On The Brink with Castle Island - Weekly Roundup 04/17/26 (BIP361 proposal, SEC's DeFi frontend policy, CSW's Bitcoin movie) (EP.714)

Episode Date: April 17, 2026

Matt and Nic are back for more news and deals:  Jameson Lopp's BIP361 gets an official BIP number What about an official salvage process for the quantum-vulnerable Satoshi coins What about recycling Satoshi's bitcoins into long-term tail emissions Why the Satoshi freeze war will be unlike the Blocksize war Kraken confidential files for an IPO The SEC says defi frontends might not be broker dealers even if they list tokenized securities Goldman files for a Bitcoin ETF WLFi is having a feud with Justin Sun Ether Machine, an Ethereum DAT winds down There is a new Satoshi documentary coming out There is an A-list Hollywood movie coming out about Craig Wright Leo Aschenbrenner's secret Tether invests into Drift Protocol post-hack Why is USDC refusing to freeze funds after hacks? Do we need an "on-chain" Chancery Court for blockchains Content mentioned on this episode: Nic on X, How to resolve the matter of the Satoshi coins without a freeze  

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 is 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 and print a couple trillion dollars and all of a sudden people start to worry.

So out of this worry, we have something called a Bitcoin. Welcome to On the Brink. I'm Matt Walsh. And I'm Nick Carter. How's your week? It's good. There's a kind of a scandal. developing in Miami. Have I told you about the signature bridge project here? Oh, is that the big

bridge on your way to the airport? Yeah, leaving the beach, you go to the airport. There's like five or six huge arches. So it's like a multi-billion dollar project. It was meant to be done years ago. Now it's been extended to 2029, huge boondoggle, colossal boondoggle. And the bridges are cracking. The concrete isn't good. It's like everyone hates it, right? Yeah. And then so we're all wondering why there's traffic in the heart of downtown forever because of these bridges. And at the same time, they built an entire stadium for the World Cup in under a year. Did they really? Yep.

Right near the airport, actually. And that's the new Inter-M Miami Stadium. From, it was a golf course and now it's a stadium. One year passed. Wow. Privately funded? Yeah, with some help from the state. So here's the puzzle, Matt.

if they can build a whole stadium in one year, why is it taking them 10 years to build the bridge? Yeah, I don't get that. Now we're asking, we're starting to ask some serious questions. It's like the bridges from down the Cape. You know, some of those bridges were built in like the 1940s in two years,

and they would take 10 years to build today. Right, and the Golden Gate Bridge was built very quickly. I think the Empire State Building was built an under year. But so the contrast is what's causing us to really wonder, Why is this bridge taking so long? I think there's corruption. Yeah. That's top of mind for me.

All right. That's good. Well, you've been busy. You just put out another post about quantum. I haven't even read it yet. So it's called How to Resolve the Matter of Satoshi coins without a freeze. What did you get into there? Yeah.

So, yeah, I know what people really wanted for me was another blog on the quantum. Well, there's a big debate now. And I don't know why, why are we debating the Satoshi. coins now specifically. Well, we got to argue all the time. I think that's the thing. Well, we like to fight, sure. But, yeah, for some reason, now everybody's fighting over what are we going to do about

the Stoci coins. Everyone's kind of, I think most people have made their peace with the fact that, yes, we're going to do the quantum upgrade. There's a conference happening right now, I think, actually, at MIT or Harvard about it. So it seems like a consensus has emerged. But the thing we don't have consensus on is, what are we going to do with these 1.7 million coins that we think are abandoned and are quantum vulnerable that cannot upgrade. It's very tricky. There's actually no good outcome because either you let some random entity claim 1.7 million

bitcoins and we don't know who that is. Could be disastrous. Could be the end of Bitcoin. Or you change the core principle of Bitcoin which is the monetary policy. That's also kind of unacceptable. So it's a very tough situation and I propose a third way. Oh, all right. What is it? I can't make this happen. So it's completely wishful thinking, but this is my proposal that I need other people to do this for me. I can't do it.

