Onramp Bitcoin Media

Anthropic's IPO filing shows $16.3B of first-half revenue and an $80B paper loss, and Jason Calacanis says sell your Bitcoin and buy AI while Galaxy says the bottom is already in. Also on the clock: Microsoft offers buyouts to 60,000 employees, the Dutch government plans 25,000 job cuts, and Coinbase brings Bitcoin into bank apps. Where's the signal, and where's the noise?

OPEN A FREE ONRAMP FINANCE ACCOUNT

One free account to buy Bitcoin, use the Onramp Terminal, and access the rest of Onramp: Bitcoin IRA, Bitcoin-backed loans, and Multi-Institution Custody. Recurring buys carry no Onramp trading fee. Active clients are eligible for Onramp-funded rewards up to 5%. Cash back on the Onramp Card converts to Bitcoin in one click. Takes a few minutes to open.

👉 https://go.onrampbitcoin.com/finance-svn-pod

GET ON THE LIST

Our research, event invites, and the week's Bitcoin news in one free email.

📩 https://go.onrampbitcoin.com/research-svn-pod

CHAPTERS

00:00 - Intro

00:48 - Topic 1 - Anthropic's IPO Filing: $16.3B in Revenue and an $80B Paper Loss

11:10 - Topic 2 - Jason Calacanis Says Sell Bitcoin, Galaxy Says the Bottom Is In

20:35 - Topic 3 - Microsoft's 60,000 Buyouts and the Dutch Government's AI Job Cuts

30:35 - Topic 4 - Coinbase, Bank Apps, and New VanEck and Franklin Templeton Bitcoin ETFs

40:03 - Wrap-Up & Parting Thoughts

ABOUT THE SHOW

Signal vs Noise is a weekly livestream and show unpacking the biggest stories across capital, markets, technology, and people, six minutes on the clock for each, with Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis.

MORE FROM ONRAMP MEDIA

• The Last Trade, Final Settlement, and First Principles: https://www.youtube.com/@OnrampMedia

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

Most people holding Bitcoin haven't worked out where it should live, and Michael argues that gap is now the biggest opportunity in Bitcoin. Plus Black October, the Pentagon's 90-day grid plan, Visa and Fireblocks, and Anthropic's S-1.

BOOK A CONSULTATION

Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits.

👉 https://go.onrampbitcoin.com/consult-fs-pod

GET ON THE LIST

• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod

• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/research

ABOUT THIS EPISODE

Most people holding Bitcoin have not worked out where it should live, and Michael argues that gap is the opportunity: custody and financial services built for real balances, as exchanges and other single points of failure keep getting tested. Black October sharpened the point. AI found a long-known PHP flaw and a wave of critical vulnerabilities, and Michael argues the safest assets are the ones severed from the internet. The Pentagon's Fortress America plan wants every major base able to run 90 days without civilian power, and Brian notes what a grid failure would do to the money printer. Also: a thought experiment on lab-made and asteroid gold, a rumored Visa deal for Fireblocks at a steep discount to its 2022 valuation, the OCC's final GENIUS Act stablecoin rule, AI agents inside bank accounts, Standard Chartered buying Zodia Custody, Mastercard Agent Pay, OpenAI at $1.4 trillion, and Anthropic's S-1.

CHAPTERS

00:00 - Is the internet down? Critical infrastructure under strain

05:31 - What if new tech rugs gold, and it flows into Bitcoin

08:18 - Visa and Fireblocks: the rumored $2.5B deal

12:20 - MPC vs multisig, and why custodians sell for billions

22:27 - The OCC finalizes its GENIUS Act stablecoin rule

28:10 - AI agents inside bank accounts

29:02 - Standard Chartered signs to buy Zodia Custody

30:47 - DekaBank, Mastercard Agent Pay and Bitcoin as internet money

34:05 - Black October: PHP and a wave of critical vulnerabilities

37:38 - There is no moat, and a flatter world

43:23 - The Pentagon's Fortress America: 90 days off grid

48:39 - OpenAI at $1.4T and Anthropic's S-1

54:26 - Elon on neocloud debt, Meta and Big Tech's AI spend

59:22 - Single point of failure of the week, and the custody opportunity

01:03:53 - a16z drops "crypto" from its new fund name

ABOUT THE SHOW

Final Settlement is a weekly show on capital markets, dealmaking, early-stage venture, Bitcoin applications, and protocol development, presented by Early Riders and Onramp Media with Michael Tanguma, Liam Nelson, and Brian Cubellis.

