On The Brink with Castle Island - Weekly Roundup 02/27/26 (Insider Predicting, OCC implements GENIUS, ZachXTB fingers Axiom, Jane St vs Terra) (EP.704)

Episode Date: February 27, 2026

Matt and Nic are back with another week of news and deals. In this episode:  Kalshi has detected and banned two accounts for insider trading Is Polymarket going to have to add KYC? Is there a tradeoff between informational efficiency and market fairness The OCC de facto bans stablecoin yield in its rulemaking around GENIUS Meta is considering partnering with a stablecoin issuer Stripe is bullish in their annual report ZachXBT determines that Axiom employees have been abusing the platform Terraform labs accuses Jane Street of insider trading WSJ reports that Binance overlooked Iranian sanctions violations Justin Drake unveils a post-quantum roadmap for Ethereum Matt Corallo says Nic is wrong about Bitcoin and quantum Content mentioned: Larry Cermak: How Crypto Actually Works: The Missing Manual  

Matt Walsh and Nick Carter are partners at Castle Island Ventures. All of these expressed by them or the guests on this podcast are solely their opinions and do not reflect the opinions of Castle Island Ventures. Guests and host may maintain positions in the assets discussed in this podcast. You should not treat any opinion expressed by anyone on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of their personal opinion. This podcast is for informational purposes only. Brought down by bad mortgage investments, Lehman, which has 25,000 employees will be liquidated.

The federal government loans American International Group, AI, $85 billion. This is a different kind of market, and the Fed is asleep. The federal government is stepping it to stabilize Fannie Mae and Freddie Mac, the two mortgage giants that have been threatened by the housing crisis. The Bank of England has pumped 75 billion pounds more to Britain's ailing economy with a new round of quantitative easing. You print a couple trillion dollars, and all of a sudden, people start to worry.

So out of this worry, we have something called the Bitcoin. Welcome to On the Brink. I'm Matt Walsh. And I'm Nick Carter. And I'm down in Miami today. it is what a lovely place this is it's quite nice um i love it i love it down here you know 25 inches of snow the other day for us yeah it couldn't be a bigger contrast really from there's an absolute apocalypse it looked like in massachusetts this week i mean it's unbelievable what's going on there my house has a fence and you can't even see the fence it's there are snow drifts up to my waist

so there were rumors that renowned establishment barking crab had succumbed to the winds. Yeah, I saw that. That was actually AI slop in the end. That tricked us. That tricked me. Yeah, I went two hours of my life thinking that the barking crowd was done. And I'm very, very happy it's not.

Yeah, I mean, that was, I got totally duped. So even we are not immune to this stuff. But there were like 75 mile an hour winds. It was very plausible that that barking crab could have just toppled over. It could have been. Yeah, I mean, it's like a circus tent or something. Yeah, it's a circus tent. it's basically on a dock, but it's a phenomenal establishment.

Even we are not immune. Well, a lot happened this week. You know, crypto people just doing stupid things just continues to be a theme in this industry. There's no short, this is, there was no one thing that was like really big, but there's so much drama at the moment. A lot of drama. So many little dramas playing out. We're going to cover them. A lot of crypto Twitter drama.

I don't know if we want to cover all of it. I don't know. Some of it we're going to leave out for the sake of not making things worse. But yeah, there were a lot of very entertaining dramas this week, I will say. And actually, we have an important announcement to make. Starting next week, the podcast will be on YouTube in audio format, not video, but it will be on YouTube. It seems like a lot of people like to listen to their podcasts on YouTube. Yeah, I guess this is something that people ask us for.

I don't get it. Why would you just listen to a podcast on YouTube, which is a video platform? I think that it probably has something to do with the fact that people at work can have YouTube open very easily and maybe they can't have their Apple podcast up. Maybe if you're in this demographic, people that are unable to use a podcast client but need YouTube, let us know. What is the particular problem that you face that we're solving? You know what?

