The AI Bubble's Biggest Risk Was Never Leverage. It's Him.

Here are the show notes: Jensen Huang just admitted to cheating on his wife with a woman U.S. intelligence suspects is tied to Chinese state security, Nvidia briefly erased over a quarter trillion in market cap, and somehow the rest of the market just shrugged it off. The crew digs into whether this is really about infidelity or something much bigger involving chip exports, Megaspeed, and a 600,000-GPU paper trail sitting in Hong Kong. In this episode: • Jensen Huang's public apology and the Nvidia stock reaction, down roughly $257 billion while the broader market hit new highs • The Alice Zhang story, her alleged ties to Megaspeed and Alibaba, and whether this is espionage or a distraction from a bigger problem • New York Times report on Nvidia allegedly routing around 600,000 chips to Beijing through Hong Kong • Binance CFO's sudden resignation and why the timing looks suspicious • Taiwan's new short-selling ban and a 15 billion fund after TSMC-linked stocks had their worst week since 2001 • Trump's press conference joke about the affair and the Dana White press secretary mix-up • Fed survey showing layoff fears at their highest since the COVID crash, plus a rundown of inflation expectations and rate-cut odds ahead of the next CPI print • Michael Saylor's Strategy buying another 1,037 Bitcoin, plus a debate on Nick Fuentes, Charlie Kirk's legacy, and Dave Chappelle's viral Charlie Kirk joke For the full conversation with charts, clips and all the reactions, check out the video version of this episode. Watch the video version: https://youtu.be/gSo8S5riS5Q

Paraguay's banking collapse just took down the president and sent citizens dragging politicians out of Congress, with 60 percent of the country's savings reportedly frozen in a single institution. The crew breaks down why bank runs are a trust problem, not a math problem, then pivots to the US midterms, impeachment filings against Pete Hegseth, and a SoftBank stock collapse that's rattling the entire AI trade. Plus a Linux root exploit so dumb it has to be heard to be believed. In this episode: • Paraguay's bank collapse, the president's resignation, and footage of protesters dragging politicians including presidential candidate "PO" out of Congress • Why central bank bailouts just redistribute losses across the economy rather than fixing anything, and reports of stablecoin usage in Paraguay trading at a 13 percent premium • Post-midterm fallout including Rep. Thomas Massie filing to impeach Secretary of War Pete Hegseth over alleged war powers abuses • A breakdown of why the Republicans underperformed, from diesel and gas prices to Epstein files frustration to the rise of Nick Fuentes as a political flashpoint • SoftBank's stock down 59 percent since June on debt-fueled AI bets including 64 billion into OpenAI, plus record leveraged ETF inflows and the SOX semiconductor index's historic 5-day crash • The Alpine Linux bug letting a 257-character string grant root access, and the pulled FinCEN proposal to lower the crypto travel rule threshold to 250 dollars • Canada's new federal budget, ballooning deficit spending reclassified as "investment," and fresh immigration policy fallout Watch the video version: https://youtu.be/NMhilOtqU98

Bitcoin tore through 80K within minutes of the Democrats sweeping both chambers, torching $320 million in shorts along the way, and the crew spends the hour arguing over what that actually means. Is Peter Schiff right that a hostile Congress spells doom for crypto, or does Bitcoin become more essential exactly when the political class gets more hostile? Along the way the show veers into Paraguay's banking contagion, a Satoshi-wallet rumor that turns out to be nothing, and whether the Republicans just handed away the easiest mandate in modern politics. In this episode: • Bitcoin rips past $81K on midterm results, wiping out $320 million in shorts in 30 minutes • Debate over Peter Schiff's thesis that a Democratic Congress means a more hostile crypto crackdown by 2028 • Discussion of Trump's $5,000 promise and the broader "buying votes" problem on both sides • Joey's take on AI mega-caps, data center buildout and why Bitcoin's price may be tied to a less free tech landscape • Fuentes versus MAGA, the Republican Party's possible 2028 fracture, and Vance's post-election comments • Satoshi-era wallet rumors debunked, plus the Binance fake-job-interview hack • Iran's nuclear shelter broadcast, Ottawa's emergency supply notice, and the French blood bank cyberattack • Paraguay's sixth-largest bank (UNO) shut down, deposits frozen, and fears of wider financial contagion • Updates on SDRC and Liquid getting back to par, plus reaction to Joe Nakamoto's new documentary on Bitcoin adoption in El Salvador Watch the video version: https://youtu.be/9La50F_lmd0