• Connect with Early Riders: https://www.earlyriders.com/contact

• Michael: https://x.com/MTanguma · Liam: https://x.com/Lnelson_21 · Brian: https://x.com/BackslashBTC

MORE FROM ONRAMP MEDIA

• The Last Trade and First Principles: https://www.youtube.com/@OnrampMedia

• Signal vs Noise, live once a week: https://www.youtube.com/@SignalvsNoiseLIVE

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

Mexicans watched their banks get nationalized, their deposits frozen and the peso lose half its value overnight, so they keep their wealth in bricks. Liam sits down with Gustavo Flores Echaiz, co-founder and CEO of Aureo, on why the country's wealthy are now turning to Bitcoin.

Guest: Gustavo Flores Echaiz, co-founder and CEO of Aureo and writer for Bitcoin Optech:

X: https://x.com/gustavojfe

Website: https://www.aureobitcoin.com/es

BOOK A CONSULTATION

Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits.

👉 https://go.onrampbitcoin.com/consult-fs-pod

GET ON THE LIST

• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod

• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/research

ABOUT THIS EPISODE

Gustavo Flores Echaiz explains why about 90% of Mexican household wealth sits in physical assets: bank nationalization in 1982, a 1,000 to 1 currency reset, and the 1994 peso collapse that froze deposits taught a generation to trust real estate over banks. He argues that a concentration of political power, including a judicial overhaul that put every judge up for election, is now pushing wealthier Mexicans toward an asset no government controls. He covers why Banxico bars banks from offering crypto, how stablecoins may force a change, and what Aureo has built since its March 2026 launch, from Bitcoin to bank transfers in seconds to business accounts with multi-user access. Liam and Gustavo also discuss why AI has Bitcoin developers fixing bugs instead of building features, and La Casa de Satoshi in Mexico City.

CHAPTERS

00:00 - Intro: Gustavo Flores Echaiz returns

03:17 - Bitcoin Optech: security fixes replace new features

07:33 - Lightning bugs and the end of security by obscurity

11:34 - Gustavo's path: Montreal, Bull Bitcoin, Wasabi and Aureo

14:12 - Why 90% of Mexican household wealth sits in physical assets

16:59 - Bank nationalization, the 1994 peso crisis and a fintech boom

21:43 - Mexico's wealthy, concentrated power and Bitcoin as a hedge

25:22 - LatAm regulation: Brazil leads, Banxico blocks the banks

29:43 - Why stablecoins will force Mexico's hand

32:28 - Aureo one year on: buying, selling and OTC

36:21 - Direct to Bank: Bitcoin to any Mexican bank in seconds

39:28 - Mexican wealth, business accounts and multi-user access

46:06 - Education, banks and what Mexican investors ask now

48:51 - La Casa de Satoshi: Mexico City's Bitcoin hub

52:48 - Aureo research and tools

ABOUT THE SHOW

Final Settlement Interview Series: a one on one interview series hosted by Liam Nelson, Partner at Early Riders. One guest, and a deep conversation on the deals, the capital and the technology moving through bitcoin, so you can hear how the people actually doing the work think about where the future is going. Presented by Early Riders and Onramp Media.