The government, the government saves us. I don't know it's not a very Bitcoin. Oh, yeah. That's just like what we always thought of when, you know, early days of Bitcoin. So only the U.S. government can save Bitcoin. They have to appoint a court-appointed salver, someone who does the salvage, and kind of like salvaging a shipwreck. And so this firm would get exclusive rights to salvage the bitcoins or consortium of firms. They would get a finder's fee, but not ownership.

The coins themselves would go into a trust that is claimable by Satoshi or others if they prove belatedly that they mine the coins. hard to do. You couldn't prove it. Well, I mean, forensic, you could maybe prove it. I don't know. Well, you know, having the signature ability in a post-quantum world doesn't prove it. It doesn't anymore. So we have to fall back on conventional methods. But maybe you could. Maybe you've had enough of a paper trail. You know, you have the laptop, you mined it on, whatever. It could be the case. You could prove it. But if no one proves, then the coins get this word that I don't know how to pronounce is cheated. They get a sheeted

back to the state. The state. So then we're in a pickle and we're at the limits of my thought experiment because there's no state like Maryland, not nation state. There's no state the bitcoins were mined in necessarily. We don't know.

Yeah, they could have mined in Belgium. Yeah, for sure. So that's where I run out of room on this analogy. But I, you know, I think maybe the government could take them or something. All right. I mean, not to be pejorative, but I think that's a little half-baked, because what if some Chinese lab gets the coins?

Well, yeah. I mean, this whole thing is contingent on a U.S. firm getting it first. Yeah, but China's plowing money into their quantum industry. What makes you think that the U.S. will get there first? Well, I don't know. I'm a patriot, you know. I believe in this country. Oh, I hope the U.S. gets there first, too, but I don't think we should assume it. I thought you were going to go down a different rabbit hole, the tail emission rabbit hole, where you don't change. Yeah, that one's also good. You know, freeze the coins.

They're out of circulation, but just put them back into the, you know, they can be mined over the next 100 years. Yeah, I proposed this in 2019 at a talk at MIT, and people went ballistic. Yeah. Did Peter Todd talk about tail emission at some point? Yeah, I think he did. I don't think a lot of people put the whole thing together, wherever you'd use. the old coins and recycle them. But this was back in the battle days

when I wasn't sort of used to being canceled and I didn't like it at the time. Oh yeah, that was your first cancellation. That was the first one. And so I left that idea on the drawing board. You should have just reincorporated it, just recycled it. There's a lot of bitquiners that just came on board

past couple of years. That would have been the first time there to heard of it. Yeah, so now that I'm Teflon and I can't be canceled anymore, that maybe we can bring it back. Yeah, I think just freeze those coins, put them back in. I'm surprised at how controversial this is. I guess we'll get into maybe just skip to one of these news stories.

So BIP 361, did Jameson Lopper write this one? Yeah, he's involved. So it's a plan on how to handle quantum vulnerable addresses, basically Satoshi's coins. It says basically that they would get frozen if they don't migrate to quantum safe addresses. And is it, they get frozen for five years. Am I understanding that right? Yeah, it's kind of staged, I guess. So BIP 361 gets activated for three years.

You can spend from legacy scripts, that's what we have now, or a new post-quantum script that gets created. Then that phase is sunset. So after three years or after two years, then the nodes reject legacy scripts. And so that effectively free. is vulnerable coins or old old coins. So maybe that's why people are fighting about this,

because BIP 361 just got it, became an official BIP. Yeah. I saw Jameson tweeted he doesn't, he proposed it, but he doesn't like it, but he doesn't like the alternative even more. So I get it.

I think we had to start talking about this. I mean, as I've said before, I don't think it's going to be like the block size war, where it's kind of like the idealists on one side. and the corporates on the other side to really reduce it. Yeah. The corporates sort of wanted to expand the block size, and then the ideal is kind of one.

Here, it's not going to be like that because the corporates are so much more important today. It's just a much bigger market. No major Wall Street institution was involved with Bitcoin in 2015 and 2017 at all, except for the CME. So now they need. to get involved. They have clients. They have legal exposure. What are they going to do? You'll definitely have a fork situation here where there will be a market that emerges.