It was a great use case for AI because I wanted to have this podcast up on YouTube for, I don't know, better part of two and a half years. We actually hired a guy to build us a video studio and he couldn't really build it. So that didn't go great. But I finally figured it out with the help of Claude. Yeah, that's actually very telling. And I think that might be a sign that AI is here because normally, I am the tech support guy.

Yes. And I'm now, I've been absolved of those responsibilities, maybe forever. You know, all you have to tell Claude is explain this to me as if I were a small child. I've begun using Claude for plumbing tasks. Yes. So people think that, you know, blue collar labor is safe. It's not. It's not safe.

What do you, what are you solving? What are you doing? I fixed my dishwasher. Nice. I fixed a garbage disposal. a couple months ago. Yeah, I mean, if you have agency and you can buy some tools, you can do low-level plumbing tasks now, which is great. All the gatekeepers are falling. All right, let's hop into some deals of the week to start out. Newty markets is the first one. This is an

on-chain lending platform for small businesses. They raised $11 million from CMT, Digital, and others. Rhythmic is a stable coin customer rewards platform. There is $4 million from Dragonfly, Marana Ventures, the Venture Department, and others. We'll be talking about Stable Corner Awards later. Then it's STS Digital, which is a crypto-OTC desk and marketmaker. They raised $30 million from CMT Digital, Strobe, F-Prime Capital, and others. Then you have WOP, which is an online marketplace. They raise $200 million from Tether.

WAP. Pricing WOP at $1.6 billion. I didn't know about WAP. Were you aware of WAP before this? No. Like what type of online marketplace is this? The website is, it says where the internet does business. Kind of looks like a new version of Craigslist.

It's very hard to discern what this is for. It kind of looks like a place that you might buy courses. Like a Coursera type of a thing? Like I'm looking at it now and one of the categories is men's dating coaching. So you buy a course on how to date or athletic performance. like here is the scout will teach you how to dunk or uh there's an NFL wide receiver teaching a course on how to I guess catch balls really well how to trade futures like so a lot of this looks like a skills marketplaces it seems to be the general thrust of it I thought this was

going to be an online marketplace that accepted stable coins maybe it will be now that tether invested I think that's the idea yeah I mean it's you know 200 million dollars did you Do you remember the online marketplace OpenBazaar that was built on Bitcoin back in the day? Yeah, I do. Yeah. Open Bazaar was cool. I wonder why they shut that down. Yeah, I remember.

I think I actually used it. Next one up is TBD, which is a prediction market for verified humans. They raised $3 million from CMT, Parify, and Jump. CMT on the board this week. Wow. Three deals. Yeah, they've been cooking. And there's, I don't know if we have this in our newsletter,

but there has been some interesting insider. trading related scandals or prediction markets. We do have that in our newsletter. We'll get to that later, but you actually predicted that it was going to be a theme this year. I predicted that I didn't monetize my prediction, which is the problem. Yes. I did predict it.

Then you have Blueprint. It's a crypto compliance platform. They raised $4 million from Valor Capital Group, Coinbase Ventures, Robin Hood. Big congrats to Chris Brummer and the rest of the team over at Blueprint. Chris Brummer. Do you think he'll be CFTC chair at some point in our last? lifetime. Yeah. I do too. I think he could be. I think I think he's doing great work with blueprint as well. Next one up is cash, which is a social native prediction market. There is $2 million from Spartan,

Big Brain Holdings, and Coinbase. Bit of a theme this week. Next up we have based that is a mobile training app. There is 11.5 million from Pantera, Karataj, Wintermead ventures, and Coinbase Ventures. Then it's Dome, which is a prediction market data provider. They were acquired by polymarket. And I think prediction market data is very interesting. My guess is that polymarket in that deal they did with ICE, there was something in there around monetizing the data that ICE is going to be able to be in this business too. So should we start with prediction markets? I want to talk about this Kelshi thing where they detected insider trading. Did you see this? Yeah, start with that one. so there is a long shot governor for california who bet two hundred dollars on his own candidacy

and then posted on social media they banned him for five years and charged him two thousand dollars as well um and uh so that didn't work and then i think someone involved in mr beast was bet on uh on the videos a bet four thousand they were suspended for two years. Yeah, so there was an online streamer, staffer that bet on their, I don't know, presumably the numbers of what their channel was going to do. We're going to have to have these platforms doing more surveillance of this type of stuff. This is the type of thing that just erodes the integrity of any of these markets.

