What Bitcoin Did

“They’re saving all their money in Bitcoin and they’re doing all the right things. They’re self-custodying it. And then overnight, it’s just gone.”

Frostsnap’s Lloyd Fournier and Nick Farrow join me to break down the catastrophic Coldcard vulnerability that made supposedly secure Bitcoin keys guessable and allowed attackers to drain more than 1,700 BTC without ever touching the devices.

We discuss how a five-year failure in Coldcard’s randomness generation went undetected, why every safeguard failed and the role AI played in discovering and exploiting the bug. Nick also explains how he reproduced the attack himself, what the on-chain evidence reveals about the attackers and why this has shaken trust in Bitcoin self-custody.

We also get into whether hardware wallets are really trusted third parties, the limitations of dice rolls and air gaps, how Dark Skippy can leak a seed through a single transaction and why single-signature custody may need to change.

Finally, Lloyd and Nick explain how Frostsnap uses distributed key generation and threshold signatures to remove single points of failure, simplify recovery and secure Bitcoin across multiple locations.

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“The reason it goes up is because you get to seller exhaustion. No one wants to sell anymore.”

Checkmate is a Bitcoin analyst and founder of Checkonchain. In this episode, he explains why Bitcoin may be entering the final stage of the bear market, even after $8.2 billion of ETF outflows, Strategy selling, the Coldcard attack and the failure of BIP110.

We discuss whether $58k marked the bottom, why a fall to $45k would inflict damage comparable to the brutal 2015 bear market, and the key levels that would signal Bitcoin is turning bullish again. We also get into the massive accumulation between $58k and $78k, why bull markets begin before the narrative arrives, whether the parabolic phase of the AI trade is over, and why money printing will eventually bring investors back to Bitcoin.

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“We’ve already fucking won.”

Bitcoin went from a weird internet experiment to an asset that Wall Street, corporations and governments can no longer ignore. But as the suits pile in, is Bitcoin losing the culture that made it matter?

Recorded live at PubKey in New York City, American HODL, Junseth and Erik Cason & Thomas Pacchia are on the show for an unfiltered conversation about Bitcoin’s conquest of Wall Street, why everyone still thinks they’re late, the promise of $100 million Bitcoin and whether Bitcoin needs a new narrative.

We also discuss the rise of Bitcoin treasury companies, building businesses with AI, escaping economic nihilism, individual sovereignty and why prosperity remains Bitcoin’s true killer app.

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“The people who are truly productive are going to be on a rocket ship.”

AI is about to split society in two: those who learn to command it and those whose value it destroys.

Zack Shapiro, Head of Policy at the Bitcoin Policy Institute, explains why AI could dismantle the traditional white-collar career ladder while creating millions of millionaires. He argues that judgment, agency and decisive thinking will become exponentially more valuable, while simply working hard may no longer be enough.

We discuss why most people are using AI incorrectly, how it could transform law and business, whether mass unemployment and universal basic income are coming, and why Zack believes there is a 15% chance AI could wipe out humanity.

We also explore the battle between technological abundance and authoritarian control, why autonomous AI agents may naturally choose Bitcoin, the future of the CLARITY Act, protections for Bitcoin developers, and whether America will ever meaningfully build a Strategic Bitcoin Reserve.

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“There’s no balance sheet in the world that can cough up a trillion dollars.”

In this episode, Mauricio Di Bartolomeo explains why he believes Bitcoin-backed loans could become a $1 trillion market within the next five to ten years, and why traditional lender balance sheets cannot finance that growth alone.

Mauricio breaks down Ledn’s $188 million Bitcoin-backed securitisation, the significance of its investment-grade senior notes, and how institutional capital could transform Bitcoin lending into a global credit market. He also explains partial liquidations, auto top up, tokenised gold and the potential for hybrid Bitcoin-and-gold collateral.

The conversation also explores the hidden risks behind “no-liquidation” loans, why cheaper borrowing can conceal dangerous counterparty risk, and whether parts of the industry are repeating the mistakes that preceded the last crypto credit collapse.

We also get into the ongoing changes in Venezuela following Maduro’s capture, the devastation caused by the La Guaira earthquakes, and why he believes the country may finally have an opportunity to rebuild.

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