Have we looked at what happens in an ETF if there's a fork? Yeah, they all have language around choosing the, uh, choosing the chain basically. So they pick one. They'll pick one. Yeah, I mean, they can't just have two like that's crazy. No. And there won't be, my guess is there will not be like a, airdrop or dividend payment. But there'll be a rush of capital to entities that will do the chain split for you in a similar way that Bitcoin cash, if you had your funds on Crackin, you immediately got the dividend. Right. So the ETFs, they probably won't give you, they won't sell off their coins and give it to clients. That'll be their own balance sheet, the sold off losing fork. Yeah, it's a good question. If they sell it, they would give it to the, to the customers. I'd imagine

But there's probably a world where they just don't claim it. Yeah, because I think if I'm in big asset manager, I'm just rejecting a fork out of hand that doesn't freeze the coins. I think so. It's too risky. So I think they'll actually just act like it doesn't exist. That's what I think. And then the exchanges will be more ecumenical and they'll be like,

yeah, you can have whichever one you want. Well, they just want the trading volume, right? Yeah. So they actually kind of benefit from. I wish I could go back in time and capture all of the conversations that I had around the Bitcoin Cash Fork and all of the people that I respect that were telling me that that was going to be the winner and just how wrong that was. Yeah, yeah.

Yeah, I mean, but see, here's the problem. It says everybody is now going to look at that case study and think that it'll go the same way. Right. But I don't think it will. I don't think it will either. But you will have a lot of purists that say, look, this is theft. We can't do it.

Yeah. But here is my challenge to that. The purists, if you were a purist, you should be disillusioned by now. Because Bitcoin does have these big corporate influences and micro-strategy is getting on their way to a million coins and the government has a Bitcoin reserve. And these people kind of cheered for that. So I think Bitcoin has selected for people that are actually not purists anymore. I guess it's selected for mostly capitalists at this point.

Yeah, I think so. And so I think even the hardcore ideologues, you know, they're going to be sitting at the kitchen table and their wife's going to be like, so our retirement's in Bitcoin, right? It's like, yeah. Okay, so which side of this is you on? You're on the side where our retirement goes to zero. Yeah.

Instantly? No. No matter how committed they are, they're still investors in Bitcoin. So they're not going to pick the fork where Bitcoin goes to zero and maintains its intact principles. I agree. And that's why I think we should burn the coins. I like my solution. We don't even have to burn them. The government waves a magic wand and solves it for us. I don't know. Government intervention. I mean, I'd be in favor of burning or I'd be in favor of tail emission.

But tail emission is a, that's the third rail. I mean, it actually should be that. If I could actually pick one, it's, we fix the long-term revenue problem. At least fix it for 100 years. Yeah, and that's someone else's problem. Right. All right, let's hop into the deals of the week. First one up is Paxos Lab. So this is an enterprise that started as a spin-off of Paxos.

They're focused on DFI infrastructure. They raise $12 million from blockchain capital, robot ventures, Maelstrom, and Uniswap Labs. Next up, we have Spector. That's with a K. They're an AI-powered financial compliance company. There is $20 million from N. North Zone and others.

Nava Labs, not to be confused with Nava Ventures, one of the funds that we like to collaborate with. Nava Labs is a policy platform for agentic payments. They raised $8 million from polychain, archetype, HacVC, and FalconX. Krakken is the crypto exchange. We all know them. They raised $200 million in secondary from Deutsche Bank, resulting in a 1.5% stake in the company. The Cocio Argent Setti confirmed that they have confidentially fought.

filed for an IPO for the second time, right? Paradox, right, to publicly confirm that you have a confidential filing. It's a, yeah, we've, we've said this before. It keeps on happening. Next one up is Pumpcade, a meme coin trading platform. There raised $5 million from Jump and Foundation Capital. Memecoin trading platforms are still a thing, huh? I'm shocked to see that in 2026.

Lastly, E. Toro has entered into an agreement to acquire Zengo, a self-custodial wallet provider. Been fans of those guys for a long time. So it's nice to see them sell the business. It's a good product, right? It was social recovery. It is a very good product. They're one of the first ones to do social recovery well. Yeah.