Yeah, so I wrote about this on SubSAC this week, a couple weeks ago maybe, and this is one of my big theories is that, There's a tradeoff between informational efficiency of these markets achievable through incentivizing insiders to surface private information, and then the perceived market fairness. And so I think what's going to happen is both Calcium Polymarket are going to have to seriously crack down on this stuff, which degrades the informational quality to a certain degree. I think that's spot on. I think it completely erodes people's interest in participating on these things.

if they think it's all just insiders. This is not, Calshane Polymarker won't say this, but Robin Hanson will say this, the father of prediction markets. He'll say prediction markets are actually informationally efficient because they incentivize insiders to trade. So that's actually a positive actionality,

is taking private information and making it public. The more fair they are, the less they have this feature. So I think there's some tension there. It's also just how can you actually police this if you're probably market or Kalshi. I mean, there's so many disparate markets. How do you actually know who's an insider?

With a corporate stock, it's just so easy, right? Because if you work there, you're an insider. Obviously, there's a lot of tips being passed around, but you can usually get to the bottom of those type of things. This is just much more difficult. Yeah, and there's also a market surveillance problem because with options, like people don't realize how easy it is for the SEC to catch insider trading.

Right. You look at unusual. short-dated options activity around critical events like mergers being announced. And then you look, everybody who's trading options is a named individual. And they're KIC by their brokerage. So you just look at who did that. And it's the cousin of the CFO or something. So easy.

I think it would actually be a fun job to have. You can't necessarily do that with some of these prediction markets. Polymarket is not necessarily KYC for the offshore version of the platform. So now you're doing this on-chain wallet analysis. It's hard. KALC, I think, is KYC for all users. KALCIA is, but I think, do I think that's the way it'll have to be in the United States? Yeah, that's the way it'll go.

I think Polymarket U.S. is KYC, but I think the whole platform, this is going to come to ahead this year, and the whole platform is going to have to be KYC'd. It's kind of like the things that made Polymarket interesting, being very on-chain native, those are going to go away. That's my theory. I think just this like soft VPN access thing is probably not durable in terms of their product. So the biggest, I would say actual regulatory news the week is the OCC's implementation for Genius Act, which might preempt the clarity negotiations around Stablecoin yield because it looks like the OCC has just gone ahead and de facto banned Stablecoin yield.

What do you make of this? Yeah, I was surprised at seeing. this and I think depending on how this Clarity Act negotiation goes, you might see some of this rulemaking contested with lawsuits, but probably not the outcome that Coinbase and a number of these brokerages were hoping for with this rulemaking, but not that surprising to me. I was surprised. I was surprised. I didn't think the OCC would make what I consider to be a pretty creative, far-reaching interpretation of the law. In my view, genius left the ability of issuers to share a yield. I'm getting to the point where I just think that this yield thing, the bank lobby is going to

win and just start getting ready for your workarounds. Yeah, I mean, I don't even know if there's a workaround here. The OCC's language is actually extremely punitive in terms of finding people that are trying to find loopholes. So I think the market is also starting to realize this. Have you seen Circle price recently? Circle was up 25% yesterday. And why I think, I think, I don't think it's an earnings thing. I think it's because people realize they're going to keep 100% of the yield.

