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Unchained

Exploring how crypto and macro collide one basis point at a time.


Hosted by Ram Ahluwalia, Austin Campbell and Chris Perkins.

Livestream: Every Monday at 4:30 pm ET.

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  • 33 episodes
  • weekly
  • Avg 49 min
  • English

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  • Tuesday · 57 min

    How AI Agents Are Exposing a Bank Business Model Built on 'Laziness'

    Banks are blocking AI agents in the name of safety. Jim Bianco asks who they are really protecting, and what $4 trillion in zero-yield deposits has to do with it. 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/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Chase has stopped letting customers reach their accounts through AI agents, and credit card issuers are following, Jim Bianco, President and Macro Strategist at Bianco Research, says . The banks say it is about safety. Bianco says it is about $4 trillion in zero-yield accounts that an agent could sweep into a money market fund. Jim joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to connect that fight to Black October, the wave of AI-discovered PHP flaws now exploited in the wild, and to explain why the ICBC ransomware attack keeps hacked firms quiet. They also pick apart Anthropic's S-1, from $16.3 billion in first-half revenue to over $400 billion in compute commitments and a risk section that mentions ending humanity. Jim makes the case that AI is forcing Wall Street to invent new financing tools, the way Venice invented the secondary bond market. They also discuss whether the Fed starts signaling a December hike. 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 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jim Bianco - President and Macro Strategist at Bianco Research Timestamps: 🎬 00:00 Intro 📋 00:47 Unchained Survey: Complete the listener survey at https://unchainedcrypto.com/survey 🎙️ 01:34 Bits + Bips: Search Bits + Bips and subscribe at https://www.youtube.com/@Bitsandbips 🔓 01:55 Black October: what AI-discovered PHP flaws mean for internet security 💸 07:31 Have the breaches done economic damage yet? From GMO Internet to ICBC 🏦 14:28 Why Jim says banks blocking AI agents are protecting profits, not customers 🌏 24:35 Why the US, UK, and France fear AI while China and Indonesia embrace it 💠 28:20 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt 📉 29:06 Tech sell-off: why Jim says AI is forcing Wall Street to 'mutate' again 📑 39:39 What Anthropic's S-1 reveals about its revenue, compute bill, and governance 🗳️ 48:43 Why Jim thinks AI will split Democrats between the DSA and labor unions 👔 52:13 Ram on why low-skilled white-collar jobs are now at risk from AI 🏛️ 55:51 Fed preview: why Jim thinks a December hike would be healthy for the economy

  • October 20 · 51 min

    Why Crypto Is Holding Up as the AI Trade Starts to Crack

    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

  • October 14 · 57 min

    Is Crypto Security at 'Max Vulnerability'? Chris Perkins Thinks So

    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?

  • October 6 · 52 min

    Is OpenAI's Agent Breach a Rogue AI Problem or a Basic Security Failure?

    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

  • September 29 · 1 hr

    How the Bitget Hack Reopened Crypto's Fight Over Neutral Infrastructure

    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

  • September 22 · 55 min

    Bitcoin Reclaims Its Bear-Market Ceiling. Is the Rally Real?

    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

  • September 16 · 1 hr 1 min

    OpenAI Says It Cracked a Millennium Prize Problem. Why Is Anthropic Hitting the Brakes?

    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'

  • September 8 · 59 min

    Robinhood's Tokenized AMC Shares Spark a Fight Over What Stock Tokens Really Are

    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?

  • September 1 · 59 min

    Why the Kalshi-Nevada Ruling Could Land at the Supreme Court

    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

  • August 25 · 1 hr

    CME vs. Kalshi. Is Washington Picking a Winner in Prediction 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'

  • August 18 · 59 min

    New US Rules Could Force Coinbase to Delist Tether

    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

  • August 14 · 47 min

    A Technical Strategist Sees Opportunity in Bitcoin's Quiet Market

    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

  • August 12 · 1 hr 3 min

    Why an Ethereum Proposal to Zero Out Staking Yield Sparked a Revolt

    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

  • August 4 · 1 hr 1 min

    Chinese AI Models Are Defending Bitcoin Wallets Because US Models Won't

    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

  • July 31 · 45 min

    Why Wall Street's AI Earnings Verdict Split Meta From Microsoft

    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

  • July 29 · 57 min

    Why RWAs Just Out-Traded Crypto on Hyperliquid for the First Time

    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?