Mercado Bitcoin, Brazil's largest exchange, just got drained for over 40 million dollars and froze every withdrawal, landing days after Binance's record-breaking 6.3 billion dollar heist that the FBI pinned on North Korea's Lazarus-linked hackers. Meanwhile hackers pushed supermarket fridges to 50 degrees Celsius across seven European countries and hit U.S. military bases, fake nuclear alerts went out in Russia and Ukraine, and the panel digs into why AI-assisted attacks, IoT overreach and over-regulation are quietly becoming the real threat model for 2026. In this episode: • Mercado Bitcoin hacked for over 40 million dollars just months after Tether invested 20 million to fuel its Latin America expansion • FBI attributes the 6.3 billion dollar Binance hack to North Korea's TraderTraitor and Lazarus Group, while North Korea publicly denies involvement • Why smaller, non-US exchanges may be the canary in the coal mine for AI-assisted cyberattacks, and a BTCPay Server hot wallet exploit sweeping funds on versions 2.4.1 and older • Supermarket and military base refrigeration hacked across Sweden, Belgium, Luxembourg, Estonia, Ireland, Netherlands and Finland, tied to outdated Danfoss OS vulnerabilities • Fake nuclear strike alerts hit Russia and Ukraine amid reporting on Netanyahu pressing Trump on Iran, plus talk of possible midterm-day disruptions • Prediction markets pricing a 73 percent chance of a Democratic sweep in Tuesday's midterms • France's proposed internet traffic tax that could add roughly 12 euros to downloading GTA 6, and Bull Bitcoin's and Bitcoin Austria's legal fights against DAC8 KYC rules • The Learjet crash in Palm Springs involving a 20-year-old co-pilot, and what it says about eroding competence standards Watch the video version: https://youtu.be/Fg6ib5M1mv4

Binance just got taken for 6.4 billion dollars in under an hour, the biggest heist in human history, and the crew breaks down exactly how it happened, why Chainalysis is pointing at North Korea, and what it means that even the firm tracking the hackers got hacked too. From there it spirals into treasury-wallet implants, a Bitcoin-only CEO explaining why honeypots are honeypots no matter how big the logo is, and a deep dive into Canada's strange new AI "sovereignty" play. In this episode: • The Binance hack: 6.4 billion dollars drained across multiple chains, 2.8 billion frozen, laundering tied by Chainalysis to North Korea's Lazarus-linked Trader Traitor group • Bitcoin Well CEO Adam joins to explain non-custodial exchange design and why custodial exchanges are "rung two" on the counterparty ladder • Jameson Lopp and River's reactions, plus speculation about CZ, Binance's balance sheet, and the FTX-era parallels • A second hardware wallet scare: a Trezor bought from reseller Cryptobillis found with a hardware implant, same reseller tied to earlier Ledger tampering • Chainalysis, Breaking Voltage and Polymarket all disclosing their own separate breaches in the same news cycle • Mark Karpeles of Mt. Gox weighing in on the Trezor findings • Canada's new national security plan, weak jobs data, and the government's multi-billion dollar stake in AI company Cohere picked apart as a "sovereignty" mirage • A genuinely bizarre local Canadian TV clip on neurodivergence and drag that has to be seen to be believed Watch the video version: https://youtu.be/vK73YZcnlXs