I think that's an interesting play, especially given what the SEC did this week. And I doubt that that was part of the thesis. But the SEC came out with new guidance this week, specifying the defy frontends such as Uniswap that expose users to tokenize securities. They don't necessarily need to register as broker dealers as long as they don't monetize the order flow or offer investment advice or take custody of user funds. So this would apply to wallet front ends like a Zengo as well as Uniswap. I think that's quite interesting.

And that is not the view that the Gensler SEC had. Yeah, this is the most, actually, I think it's the most sensible SEC policy I've ever seen. Yes. And we achieved it without clarity. We did. Good things are possible without legislation. We're getting kind of common sense things that we thought we had to have a bill for just via SEC guidance. Now, of course, this guidance could be rolled back.

That would be kind of a debacle. But, you know, probably hard to do if you have a lot of, tokenized securities on chain, and this is the way people engage with them. The fact that you can't monetize the order flow might be a little bit problematic for some of these wallets that make money based on routing. Yeah, that's right. But really encouraging stuff. I mean, congrats to the SEC.

It's super cool. Yeah, yeah, big fan of that. In other news, Goldman has filed for their first Bitcoin ETF. It's called Bitcoin Premium Income ETF. It's going to invest in other Bitcoin-related ETP. and option-related strategies. So I guess this would endeavor to kind of beat the price of Bitcoin, is that right?

Pretty cool. So just in the last two weeks, really, we've had Morgan Stanley and now Goldman enter the Bitcoin ETF arena. World Liberty Financial is experiencing some kind of indecipherable quagmire. Have you seen this? Yeah.

Is it okay if I just choose not to keep up with this story? Yeah. That's allowed. I've been following it. So. Governance proposal, vesting schedules, Justin Sons involved. There's just a confluence of things

that I don't really care that much about. So what I think happened was Justin Sun, when they put his wallets in like some kind of special vesting category that was distinct from the others, I don't know why. I think there was some allegation that he was like selling early. So they basically froze his coins. Now they're reimposing a new vesting.

I think it's a two-year cliff and another two-year linear, and they're kind of forcibly opting every buyer of World Liberty Phi into this. So it's actually not unusual. We see this often in DFI. Kind of like forcible vesting changes. But, I mean, it's a little confiscatory. You probably aren't allowed to just arbitrarily change the vesting. Yeah, that seems like a centralized move, right?

Yeah. And just you're not allowed to do that in regular markets. You know, you have to kind of, you have a deal with someone. You sort of have to adhere to the deal. So they've put Justin's coins in purgatory until he opts into this new vest. Yeah, he's not happy about that. And he's unhappy. Yeah.

But, I mean, he kind of deserves it for buying the token. Yeah. All right. Well, I guess we will continue to put blurbs about this in our newsletter, but I will continue to not really spend any time trying to figure out what's going on there. Did you see we had the death of a debt this week, Ether machine, which is a proposed dat focused on Ethereum. They had announced in July 2025 that they were going to launch with $400,000 worth 400,000 units of ETH in their treasury. They have scrapped their plans to go public via SPAC, citing unfavorable market conditions.

Yeah, I think we'll see a lot more of these. what do you make of the Blockstream one? Cepo, Canter and Blockstream are doing that one. What is that like a Bitcoin income-related thing? It's like... It's a Bitcoin debt, right? Or is there another twist?

I thought that they were going to be selling options or something generating yield on the Bitcoin or something. I don't know. Why do we need another Bitcoin debt? Yeah, I mean, because I wonder if it won't be a little bit buoyed because of the Adam back of Satoshi allegations. Yeah, I mean, it's good marketing, right? Buy our debt, we're denying that this is Satoshi,

but John Carri Roos, pretty certain it is. Yeah, and we're kind of like winking while we deny it and crossing our fingers at the same time. There is a new Satoshi candidate on the block, or a documentary, rather. This is the one, the Coinbase backed that... Yeah, finding Satoshi.com. I've seen it.

