Bits + Bips

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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.

  1. 12 hr ago

    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'

  2. 8 Sept

    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?

  3. 1 Sept

    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

  4. 25 Aug

    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'

  5. 18 Aug

    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

  6. 14 Aug

    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

  7. 12 Aug

    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

  8. 4 Aug

    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

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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.

Information

  • Creator
    Unchained
  • Years Active
    2025 - 2026
  • Episodes
    61
  • Show Website
    Bits + Bips