Bitcoin treasury company Data Vault has been trying for four months to pull its Bitcoin off an exchange called Biconomy, and the stock has cratered 88 percent year to date while the crew digs into a company with a shifting headquarters story and a CEO whose public appearances point to Dubai. From there it's a full tour of the week's chaos: a Fed hold with two dissenting hawks, a Coinbase vendor leak hitting 70,000 users, Google wading into crypto custody, and what might be the strangest Bitcoin Core bug disclosure ever filmed. In this episode: • Data Vault's four-month failed Bitcoin withdrawal from Biconomy and the stock's 88 percent year-to-date collapse • Sleuthing Biconomy's murky origins, from "leading Canadian exchange" in 2021 to a British Virgin Islands registration based in Dubai • The Fed holds rates 10-2 with Cook and Hammack dissenting in favor of a hike, plus a contrasting rate hike decision from the Bank of Canada • MSTR shareholders approve daily dividend accrual at 99.3 percent, and a debate over STRC versus STRK pricing and dilution risk • A Coinbase data breach via analytics vendor Amplitude affecting roughly 70,000 users, following prior 2021, 2023 and bribery-related incidents • Google's new crypto custody framework for banks and speculation on its real motive, from data gathering to post-quantum positioning • A bizarre Bitcoin Core inflation bug disclosure delivered as a Seinfeld-style AI-generated bit, plus two medium-severity memory exhaustion vulnerabilities patched • Bitcoin hash rate climbing back near all-time highs despite miners publicly pivoting to AI data centers Watch the video version: https://youtu.be/sQ_0Uf1ifEw

Foundation just confirmed its support inbox got hijacked, spraying over 20,000 phishing emails at customers through a back-end vulnerability, and one guy's "deleted" data showed up in the attack anyway. On top of that, Electrum has a confirmed RBF exploit letting a malicious server swap your transaction and steal funds the moment you bump a fee, Keystone is now the latest hardware wallet maker admitting a breach, and the crew spends the hour arguing about what self-custody even means anymore when AI-assisted attacks are hitting every wallet company in Bitcoin. In this episode: • Foundation's 20,000+ phishing emails after a self-hosted app breach exposed its support inbox, and Zach Herbert's response to customer backlash • Electrum's confirmed RBF vulnerability letting malicious servers hijack fee-bumped transactions, fixed only in version 4.8.3 • Keystone's newly announced data breach, and how it compares to the earlier Cold Card and Ledger incidents • Why the hosts argue AI has made hardware wallet and infrastructure security dramatically harder to guarantee • A debate on whether single-sig self-custody is still responsible advice for newcomers, versus exchanges, Casa multisig or Anchorage-style insured custody • Anthropic's IPO filings showing a 42 billion dollar loss and an 80 billion run rate, plus Microsoft's buyout offer to 60,000 employees • Vitalik Buterin's comments on restricting offensive cyber capabilities in open-weight AI models, and the EA versus e/acc framing the hosts apply to it • Bitcoin Core's policy shift to prioritize AI-discovered vulnerabilities, and a long riff on Michael Saylor, MSTR and STRC heading into the US election Watch the video version: https://youtu.be/WtcS41n-zpQ

A 104,000-certificate revocation from GoDaddy is just the tip of the iceberg tonight, with PHP2Shell being actively exploited in the wild and a Node2Shell flaw hitting the official Node.js image itself. Oil has ripped above 117 a barrel on Iran war fears while gold inexplicably falls below 4000, and the crew gets into a heated, fact-checking takedown of Chamath's "quantum will break Bitcoin" claims with Strive's Adam Livingston joining the conversation. In this episode: • The PHP2Shell and Node2Shell exploits, GoDaddy's mass TLS certificate revocation, and why AWS says it's being actively exploited right now • OpenAI's Codex model (reportedly GPT-5, not 6) surfacing critical vulnerabilities that had sat unpatched for months • Banks detecting unauthorized AI agents accessing customer accounts, and whether that's really about security or about blocking deposit flight • Speculation on whether Coinbase, Kraken and other exchanges are already being probed or compromised and simply not disclosing it • Chamath Palihapitiya's quantum-computing-breaks-Bitcoin claims getting dismantled, with pointed comments about his and Nick Carter's quantum-security investments • Strive's Adam Livingston on Bitcoin's rising correlation with gold, Strive's daily dividend structure, and how it compares to Strategy's STRC/SATS move • The Coinkite Cold Card lawsuit in Ontario and a broader debate on self-custody risk versus ETF and treasury-company exposure • Alberta's independence referendum, the vote turnout numbers, and a side discussion on Texas secession talk with a Minnesota-based guest Watch the video version: https://youtu.be/11Xo4WkkSZo