• Connect with Early Riders: https://www.earlyriders.com/contact

• Liam: https://x.com/Lnelson_21

• Gustavo: https://x.com/gustavojfe

• Aureo: https://x.com/AureoBitcoin

MORE FROM ONRAMP MEDIA

• The Last Trade and First Principles: https://www.youtube.com/@OnrampMedia

• Signal vs Noise, live twice a week: https://www.youtube.com/@SignalvsNoiseLIVE

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

Through Dec 31: $100/month (or $1,000/year) for your first year of Multi-Institution Custody, normally $2,400. Open a vault, set up a recurring buy, and use code TLT at onrampbitcoin.com. Discounted pricing covers vaults holding up to 25 BTC.

JPMorgan just put a number on Bitcoin for the first time: 10% a year for the next decade, the highest of any asset in its long-term outlook. Jackson, Michael and Brian explain why that number is too low and why Bitcoin's real bull run hasn't started yet, then cover Schwab's Bitcoin rollout and CoreWeave's bond slide.

JOIN US IN MINNEAPOLIS

Onramp After Hours: a happy hour with Cam Stromme at Pryes Brewing in Minneapolis on October 28. Save your spot:

📍 https://luma.com/7o9q1hta

BOOK A CONSULTATION

Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits.

👉 https://go.onrampbitcoin.com/consult-tlt-pod

GET ON THE LIST

Our research, event invites, and the week's Bitcoin news in one free email.

📩 https://go.onrampbitcoin.com/research-tlt-pod

ABOUT THIS EPISODE

JPMorgan's 31st Long-Term Capital Market Assumptions gives Bitcoin about 10% a year over the next decade, ahead of US large caps at 7.5% and gold at 5.5%. Brian shows why that is conservative: Bitcoin has beaten 10% in every 10-year window of its history, and he argues its volatility skews up, not down. Schwab has finished rolling out Bitcoin trading to its clients, Germany's Sparkassen are opening Bitcoin to savers, and Switzerland approved its first spot Bitcoin ETF for retail. The hosts cover a USAA outage, the OCC's final GENIUS Act rule, France's 31% tax on crypto-to-stablecoin swaps and an IMF paper on financial repression. They close on CoreWeave bonds below 80 cents, $3.1 trillion of off-balance-sheet AI debt, and why paper gains need a harder money.

CHAPTERS

00:00 - Welcome and a new bull market

04:32 - JPMorgan's first Bitcoin forecast: 10% a year

06:16 - Every 10-year window beat 10%

10:15 - Why Wall Street changed its tune on Bitcoin

15:09 - Bitcoin's volatility is a feature, not a bug

18:07 - Schwab completes its Bitcoin rollout

21:17 - Every big firm wants a seat at the table

25:04 - Sparkassen and Switzerland's first retail Bitcoin ETF

26:31 - Single point of failure of the week: USAA goes dark

29:38 - Ledger fallout, the GENIUS Act rule and France's 31% swap tax

34:24 - Stablecoins near $1 trillion a quarter

38:00 - The IMF on financial repression and Trump accounts

42:11 - Importing Bitcoin, exporting dollars

51:50 - CoreWeave bonds and $3.1T of hidden AI debt

1:01:17 - What is breaking beneath the surface

1:10:33 - Why Bitcoin's real bull run hasn't started

ABOUT THE SHOW

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, and finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis. Join us for the biggest stories shaping bitcoin and digital asset adoption, and what they mean for investors protecting their wealth for the long term.

MORE FROM ONRAMP MEDIA

• Signal vs Noise, live twice a week: https://www.youtube.com/@SignalvsNoiseLIVE

• Final Settlement and First Principles: https://www.youtube.com/@OnrampMedia

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

Elon Musk says he will give a SpaceX share to every kid in America next year, about $10B of stock, and the table splits on generosity versus strategy. Also on the clock: 5% Treasury yields and a $2 trillion deficit, CoreWeave default insurance spiking, JPMorgan ranking Bitcoin its top long-run asset, and Germany's Sparkassen opening Bitcoin trading. Where's the signal, and where's the noise?

OPEN A FREE ONRAMP FINANCE ACCOUNT

One free account to buy Bitcoin, use the Onramp Terminal, and access the rest of Onramp: Bitcoin IRA, Bitcoin-backed loans, and Multi-Institution Custody. Recurring buys carry no Onramp trading fee. Active clients are eligible for Onramp-funded rewards up to 5%. Cash back on the Onramp Card converts to Bitcoin in one click. Takes a few minutes to open.

