David Z Morris joins us to talk about his extensive coverage of the Tornado Cash trial. We dive deep into Roman Storm's conviction, the legal precedent for privacy tools, and the chilling effects on open source development in crypto.

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NOTES:

• Jury hung on 2 charges, guilty on 1 MTB charge

• North Korea Lazarus laundered $600M

• No direct OFAC-sanctioned wallets used the service

• Appeal process could take years to resolve

Timestamps:

00:00 Start

00:41 Why the Tornado Cash Story?

05:06 What is Tornado Cash?

11:15 What does Tornado Cash Do?

14:01 Autonomous Smart Contracts

19:34 Run as a Business

23:57 Profits

24:58 Criminal Charges

31:43 Future of Open Source Development

37:15 Advice for Privacy Devs

42:43 Public Perception

46:09 Journalism & Privacy

49:10 What Happens Now?

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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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We’re diving deep into the disconnect between market performance and recession fears. They explore viral TikTok recession indicators, analyze Q2 earnings data, examine job market softening, and discuss whether we're actually heading into recession territory or if it's all just economic anxiety amplified by social media vibes.

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## Notes:

- 33% recession probability down from 45% in April

- S&P 500 earnings grew 11.8% year over year in Q2  

- Only 73,000 jobs added in July vs expectations

- May/June job numbers revised down by 258,000

- Energy sector earnings dropped 18-19% in Q2

- 92% probability of September Fed rate cut

Timestamps:

00:00 Start

00:32 Wen resesh bruv?

03:54 Recession Pop Music

10:48 White Lady Dasher

12:49 Data nerd time

24:56 Mag 7 earnings

26:49 Unemployment

31:34 Consumer credit 

33:44 What's a humble central bank to do?

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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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Steven Lubka, VP of Investor Relations at Nakamoto, joins us to talk about the "paper bitcoin summer" phenomenon, treasury companies as Bitcoin acquisition vehicles, regulatory arbitrage strategies, international market expansion, and why vibes matter in capital markets. We explore how companies like MicroStrategy pioneered leveraged Bitcoin strategies and what the future holds for Bitcoin financial institutions.

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**Notes:**

• Treasury companies hold ~60k BTC outside MicroStrategy

• MicroStrategy trades at 2x NAV premium currently

• Bitcoin has multi-trillion dollar market cap

• Preferred shares cost ~9-10% for these companies

• MetaPlanet proved model works internationally

• Galaxy sold 80k BTC recently absorbed by market

Timestamps:

00:00 Start

02:19 Paper Bitcoin Summer

05:25 Treasury company bull case

11:27 Why now?

15:12 How many companies can do this?

20:22 IPO vs SPAC

22:45 Why BTC & not other commodities?

26:01 Market liquidity

29:01 Marketing as asset

34:04 Vibes Capital Markets

39:46 Paper Bitcoin Maxi

45:57 Nakamoto's future

50:34 Amanda & Branden

53:17 Wrap up

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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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Matt Wraith, CTO of Bitnomial, explains the arcane world of Bitcoin futures trading. Physical delivery vs cash-settled futures to exploring the possibilities of fork futures markets, Matt breaks down complex market mechanics with real-world examples. How could chain splits could be traded, the quantum computing threat to Bitcoin, and why having oil storage matters when futures go negative.

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Notes:

- Bitnomial founded 2014, launched futures 2020

- Oil futures went negative in March 2020

- Bitcoin Cash hashrate flipped BTC post-fork

- Quantum computer threat "5 years away for 30 years"

- Physical delivery requires actual BTC transfer

- Fork futures first appeared during SegWit debate

Timestamps:

00:00 Start

01:09 Founding Bitnomial

03:32 Regulatory changes

05:16 CTO role

06:09 Multiple hats

07:29 Futures

10:08 History of futures

12:38 Physical delivery

14:48 Storage costs

17:25 Clearing house

18:27 Cash settled

21:22 Bitcoin futures history

25:23 Forks & futures

37:02 Assets on Bitcoin

41:22 Restrictions on futures

45:04 Black Swan pricing

48:18 Quantum

52:52 Presidio Bitcoin Quantum Conference

55:36 Futures as governance

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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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Charlie and Colin dive deep into the dangerous parallels between today's Bitcoin treasury companies and the 1929 investment trust bubble. They analyze how companies like MicroStrategy use convertible debt to accumulate Bitcoin, why this creates systemic risk, and how forced selling could trigger a catastrophic unwind. From Ponzi-like dividend structures to the speculative attack strategy, they break down why this leverage-fueled boom might end badly.

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**NOTES:**

• 98 companies raised $86B in 8 weeks for crypto

• MicroStrategy needs $300-400M annually for dividends

• Q1 revenue only $111M vs dividend obligations

• Public entities hold ~900K Bitcoin total

• Investment trusts grew 11x from 1927-1929

• 1929 trusts were 1/3 of all capital issuance

Timestamps:

00:00 Start

02:30 Lessons from 1929

07:22 Trusts vs BTC treasury companies

12:50 Shorting MSTR

20:51 Hear me out.. companies that make profits

24:34 Don't say the P word!

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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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Nick Neuman, CEO & co-founder of Casa joins us to talk about why Bitcoin's future depends on self-custody adoption. Neuman argues that without users holding Bitcoin "at the edges" and generating transaction fees, mining incentives could collapse, potentially forcing changes to Bitcoin's 21 million supply cap or pushing institutions toward proof-of-stake alternatives.

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NOTES:

• Casa founded in 2018 to enable self-custody

• Coinbase holds 2.8 million Bitcoin today

• Transaction activity lower than 2018 levels

• Bitcoin block reward halves repeatedly over time

• Mining unprofitable without transaction fees

• 2140 deadline for block reward depletion

Timestamps:

00:00 Start

02:38 Self custody & Bitcoin survival

07:25 Held at the edges

11:26 Fees a& codes changes

17:55 Memetic death spiral

21:00 layer 2

26:12 Self custody adoption

30:48 Changes to improve self custody

33:35 Education

-

👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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Michael Saylor's controversial pentagram post and MicroStrategy's pivot to preferred stocks. With 145+ companies now adopting Bitcoin treasury strategies and institutions holding 10% of all Bitcoin, we explore whether this paper Bitcoin summer represents genuine adoption or a dangerous leveraged bubble waiting to burst.

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**Notes:**

• MicroStrategy owes $400M annually in dividends

• Core business only generates $111M revenue

• 145 Bitcoin treasury companies now exist  

• Institutions hold 10% of Bitcoin supply

• Daily institutional buying 10x mining rate

• Treasury companies bought 39K BTC/month

Timestamps:

00:00 Start

00:48 Bitcoin's "Defense Dept"

03:04 Preferred stock pivot

04:40 Where does the yield come from?

07:29 Dividends can't come from company profits

19:22 MSTR memes

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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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