They're going to be forced to. I think they'll still make payments to intermediaries, don't you? I mean, they want Coinbase to have it be the default on their policy. platform, they'll make a payment there, but you're right that there won't be additional rewards passed on to retail. I think it's just bad for individuals, but you'll still have the brokerage is getting paid. My understanding is that the OCC explicitly bans that too. How can you ban that? So how would you actually reward Coinbase for supporting USDC? I mean, I think you're going to end up in a situation where those type of payments are banned,

then brokerages are just going to want to be on the cap table of these stable corn companies. You know, maybe they'll get warrants or something. I'm going to have to go to the text directly and this gets still changed. There's a blog called the Noise Payments blog. They said, the OCC quote,

will automatically presume a payment stable coin issuer is violating the prohibition on interest if a two-pronged arrangement exists, a short-a-third-party and third-party to holder. So if both of those things are the case, so if there's a transfer to holders, then it's still presumed to be kind of one transfer. But I guess what you're saying is maybe Coinbase might just stop sharing yield with the clients of Coinbase. Yeah. I mean, Coinbase will stop doing that, but I presume there's still going to have to be a payment made by circle to Coinbase. And if that is prohibited, you're going to just see some of the broker just say, okay, well, if we can't have a payment here, give us warrants in your company because we're driving

a tremendous amount of value to you. And Coinbase also owns part of USDC. So that one's a little complex. Well, they did. It started as like the center consortium, but now I think they took an equity stake in circle. So maybe they're they figured it out already. But yeah, you know, if you're Robin Hood and you're going to have USDC on the platform, I think you're going to want some upside in circle or a payment. Or you're just incentivized to issue your. own stable coin. That's right. It could be tremendously accretive for the white label stable coin issuers. That's right. Yeah, that's, I think one potential outcome here is that you just have a lot of stable coins. You have this balkanized potentially of liquidity landscape there. I don't know.

A lot of second order impacts. Yeah, not necessarily good for consumers at the end of the day, frankly, to have. Because remember part of this whole project, the objective was, well, let's avoid the free banking era with all these different notes are now stable coins. And now we're kind of ending up maybe in this very fragmented situation again. So ironic. Staying on the stable coin theme, meta was in the news this week. They are exploring a stable coin of their own here. It looks like according to the reporting, I think it was Bloomberg, the company is looking to partner with a stable coin issuer rather than build the infrastructure internally. Wonder if that was also part of why Circle was up so much yesterday.

Yeah, that's really interesting. So kind of tough for the industry to have meta back in, I remember in 2019, the absolute firestorm that meta invoked. Legally, they would not be permitted to issue their own stable coin as a tech platform, right? That's my understanding, but I don't see anything that would hold them back from partnering with like a Paxos, a bridge, a circle, someone like that. Also in Stablecoin News, did you read Stripes annual report?

I listened to it. I listened to it on the Cheeky Pint podcast, which is a really good podcast. So I think they're quite good with these. They said, a Y Combinator founder can now receive funding in stable coins, hold them in a Stripe financial account, and use them to pay their first engineers

who could be anywhere in the world. So I think they're doing a very good job of making the case for stable coins even in developed markets. They shouted out two of our portfolio companies, DeLARAP and Felix. I was excited to see that too. Did you see the news, though? Speaking of Stripe, so they have a tender offer now, I guess, valuing the company at $159 billion.

There were reports this week that Stripe is looking to buy PayPal, which is, of course, a publicly trade company. I think it's worth $50 billion. How would that even work? I mean, are we talking about a reverse take? over here where Stripe goes public via buying PayPal? Is that what's contemplated to do? Or it's just a take private transaction. Take private, but talk about complexity. That is like a yeah, that's a tough one. Well, and Stripe was also seated by ex PayPal guys. So it's a full circle moment.