I'm not affiliated with them, but they sent me a screener, so I've seen it. Are you going to blow the lid on it or are you going to wait until the premiere for us to talk about it? No, I'll let them tell you because I think it is. But it's actually the best one I've seen. Really? So you think it's credible? There's no smoking gun per se.

I don't think we'll ever get one. We'll just get more and more circumstantial evidence. Yeah, I think I like these attempts to look into the linguistics. I'll give a shout out to Matthew Lemurl, who's been a frequent guest of our podcast. But he's, uh, he's throwing the language. into AI models and coming out with a solution. Yeah, what's the trick it's to look at Satoshi's emails to Marty Malmy? I think that's right.

Is it Marty or Maddie? Mattie, yeah, Finish Guy. Yeah. Matthew actually wrote a book about it called The Ministry of Bitcoin. It's a novel worth checking out. So it's like the golden age of Satoshi theories because there is a Hollywood movie coming out. Are you talking about the Craig Wright one? Yeah, I mean,

This is the most baffling thing I've ever seen because there is serious A-lister's in this movie, but it appears to be in support of Craig Wright's ambitions. That was nice of you to call Casey Affleck, pride of Boston and A-Lister. Normally, I wouldn't have thought about him like that. Casey starred in a very good film called Manchester By the Sea. And Gone Baby Gone. And Goodwill Hunting. Oh, I didn't know who's in Goodwill Hunting, too?

He was Ben Affleck's little brother in Goodwill Hunting. Yeah, I didn't watch it very carefully. Chuck, I ordered a double burger. So he is at least a B-lister. We'll give him that. And then Gal Godot is in this, Isla Fisher. Pete Davidson is in this movie. Yeah, he's not an A-Lister.

This is a B-List movie. Pete Davidson is an A-Lister now. Is you really? I don't know. Saturday Night Live, what's he ever done? Galgadow is an A-Lister. I don't even know who that is. She was Superwoman.

That doesn't make you the end. list. She's big. So Pete Davidson plays Calvonair. That's a casting atrocity. You don't look anything alike. And Casey Affleck plays Craig Wright

also. I don't like that they're making these kind of dumpy looking scam artists like look good. Doesn't seem right to me. What is the premise of this movie? They cannot possibly be saying that Craig Wright is Satoshi, right? This just has to be about a scammer who kind of ran a scam, right?

Yeah, I mean, so the synopsis, this is the synopsis. Bitcoin is just called Bitcoin is the true story of one man's quest to prove that he is, in fact, the creator of Bitcoin. A claim that puts his life in peril and sets off a global firestorm and a wild high-stakes race between the who's who have tech billionaires and world leaders with the fate of the entire, the world's entire financial system hanging in the balance, all leading to one question, why do the world's most powerful people want to erase one man? And why would they spend hundreds of millions of dollars to do it?

That's unbelievable. So this is in the tank for Craig Wright. I mean, I will watch this because Casey Affleck's in it, but I'm not going to enjoy it. Craig Wright is the one man on Earth who has been officially designated as not Satoshi by a court of law. He's actually the only, yeah,

he's the only person on. planet Earth who's definitely not Satoshi. So they're barking up the wrong tree here, but I actually like some of these actors. So I might watch. I'm not going to pay to watch it. When does this come out? It's coming out at Cannes Film Festival. Do you think it's going to get a standing ovation at Cannes?

That's a dangerous place to go. Being Bitcoin related in the country of France, that's tough. Yeah, that's right. So it's coming out in Cannes. my guess is not going to do well with the critics yeah probably not probably not all right well we got that coming out

there's the Netflix FTX thing is coming out soon there's a bunch of crypto stuff coming out that probably won't make our industry look great yeah and also some really troubling casting decisions with the Netflix show oh yeah I mean they're just I don't remember the exact who's who but the actors they picked to play the you know

FTX effective altruist polycule members, they're too good looking. Yeah, they're all way too good looking. Yeah. That wasn't how it went down. This isn't right at all. We don't hear much about the kind of the FTX crew

that only had one year in jail. I wonder what everyone's up to. Because they're out. Some of them are out. I wonder what they're doing. Yeah, I mean, they've presumably been banned from securities markets, right? Yes.