  • July 25 · 30 min

    Why Bitcoin's Vol Index Is Already Pricing In the Odds of the Clarity Act Passing

    Cole Kennelly says Bitcoin's volatility index is already pricing in the Clarity Act, weeks before the Senate even votes on it. 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/⁠ Bitcoin's Implied Volatility Index has quietly ticked higher in the 14-day tenor, and Cole Kennelly, founder and CEO of Volmex Labs, says the market is pricing in the Clarity Act before Congress finishes voting. Kennelly joins Steven Ehrlich to unpack what Volmex's BVIV, BVIV-US, and EVIV indices are picking up as oil climbs past $100 a barrel, the ECB holds rates, and traders brace for the FOMC. He argues Bitcoin, already a settled CFTC commodity, has the least to gain from Clarity passing, while Ethereum, Solana, and Hyperliquid stand to benefit far more. They trace the two-point premium between BVIV and BVIV-US to the transparency built into IBIT's regulated options market, and Kennelly compares Polymarket's BVIV and EVIV contracts to what perpetual futures once did for crypto derivatives. With the Senate's August recess looming and Clarity's odds near a coin flip, the 14-day kink in his term structure may be the clearest signal anyone has. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: Cole Kennelly - Founder and CEO of Volmex Labs Timestamps 🎙️ 03:54 Cole breaks down Volmex's BVIV, BVIV-US, and EVIV — the benchmarks bringing real volatility pricing to crypto 📉 07:14 The Clarity Act just showed up as a kink in BVIV's 14-day term structure — here's why 💙 13:06 Cape: get 33% off six months of privacy-first mobile service at cape.co/unchained 🏦 14:41 Inside IBIT's $25B options market — and why BVIV and BVIV-US are starting to diverge ⚖️ 16:56 Ethereum and Solana have way more riding on Clarity than Bitcoin — here's the case why 🎲 22:29 Polymarket's big tie-up, and why Cole thinks prediction markets are basically perpetuals in disguise

  • July 21 · 58 min

    Stripe Bid $53B for PayPal: Who Actually Wins Stablecoin Payments?

    Cyclops founder Alex Wilson on why PayPal 'chose to fail' at stablecoins, and what Stripe's $53 billion bid really means for the payment wars. Plus: the Clarity Act's last shot before recess. --- Thank you to our 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 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/ ---- Stripe and Advent's $53 billion bid for PayPal has reopened an old argument: did PayPal ever really try to win with stablecoins? Alex Wilson, founder of Cyclops and former head of crypto and stablecoins at Shift4, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to argue that PayPal chose the innovator's dilemma over disrupting its own checkout business, while Stripe used its richer private valuation to buy up cheap public payments companies outright. Wilson and the hosts then map the stablecoin distribution war, from Circle's exposure to bank-led consortiums like OUSD to Robinhood's USDG, which arrived with a built-in user base and a promotional 7% yield. Markets and AI round out the show. Ram Ahluwalia explains why SpaceX's post-IPO round trip is less a top signal than a series of mini euphoric moments unwinding, and why he sees Oracle's balance sheet exposed as Kimi K3 undercuts OpenAI's pricing. Chris Perkins closes on why banks are suddenly pushing for the Clarity Act's federal preemption, and why the Senate may get only one shot before recess. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, Head of Franklin Crypto Guest: Alex Wilson - Founder of Cyclops, Cofounder of The Giving Block, and former Head of Crypto and Stablecoins at Shift4 Timestamps 📣 01:33 Cape: Get 33% off your first six months of America's privacy first mobile carrier at https://cape.co/unchained 🤝 02:49 Meet Alex Wilson: the Cyclops founder on his second run at stablecoin payments 💳 04:59 Stripe's $53B bid for PayPal and what it says about the distribution battle ⚔️ 16:51 The stablecoin distribution war: Circle, the bank-led OUSD, and Robinhood's USDG 🚀 25:47 SpaceX's post-IPO round trip and what record US equity issuance signals 🇨🇳 32:56 Kimi K3: China's cheap open weight model rattles US AI and chip stocks 🧩 38:42 Where Ram thinks AI's value actually accrues: semis, then the app layer 🧠 41:23 Austin on AI in health care and Claude Fable 5's Jacobian conjecture breakthrough 🛡️ 48:11 Why Austin says there's no way to opt out of the AI guardrails race ⚖️ 52:12 The Clarity Act: why Chris says it's one shot on goal before recess

  • July 17 · 50 min

    Bitcoin and ETH Are Up. But This Crypto Rally Still Lacks Conviction.