Didn't Elon invest in in Stripe at like a $20 million dollar valuation with Peter Thiel? That's a pretty good deal. Yeah. I mean, talk about a company that fumbled the bag in 10 different ways. PayPal could have been so big and I don't want to be mean, but they're practically irrelevant today. Yeah, they were, it was theirs to lose and they have done a good job losing it. So did you see the Zach XPT report this week? Was that what you expected? So it's about axiom, the meme coin terminal. So for those of you who don't know, Zach XPT is just a national treasurer, I would say. So he is. is one of these sleuths that goes and finds all this on-chain crime.

He was teasing this for a couple of days that there was a very profitable business that he was going to reveal had a bunch of abnormal inside trading type of things. It came out today a couple of hours ago in a report that it was Axiom, the meme coin trading terminal. And they are using a bunch of internal data to trade against their customers, is the allegation. Is that right? I mean, it's like trencher on trencher crime is what I'm seeing.

You know that scene, I'm trying to remember the movie. There's like a prison warden. There's two rival gangs fighting in the prison yard and the wardens like let them fight. Yeah. That's kind of my attitude here because it looks like certain employees at Axiom were using their internal clustering tools to determine that certain traders were controlling certain wallets and they were able to use this information to trade against those traders and so it seems like those some of those meme coin trench or traders complained to Zach XPT he did the report and he found that axiom is doing this but neither party there is good

yeah right like on the one hand you're talking about these sketchy dudes that issue meme coins all day I mean it's a way to make a living but it's not not a good use of your time no certainly not. And then on the other side, you've Axiom that some employees at Axiom that are exploiting these other questionable guys. So there's no good guy in this whole story. I mean, is this the type of thing where if you get a market structure bill, you can just shut this all down? I mean, we just have to not have this activity. Yeah. I mean, what value have meme coins provided to the world? Very little. I'll say that. negative some game.

I mean, they're probably better than Dats, but not much, not by much. So the weird thing is the prediction market around this report, it seems like it leaked. Someone inside traded it, right? It's clear it was Axiom. I mean, the audacity. If you're the guy at Axiom that knew you'd done this and the investigation was happening, and then you went, you know, inside and traded this market.

Yeah, so just to explain that a little bit more, when Zach XPT said I have this big report coming out, all of a sudden there were prediction markets on which company is this going to be about. And it looks like someone was inside trading, hey, it's going to be Axiom. And it was probably someone that worked at Axiom that knew this report was coming, which is just, what a stupid article. I mean, not an article, but stupid story this is. I mean, this is the type of behavior that just makes the whole industry look awful. Wow, what a story. Elsewhere, did you see that Larry Sermak published an entire book? About what?

It's called How Crypto Actually Works, The Missing Manual. And he wrote it with Igor at Wintermute and Bodon at Wintermute. I actually read one of the chapters just now. It's quite good. Really? Yeah. What is it actually talk about? It's basically a technical book about how crypto,

works across a variety of blockchains. Written for a, let's say, a smart and informed reader that wants to understand the details of how these things work more specifically. All right, I'll check that up. I thought you were joking. No, no, no, yeah, this is a real thing. It's on GitHub.

It's kind of free and open source, too. Do you see the news this week? I'm sure you did. Terraform Labs has sued Jane Street. This is basically the bankrupt entity Terraform Labs. So it's the people that are trying to go get money to pay for the bankruptcy and to hopefully make some of the customers whole. They're alleging that Jane Street used insider information to front run and accelerate the collapse of Luna back in 2022. This is just a lawsuit.

I guess this is important to say you can say anything in a lawsuit. So this is not like the Southern District of New York coming in and indicting Jane Street. I think that is lost on a lot of people. But I'm not sure what to make of it. I'm sure that there was a lot of inside knowledge of terraform. I will also say that it was clear and obvious to a lot of people that this thing was a Ponzi scheme that was going to fall apart one way or the other. Yeah, a lot of people on Twitter are making a lot of noise about this

and blaming Jane Street for their woes, which is pretty funny. I think as we talked about this at the time, terror was going to collapse anyway. It was a fundamentally unstable thing. I don't think you can even really blame one firm for the collapse. It was structurally unsound. Yes. And as you say, you can put anything you want in a lawsuit and see if anything sticks.