👉 https://go.onrampbitcoin.com/finance-svn-pod

GET ON THE LIST

Our research, event invites, and the week's Bitcoin news in one free email.

📩 https://go.onrampbitcoin.com/research-svn-pod

CHAPTERS

00:00 - Intro

00:52 - Topic 1 - Musk Pledges a SpaceX Share to Every Kid in America

06:03 - Topic 2 - 5% Treasury Yields, a $2 Trillion Deficit, and Who Buys the Debt

11:52 - Topic 3 - CoreWeave Default Insurance Spikes as AI's Debt Bill Comes Due

20:20 - Topic 4 - JPMorgan's Long-Term Forecast Ranks Bitcoin First for the First Time

25:41 - Topic 5 - Germany's Sparkassen Open Bitcoin Trading to Millions of Customers

29:40 - Wrap-Up & Parting Thoughts

ABOUT THE SHOW

Signal vs Noise is a twice-weekly livestream and show unpacking the biggest stories across capital, markets, technology, and people, six minutes on the clock for each, with Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis.

MORE FROM ONRAMP MEDIA

• The Last Trade, Final Settlement, and First Principles: https://www.youtube.com/@OnrampMedia

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

AI agents won't barter, and Michael argues they will coalesce around Bitcoin faster than anyone expects. Plus Schwab turns on Bitcoin trading, Deutsche Bank and Stifel move in, and an OpenAI model spends testnet ETH it never owned.

BOOK A CONSULTATION

Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits.

👉 https://go.onrampbitcoin.com/consult-fs-pod

GET ON THE LIST

• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod

• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/research

ABOUT THIS EPISODE

An internal OpenAI model, told to deploy contracts with no funded wallet, derived keys from public seed phrases and spent testnet ETH it did not own. Michael and Liam take that to its conclusion: agents will not barter, and they will settle on native internet money, with Bitcoin the asset they coalesce around. They cover OpenAI's talks to buy Trail of Bits, World ID's new suite for banks and AI agents, Anthropic's public benefit fund, and Meta's Muse Spark Open. Then the digital asset side: Chainalysis finds the US importing Bitcoin again as institutions replace retail as the marginal buyer, Schwab turns on Bitcoin and Ether trading, JPMorgan brings JPM Coin to Ethereum, Deutsche Bank readies custody, and Stifel takes a stake in Meow. Brian argues every incumbent move is now defensive, and Michael sketches a Bitcoin savings layer that agents can spend from.

CHAPTERS

00:00 - Cold open: AI agents won't barter

01:41 - An OpenAI model spent testnet ETH it didn't own

03:12 - Why AI agents will coalesce around Bitcoin

05:24 - AI labs are becoming digital asset companies

07:39 - OpenAI in talks to buy Trail of Bits

10:16 - World ID for banks, deepfakes and AI agents

18:46 - Anthropic's public benefit fund and Elon's SpaceX pledge

24:52 - Meta's Muse Spark Open and AI capex concentration

28:53 - Ramp at $60B and the second-order AI winners

29:56 - Chainalysis: the US is importing Bitcoin again

31:55 - AI-to-AI commerce and agents with native wallets

37:41 - Schwab turns on Bitcoin, JPM Coin goes to Ethereum

43:06 - Deutsche Bank, Stifel and Meow: incumbents on defense

51:10 - Stripe, Privy and a Bitcoin savings layer for agents

54:36 - Ledger attack update and the chop in the 80s

ABOUT THE SHOW

Final Settlement is a weekly show on capital markets, dealmaking, early-stage venture, Bitcoin applications, and protocol development, presented by Early Riders and Onramp Media with Michael Tanguma, Liam Nelson, and Brian Cubellis.