For at least 10 years, I think. They're probably a viable. Vib coding, don't you think? Yeah, probably vibe coding, probably playing on some prediction markets via VPNs, that type of stuff. Do you know who the most successful FTX alum is? Yes, situational awareness. Leo.

Leo Ashtrenner. Leo. He might be from a different planet. I mean, I figured out why he's so good at trading stocks. Because he just has the latest models before we do. Almost. It's not that he's a time-traveling Habsburgian vampire from the 1600s, though I did think it was that. His fiancé is the chief of staff at Anthropic.

Oh, I didn't know that. Yeah. So do you think she just has, she has mythos? She is the best models, first of all, so that's very unfair. Second of all, he knows who Anthropic is buying compute from. Oh, wow. Yeah. So why his traits are going to be?

Incredibly. He took this fund from 500 million to over $5 billion in a year and a half. Yes. This is one of the most impressive funds that no one has really ever heard of in the mainstream. Well, and people panned him. You remember when it came out? It's like this kid's 23-year-old doesn't know anything about finance. He's going to raise a fund.

He's going to just go max on AI. Everyone made fun of him. Yeah. And then he just proceeded to outtrade every other hedge fund on the planet. Yeah, completely. seamlessly. I mean, even during the big drawdown in these AI stocks. And he's had still, every quarter, it's a new incredible trade. Every quarter, there's something new. Yeah, what did he just hit big on Bloom Energy or something like that? Yeah, it's his literal biggest position this quarter disclosed in the 13F. I took notice. I'm like, wow, okay, what does he know? And then it just skyrockets a couple weeks ago. Unbelievable. Yeah, you're right. He's probably the most successful FTX alum. He was on the charitable side.

of FTX, right? They had a charity. Yeah. The other good trade he had was Corey was his second biggest position, I think, plus crawl options. They just signed a huge deal with Anthropic. Oh, wow. A week ago. So I look, I'm not making allegations. It's actually like the kid a lot, but I think that's the secret sauce. Well, yeah, that's an interesting data point, but good for him for just coming out of the gates hot. I mean, just unbelievable. All right, what else happened this week. Charles Schwab has announced that they will be rolling out direct exposure to Bitcoin and Ethereum, so spot exposure in the coming weeks. Yeah, I guess you could think about this as just kind of copying what Fidelity did. Obviously, Robin Hood's done this. Coinbase is the line share of

retail flows, I think, still in the U.S. But good for Schwab. It has taken them forever to do anything. They've been talking about this for like five years. Yeah, good for them, though. So they're actually going to do base layer Bitcoin. Like you'll be able to withdraw it. Yeah, they had put out an RFP to kind of handle the back end trading in custody like five years ago. I don't know who they ultimately went with. It's probably disclosed in their filings. But yeah, this is kind of table stakes, I think, if you're a retail brokerage. So Tether, this is interesting.

Tether announced a strategic investment of up to 150 million into drift protocols. This is the D5 protocol that was hacked, we think, by North Korea last week. So quite interesting to see them double down, support it, provide some fresh cash. I wonder if they'll release a like a recovery rights token or a token that entitles users to, you know, future revenue cash flows. Because Tether or BitFinex relatedly is actually, they've done this successfully. Yeah, of course. Yeah. You had the Leo token, then you had the other one.

What was that called? had RRP, I think, recovery rights, which was at Bipfinex, anything in excess that was recovered. And then you had the original BFX token, which was. So they've actually done this playbook three times, each time successfully. Yeah, they know how to do it. I thought this was pretty opportunistic. And it's obviously that Circle has said that they will not freeze USDC until they get a court order. And Tether has been way more willing to freeze Tether in the event of hacks and things.

