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“The big problem with this from a legal perspective is these are mostly opinions about Donald Trump. What they would do is take videos of things he said about the election and say, well, this sure seems like the big lie. I also think it'll be dismissed well before that because these are opinions, and opinions are protected in terms of news coverage.”

“So Donald Trump, who is under assault from a lot of angles, has filed this lawsuit in district court and federal court in Fort Lauderdale, which he loves that forum. He is suing CNN where he is saying they've defamed him by focusing all of their news coverage on his efforts to push what has been called the big lie, challenging the results of the 2020 election.”

“I'm a libertarian. I deeply believe that people should be able to use their money for whatever they want, but that doesn't mean it's a good thing that they'll be able to gamble with 10 x leverage on literally anything. And it is a 100% gambling. And every time you see gambling reach a fever pitch like this historically, it is the top when people are the most desperate and the most economically frustrated.”

“He posted that everyone knows Black Lives Matter was a scam. There is some basis for this as some executives of the actual organization have been under investigation for misappropriation of funds, like people buying houses with money brought in from donations. But a lot of people are saying what he's doing by wearing this shirt is dangerous.”

“Today on the podcast, we're talking about OpenAI that just closed the largest private funding round in tech history, $121 billion at a $852 billion valuation. We also need to talk about what that means, who's writing the checks, where all this money is actually going. This is absolutely wild, but as far as who's actually putting money into this, that is, I think, maybe the bigger story that's interesting.”

“Their big contribution was realizing if you had a quantum computer this size, you could actually crack elliptic curves in around 10 minutes, which is how long it takes for a transaction to be included in the blockchain. So this opens up Bitcoin to this new style of attack, what they call on spend, what I call short range tag. And so it changes the threat model for the worse.”

“We have the New York attorney general suing Gemini and Coinbase for prediction markets, but, seriously, not anyone else who's offering prediction markets in New York, just the two crypto companies because, of course. Then, of course, we have Kalshi and Polymarket launching perps. Not just crypto perps, but, apparently, you'll be able to trade on prediction markets with 10 x leverage.”

“Well, I think we so we made this investment in Project 11 over a year ago. And it was with the idea that we just believed that quantum computing was going to impact public blockchains. And eventually we'd have to have some sort of a migration to post quantum. Thus, we put our capital on the line beneath that thesis.”

“Then we have OpenFX, which is a stablecoin FX wholesale liquidity company. They've raised $94 million in a Series A led by Excel with Atomico, M13, and Pantera. FX market is just being completely upended by stablecoins right now. And the big wholesale banks are nowhere. So you're seeing these companies like OpenFX just get to tremendous scale.”

“We have the New York attorney general suing Gemini and Coinbase for prediction markets, but, seriously, not anyone else who's offering prediction markets in New York, just the two crypto companies because, of course. Then, of course, we have Kalshi and Polymarket launching perps. Not just crypto perps, but, apparently, you'll be able to trade on prediction markets with 10 x leverage.”

“Amazon has committed to put about $50 billion into this, which is basically the single largest chunk. $35 billion of their $50 billion is contingent. It only goes through if OpenAI either goes public or reaches the milestones of AGI. So basically, I have some really interesting clause that tells you that Amazon is making a bet.”

“The headlines are because we have an indefinite ceasefire, in Iran, which blows my mind. But good, I guess. I don't want more war, obviously. I don't think that's the reason necessarily, but would love your guys' opinions. I think we had very clear evidence on chain that huge whale wallets were selling in massive clips all the way down from the all time high into the sixties, and then last week, there was a report that over the previous thirty days, we had the largest inflow to those wallets.”

“Kanye has been all over social media because at Paris Fashion Week, he wore a t-shirt that said White Lives Matter and brought Candace Owens out. She also wore it, and a lot of his models wore it with big bold lettering. Now he is doubling down on that, saying that the movement as a concept is essentially over.”

“I'm a libertarian. I deeply believe that people should be able to use their money for whatever they want, but that doesn't mean it's a good thing that they'll be able to gamble with 10 x leverage on literally anything. And it is a 100% gambling. And every time you see gambling reach a fever pitch like this historically, it is the top when people are the most desperate and the most economically frustrated.”

“When they go negative, which is rare and this negative, you generally see a short squeeze because somebody can literally go in and say, I'm going to just squeeze these shorts. I can see them right there. They're there for the taking. I think it's more that and not Iran headlines. These shorts are piling in, which means that this squeeze, at least to this price, was very obvious.”

“OpenAI says that they're now generating about $2 billion a month. That's up from $13.1 billion for all of last year. So right, that could be putting them on track in the next 12 months to make about $24 billion, which is significantly higher than the $13 billion from last year. It's a pretty steep growth.”

“The headlines are because we have an indefinite ceasefire, in Iran, which blows my mind. But good, I guess. I don't want more war, obviously. I don't think that's the reason necessarily, but would love your guys' opinions. I think we had very clear evidence on chain that huge whale wallets were selling in massive clips all the way down from the all time high into the sixties, and then last week, there was a report that over the previous thirty days, we had the largest inflow to those wallets.”

“Institutional demand has been picking up. You saw trading company numbers, right, MSCR numbers. You probably saw those ETF inflows. They picked up to the highest level since January 2024, and, like, the cumulative number year to date is at the highest level. Cumulative net inflows into all Bitcoin AGPs at the highest level. So that's picking up.”

“When they go negative, which is rare and this negative, you generally see a short squeeze because somebody can literally go in and say, I'm going to just squeeze these shorts. I can see them right there. They're there for the taking. I think it's more that and not Iran headlines. These shorts are piling in, which means that this squeeze, at least to this price, was very obvious.”

“Anthropic accidentally published the entire source code of Claude code to a public NPM registry, about 500,000 lines of code. It was about 1900 files. A lot of people were impressed by just how big, robust, I mean, no shocker, but like this is basically their flagship core product that has kept their whole company alive.”

“Instead, you had the most of the Bitcoin core developers that I saw comment on this accused me of having a conflict of interest for drawing attention to the papers, ignoring the fact that I was not involved in these papers at all. This is Google paper and it's a Caltech and a Stanford paper. But the thing is, this is information that seems like only they are privy to, and if you look at the Bitcoin mailing list, there's no real evidence that there's any kind of posture that Bitcoin is going to upgrade.”

“Institutional demand has been picking up. You saw trading company numbers, right, MSCR numbers. You probably saw those ETF inflows. They picked up to the highest level since January 2024, and, like, the cumulative number year to date is at the highest level. Cumulative net inflows into all Bitcoin AGPs at the highest level. So that's picking up.”

“The term comes from Mein Kampf, which was what Hitler wrote in prison during one of his imprisonments before he took power. The idea is this: a small lie is hard to pass by somebody, but a large lie, because it's so outlandish, people think someone wouldn't make that up. He must have a kernel of truth. And this is actually a strategy employed by Hitler during his rise to power.”

“The 950pr apparently is going straight after that, and I guess they're sort of addressing it. It's a lot more compatible with CUDA workflows, and the response time is a lot better. But by basically integrating with the software that NVIDIA uses, they're able to get into that same ecosystem without people having to completely rebuild everything from scratch.”

“This paper, what they're not doing is, they're not saying we've broken elliptic curve cryptography. They're not saying we have a machine. They're saying, if you had a machine, this is the algorithm you would run on the machine, and these are the resource requirements. They've posited that you, if you had a superconducting qubit quantum computer, you could break elliptic curve cryptography with 1,200 logical qubits.”