Bitcoin ripped back above $84,000 on $549 million of ETF inflows in two trading sessions and $50 million in leverage shorts wiped out in 24 hours, and the crew digs into whether this is the real breakout or just a hormonal teenager phase. Joe brings fractal charts comparing this setup to 2022 and late 2019 and calls for a brisk walk to 100K after midterms, while the gang tears into JP Morgan's new decade-long forecast naming Bitcoin the best performing asset of the next ten years, even though the bank still won't put it in its own model portfolios. In this episode: • ETF inflows push Bitcoin above 84K, with chartists calling it a confirmed breakout and Joe debuting his homemade Bitcoin terminal • JP Morgan's decade-ahead forecast names Bitcoin the top performing asset but excludes it from model portfolios, plus the contradictory stance on debasement • Fidelity and Bank of America's small-allocation research and whether pensions and sovereign wealth funds will follow JP Morgan's lead • Anthropic's reported 80 billion dollar loss, AI debt issuance, Google's record bond offering and the growing talk of government backstops for data centers • The economics of AI subscriptions, why frontier labs are racing to cut token costs, and new assistant agents like OpenAI's dot and Anthropic's Duet • The Genius Act, OCC stablecoin rules, the American Bankers Association's pushback, and why stablecoins may force banks to raise yields • Strategy and treasury company talk, including Strive's latest Bitcoin buy, a Clear Street price target on MSTR, and the case for staying long Bitcoin itself • The PHP vulnerability knocking government websites offline across Finland, the Netherlands, France and Canada, and practical security advice on password managers and two factor authentication For the full conversation with charts, terminal screens and all the visual back and forth, check out the video version of this episode. Watch the video version: https://youtu.be/031ks2nfIcw

Vivek Ramaswamy's Strive just added another 1,200 Bitcoin for roughly $100 million, pushing their stack near 37,000 coins worth about $3 billion, and the crew dives into whether daily Bitcoin dividends are becoming a real moat or a race to zero. From there it's German banks opening Bitcoin trading to tens of millions of customers, a new Visa-backed push to let 175 million merchants accept Bitcoin and stablecoins, and a pretty blunt debate about why none of this "Bitcoin is coming to everything" news ever seems to move the needle. In this episode: • Strive's latest 1,200 BTC buy and the math behind daily dividend yields versus Saylor's MSTR payouts • Why Joey calls Strive's STRC and similar products a "race to zero" on dividend rates, and the cost-of-capital logic behind Saylor's numbers • German bank Sparkasse opening Bitcoin trading to 40-46 million customers directly inside its banking app • A new PayPal, Paradigm and SBI-backed effort bringing Bitcoin and stablecoin payments to 175 million Visa merchants • Block's Cash App numbers - 59 million active accounts and roughly 24 million who've bought Bitcoin - and why most people still won't spend it • The UK's HMRC resuming direct seizures from bank accounts for unpaid taxes without a court order • Canada's new labor rules waiving job-market checks for "high wage" foreign hires, and rising Canada-to-US emigration numbers • YouTube pulling Ben's self-hosted media server tutorial and the group's workaround using Nostr and X for censorship-resistant publishing For the full conversation and visuals, head over to the video version of this episode. Watch the video version: https://youtu.be/iBFjTd3WC8M