation complexities are also discussed.Fri 3 AprWeekly Roundup 04/03/26 (Two big quantum papers, Drift protocol hack, Maritime Salvage law) (EP.711)The podcast discusses two groundbreaking quantum computing papers that pose risks to elliptic curve cryptography (ECC), raising concerns about Bitcoin's security against short-range attacks. It highlights the community's divided response and the urgent need for Bitcoin to upgrade to post-quantum cryptography. Additionally, the recent $280 million hack of Drift Protocol emphasizes vulnerabilities in ecosystems like Solana, reflecting on the role of AI in security breaches and the evolving legal landscape around cryptocurrencies.Fri 27 MarWeekly Roundup 03/27/26 (Google's Quantum Deadline, Circle's selloff, DATs are selling) (EP.710)The episode highlights three key topics: Circle's 20% sell-off linked to regulatory compromises in the Clarity Act, which they view as flawed yet indicative of yield generation opportunities in DeFi; Fannie Mae's introduction of crypto-backed mortgages, marking a shift in traditional finance; and the Ethereum Foundation's proactive stance on quantum computing integration, aiming for a transition by 2029 amidst concerns over Bitcoin's slower response.