So none of this is really proven yet. A lot of people are big mad against Jane Street on Twitter. They are. Well, speaking of 2020, criminals. A White House spokesperson has said that President Trump has no intention of pardoning Sam Bankman-Fried, despite the fact that Sam Brackman-Fried is groveling for a pardon on X just about every day. Good riddance on that one. Yeah, I mean, can we get his phone confiscated? I don't think it was the policy to give prisoners phones. And now every prisoner has a phone? Just take the guy's

phone away. Like Elizabeth Holmes has a phone, too. It's quite annoying. Why? are they getting phones? Just give the guy a book. Just relax. Buckle up. You got another 23 years. The funny thing is Sam in reaction in the news said he still

thought Trump is doing a good job, which is so maybe he's holding a hope that Trump does it on his last day in office or something. How fast is his tune going to change if we have President AOC here? I mean,

maybe that's Sam's way of telling us he thinks it's going to be a Republican if he's still pretending to be a Republican. In other news, crypto.com is the most recent crypto infrastructure company to receive a conditional charter from the OCC. So that door remains open. Wanted to get your take on this one too. So the Wall Street Journal had a piece that was going really viral this week around how Binance dismantled the internal compliance team that was looking to sanctions evading activities pertaining to the funding of the Iranian IRGC. Kind of an ugly thing if that's true.

Yeah, this is a huge mess. I mean, Binance is not really doing any industry, the industry any favors these days. No. If that is actually true, that is a, that is so stupid that they would fire the people that are actually finding this stuff. Yeah. And, you know, we talked to some entrepreneurs recently that told us that there actually was a very active crypto market in Iran.

I was kind of baffled by this. It's like, well, so I understand, okay, regular folks. But if there is a market for crypto in Iran, that means regime elements are using it too. Yeah. You know? So how is this happening? Yeah. I was very surprised to hear that, that there were even,

exchanges operational in the country. Centralized exchanges. There's a big one called, what was it, Novodex or something? And the crazy thing is, it's, the existence of these exchanges isn't good for the regime itself because it fuels inflation and the devaluation of local currency. But it's good for individual members of the regime. Right. That want to store their wealth and dollars or Bitcoin.

So that is plausible to me now. but it's also very concerning, you know, given the fact that this implies that the longevity of these exchanges is something to do with the fact that it's a lifeboat for regime members. Yeah. And there's definitely something to the fact that these exchanges, which are obviously not licensed, would be facilitating, you know, purchases of things that we would not want the Iranian government to purchase, right? So their mere existence is problematic. Yeah. And it is one of those weird things because, well, it might be kind of useful to be crypto-dollarizing the country of Iran and giving ordinary Iranians access to the dollar

and access to crypto and it's collapsing the Iranian currency, et cetera. But it doesn't discriminate, you know, at the same time, you're also giving that same access to sanctioned individuals and the government. So also this week, Justin Drake, one of Ethereum's core developers released a technical roadmap for the Ethereum L1. It was focused on faster block times, post-quantum cryptography, and additional privacy features. Justin Drake, strong performance on that one, I would say. Yeah, and actually just an hour ago before we went to press, Vitalik unveiled Ethereum's quantum resistance roadmap.

Breath of Rush air, frankly, I wish I was an Ethereum. I'd be thrilled right now. So Ethereum is all in on post quantum, so good for them. Meanwhile, very little progress on the Bitcoin side. Although Matt Carollo did go on Laurishin's podcast and spent about 90 minutes saying that I was wrong. Yeah, the title of the podcast, I think, is why Nick Carter is wrong about Bitcoin's quantum roadmap. Which is funny because if you actually listen to the podcast, he is quite concerned about quantum. and has all of these proposed fixes in mind that he claims have consensus among the Bitcoin

developers. So it sounds like I'm right, actually. That's not a headline grabber. I mean, people will download a podcast that will say you're wrong. It catches your eye. The funniest thing is, Matt is kind of pushing back on my criticism that the devs have been very opaque and haven't been at all forthcoming about any potential resolution. to the quantum problem. At the same time, in that same podcast, he's saying, yeah, there's total consensus that we're going to move to hash base signatures. I didn't realize that there was total consensus on that.