like that. So, you know, part of this might just be a good PR for Tether. Yeah, actually, we should talk about that because you're right. Circle has this no freeze unless a judge says freeze. Policy. That's, I understand why they do that. They don't want people constantly knocking on their door saying freeze the coins. At the same time, this is now caused USDC to be the chosen currency of choice for hackers. Yeah. Yeah. So that's not a, good situation to be in. Also, they could have intercepted these funds. And I get why they, I get why they don't do it. But look, if North Korea does a big hack and everyone knows it's North Korea, you got to freeze those coins, even if you don't have a corridor. You got to

know. Yeah, you don't even have to know who the hacker is to know obviously it was hacked. I don't like it. I don't like it. Here's what I think we need. We need a chance to record of blockchains. Oh, interesting. So why is Delaware? the go-to state or at least used to be for business disputes because they've specialized courts that are fast for corporate disputes right yeah what about a court that is digital that's on chain i don't hate it it's kind of like uh uma protocol is for polymarket claris court or aragon yeah so this would be something that circle would voluntarily submit to this court agrees to monitor the blockchain 24-7 it's not a real court with it doesn't have jurisdiction

anywhere and it makes pretty snap decisions yeah you should probably freeze these ones yeah right i like the idea i think that that could work um i'm sure the legal departments at the stable coin issuers um would not like it but honestly it's just good policy to to freeze these addresses if north korea gets them yeah i don't like the current policy at all i get it but i don't like it senator elizabeth warren sent a letter to elan musk this week raising concerns about the upcoming launch of X money, which is rumored to have some crypto rails embedded in it. So Warren has accused must of weakening consumer protections

through his capacities at Doge, blah, blah, blah, blah, blah, blah, blah. She doesn't like it when new financial services players come up. Yeah, I mean, she just seems opposed to the notion of finance in general. Well, opposed to it unless it's the bank's doing it where she sits on the Senate banking committee and can rough them up. Yeah, so this is a prime target, of course. There was an interesting paper published this week from Avihu Levy of Starkware called Quantum Safe Bitcoin Transactions Without Softworks.

Does this solve quantum for Bitcoin? No, to be very clear. It is cool, and I appreciate the effort. But this is a very complex protocol that puts a large burden on the user to kind of encumber their coins quantumly. What we need is a protocol-wide solution. So in case you're wondering about this paper. Yeah, this would be, you'd have to have a bunch of compute locally to do this, right?

Yeah, and it's un-economical for smaller addresses. But it was a cool sort of case study or thought experiment. Bitwise has launched a new ETF. It's a spot avalanche, Avax ETF. It has staking included. So check that out. Bitwise just continuing to innovate. And then I really like this hyper-liquid piece by Colossus this week.

Do you get Colossus yet? No, I don't know Colossus. Colossus is Patrick O'Shaughnessy's magazine and podcast network. And they put out a really nice, I think it comes out every quarter. It's like a bound book almost. It's really quite good. But this piece was written by Dom Cook, and it's a full profile of Jeffrey Yan, the founder of Hyperlip.

liquid. What an incredible story this guy had. Yeah, I mean, it seems like he was grinding like no other. At one point, the piece, they said he worked 14 hours a day when he was building it, clocking 100 hours a week. His fiance was living with him in Puerto Rico, but for the first year, she was only a lot at 30 minutes of his attention per day. The remainder belonged to the trading algorithms. It's a man in the arena. Yeah, it's free to look at online. So, I would definitely check it out. It's a good weekend read. Probably built one of the most consequential pieces of infrastructure and all of crypto. Yeah, I mean, now it's going beyond crypto. People are trading oil on there, gold.

I mean, it's becoming a market of consequence and commodities, too. Never raised any venture for it either. Never raised a dime of venture capital. But most crypto funds own the token now. Yeah, everyone just kind of bought it on the open market. But it does have that. benefit of being kind of pure from the outset. Yeah, I mean, the airdrop created a great number of millionaires. Yeah, 100%. Maybe more than any otherirdrop.

Yeah, I think that's right. All right. So, you know, we just cut a solid two to three minutes of content that I think we'll just, this is why we don't do this live. Some things are better left on said for the sake of the industry. a lot of scandals out there that we will just kind of sit those out for now. We see the truth, but we close

two eyes. There's stuff happening that's outside the purview of maybe what we want on the record. Yeah, this is a serious podcast and we talk about deals and news and we don't do gossip. Yeah, we don't do that. All right, everyone, that is it for the week. Everybody

have a safe and healthy weekend, and we will see on my.