    Crypto just had its best week in months. GSR's Andy Baehr explains why he is not calling it a real rally yet, and what would actually change his mind. 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/ Crypto just booked its best week in months, with Bitcoin pushing toward $65,000 and Ether closing back in on $2,000 after June CPI cooled to 3.5%. Andy Baehr, Managing Director of Asset Management at GSR, joins Steven Ehrlich to explain why he still calls the market ambivalent rather than convicted, and what would actually flip it. They trace new Fed chair Kevin Warsh's “inflation is a choice testimony”, the CoinDesk 80 Index's surprising outperformance against Bitcoin and Ether in the second quarter, Strategy's rare decision to sell Bitcoin to cover preferred dividends, and why Aave lending rates sitting near the risk-free rate show a market with almost no appetite to lever up. Baehr also walks through the fiduciary questions facing onchain vaults and their curators, then puts Polymarket's odds on the Clarity Act at under 40%, down from 75% in May, and argues passage would still catch traders off guard. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: Andy Baehr - Managing Director of Asset Management at GSR Timestamps 🌡️ 02:56 CPI cools to 3.5%. Does crypto's rally finally have real legs? 🎯 07:29 Peak hawkishness hasn't hit yet, Baehr explains why under Kevin Warsh 📊 11:53 Mag 7 vs Russell 2000: the surprising reason CoinDesk 80 beat Bitcoin in Q2 🏦 17:32 What actually powered Ether's 2025 rally, Baehr's pro-DAT case 💧 22:20 Stablecoin supply is shrinking and Strategy stopped buying. So who's left to buy? 📈 25:35 Aave lending rates near the risk free rate. What that says about appetite to lever up 🏛️ 34:46 Vaults, curators, and the fiduciary questions DeFi still can't answer ⚖️ 43:59 Clarity Act countdown: why passage would still catch markets off guard

  • July 14 · 1 hr 1 min

    How China May Be Interfering in Local US Politics to Block AI Data Center Progress

    Sam Lyman says a Shanghai-based network is quietly blocking billions in AI data centers. Austin, Ram, and Chris also debate Clarity odds and stablecoins. --- Thank you to our 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 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 political network based in Shanghai has helped block or delay $24 billion in US AI data center construction, according to new research from the Bitcoin Policy Institute. Sam Lyman, head of research at BPI, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to walk through 21 case studies of Marxist-Leninist activists organizing town hall showdowns, sometimes bused in from out of state, while separating that inorganic pressure from the genuine local concern over water and power that also exists. The hosts press him on the mechanics, then turn to whether the Clarity Act survives the Senate before August recess. Lyman puts the odds at 70%, helped by senator Ron Wyden's surprise endorsement of BRCA. Austin argues age, not party, is the real predictor of political support, and later makes the case that Jamie Dimon has stablecoins backwards. The through line: money moves policy long before votes do, in Shanghai and on Wall Street alike. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, Head of Franklin Crypto Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sam Lyman - Head of Research at the Bitcoin Policy Institute Timestamps 🗺️ 02:20 BPI's report: the Singham network's $24B block on US AI data centers 🏛️ 07:34 Astroturfing 101: town halls, busing, and the PSL playbook ⚛️ 20:41 Why the AI backlash echoes the mistakes made on nuclear power 📜 25:49 Sam's odds: Clarity passes in the next few weeks at 70% 📣 29:31 Cape: Get 33% off your first six months with code UNCHAINED at https://cape.co/unchained 🤝 30:31 Wyden's surprise break: why a key Democrat just backed BRCA 🎂 37:51 Austin's heuristic: age, not party, predicts crypto and AI support 🛢️ 43:18 Why the market is really pricing Iran tail risk, not a rate hike 🏦 48:57 Dimon's blind spot: why JPMorgan may be stablecoins' biggest winner 🎟️ 53:22 Interchange as a tax: Ram's coupons fix for merchants and consumers 💰 58:04 Franklin's Benji tech and the case for tokenized money funds

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