He basically said that. So it's like, oh, and he said there's consensus that we're just going to burn the Satoshi coins. That's what I would do. So it appears that there has some kind of behind the scenes element here, and that indeed they are not being very forthcoming. And somehow we have to learn of these things through a, stray appearance on the Lorishin podcast, thus validating, I think, everything I've been saying. Be much cooler if they had these discussions on the Linux mailing list and not in like private

signal chats, huh? Yeah, why do we have to badger it out of the development? Why do I have to, you know, become a martyr here to just get an ounce of truth out of these people? What if they just told us what they were thinking? That would be very nice. Just tell us what you're thinking, guys, you know, write it down. Because the whole time he's disclaiming responsibility. He's saying, well, the community is going to decide. What's the mechanism for the community to decide? How could the community decide?

Is there a vote? How does that? Is there a purpose? It's this really irritating meal and mouth tactic where Corallo and many other Bitcoin Corteves will say, oh, it's not our responsibility. The community will decide. Meanwhile, the same time he's saying, yeah, we should just burn the coins. Yeah, we're just going to move to hash base post quantum signatures.

So someone has decided. Someone who is not the community has decided who is that person. Map out the power structure for us. They won't because they like retaining authority when, you know, they feel like they have some particular expertise and others should not chime in. Meanwhile, when there's a controversial decision to be made, they want to disclaim that same authority and say, well, it's actually up to the community.

It's very aggravating, and they're trying to have it both ways. This is the way it's always been, though. It has always been like this. Even when Gavin was running the project, Blockstream had a tremendous amount of behind-the-scenes influence. Yeah, and I'm sympathetic to the people that are criticizing Bitcoin Core, et cetera, have done so for the last 10 years. Because the truth is there is a small number of elite developers

whose influence matters tremendously. And they do consider themselves immune from public influence. Meanwhile, they will claim that the public can have input into the process through some mechanism. But of course, there's no defined way to give input. And when we do give input, we get pushback. So I think the Bitcoin system is set up for inertia and it never change. And that's fine most of the time.

But it's not fine when there's actually an existential threat that requires. requires galvanization. All right, so we're just about up on time. I think we both have to run here, but how about USA hockey? That was the best hockey game I've ever watched in my life. It was very satisfying. Pretty spectacular way to start a Sunday morning. Yeah, an amazing result.

Well done. You asked it pretty well. I think we were second or third overall in the medals. Norway took it, though, huh? What is up with that? Why is it the Norwegian specifically not the Swedes or the Finns? It's just a lot of sports there that are easy to play in that climate, I think, that they invented most of them. But the Canadians, I think, invented curling, and they didn't do very well.

Didn't the Canadians win in curling? They cheated to win, didn't they? They got a tainted, yeah, tainted metal. Yeah, they're cheaters. Yeah. It was a tough Olympics for the Canadians, without a doubt. There was one Norwegian guy that got six gold medal. metals. It's like inhuman.

Yeah, I saw that. I saw that. Like completely ludicrous. Canada's got to be, that's tough to lose your primary sport. You know, that's tough look for Canada. Yeah, I mean, they really care about this stuff. GDP's gone the wrong way. Just a bad year for Canada.

Tough year for Canada. And that goalie, though, hell of buck. What an unbelievable performance. You got a congressional presidential medal of freedom, that's the state of the union. Did he really? Yeah. He deserved it. The guy was standing on his head.

It was unbelievable. Yeah, that's good. Same. All right. I think that is it for the week. Everybody have a safe and healthy weekend. We will see you at home.