• Connect with Early Riders: https://www.earlyriders.com/contact

• Michael: https://x.com/MTanguma · Liam: https://x.com/Lnelson_21 · Brian: https://x.com/BackslashBTC

MORE FROM ONRAMP MEDIA

• The Last Trade and First Principles: https://www.youtube.com/@OnrampMedia

• Signal vs Noise, live twice a week: https://www.youtube.com/@SignalvsNoiseLIVE

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

A traditional VPN sends your entire internet history through one company that also has your name, address and payment details. Liam sits down with Carl Dong, founder of Obscura VPN and former Bitcoin Core developer, on why two hops beat one and why AI makes privacy urgent.

Guest: Carl Dong, founder of Obscura VPN and former Bitcoin Core developer:

X: https://x.com/obscuravpn

Website: https://obscura.com/

BOOK A CONSULTATION

Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits.

👉 https://go.onrampbitcoin.com/consult-fs-pod

GET ON THE LIST

• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod

• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/research

ABOUT THIS EPISODE

Carl Dong grew up building ways around China's Great Firewall, then worked at Blockstream and Chaincode Labs on Bitcoin Core, where his focus was software supply chain security. He explains reproducible builds and fuzzing, and why AI's infinite patience turns theoretical attacks into real ones. He makes the case that a traditional VPN swaps your ISP for one unregulated company that sees all of your traffic, and walks through Obscura's two-party relay with Mullvad, where neither company knows both who you are and where you go. He covers disguising VPN traffic as HTTP/3 to get through firewalls in airports, hotels and China, and why privacy tools have to be as easy as the alternatives. Liam and Carl also discuss AI agents overtaking human web traffic, connected AI that may know you better than anyone, private and local models, and how recent hardware wallet supply chain attacks harden the industry.

CHAPTERS

00:00 - Carl Dong: from the Great Firewall to Bitcoin Core

03:15 - The VPN trust problem and the two-party relay idea

06:29 - AI, infinite patience and software supply chain attacks

08:41 - Reproducible builds: verifying Bitcoin Core downloads

11:15 - How a traditional VPN works and what it can see

14:25 - VPNs as custodians: don't trust, verify

15:31 - Beating censorship by looking like normal traffic

18:38 - Mimicking HTTP/3 so VPNs don't get blocked

19:18 - Freedom tech has to be easy to use

22:07 - AI traffic passes human traffic: what changes online

24:59 - AI that knows everything about you, and private AI

29:58 - Local AI models on your phone

30:57 - What's next for Obscura: Linux and automatic protection

32:15 - Supply chain attacks and a hardened Bitcoin industry

34:24 - Where to find Carl and Obscura

ABOUT THE SHOW

Final Settlement Interview Series: a one on one interview series hosted by Liam Nelson, Partner at Early Riders. One guest, and a deep conversation on the deals, the capital and the technology moving through bitcoin, so you can hear how the people actually doing the work think about where the future is going. Presented by Early Riders and Onramp Media.

• Connect with Early Riders: https://www.earlyriders.com/contact

• Liam: https://x.com/Lnelson_21

• Obscura: https://x.com/obscuravpn

MORE FROM ONRAMP MEDIA

• The Last Trade and First Principles: https://www.youtube.com/@OnrampMedia

• Signal vs Noise, live twice a week: https://www.youtube.com/@SignalvsNoiseLIVE

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

Through Dec 31: $100/month (or $1,000/year) for your first year of Multi-Institution Custody, normally $2,400. Open a vault, set up a recurring buy, and use code TLT at onrampbitcoin.com. Discounted pricing covers vaults holding up to 25 BTC.

Everyone wants Bitcoin to fix money, but nobody has shown how most people should actually hold it. Jackson, Michael and Brian dig into Ledger's roughly $90 million reseller attack, banks moving into custody, gold's interest-bill problem, a hot CPI print and the AI spending boom.

JOIN US IN MINNEAPOLIS

Onramp After Hours: a happy hour with Cam Stromme at Pryes Brewing in Minneapolis on October 28. Save your spot:

📍 https://luma.com/7o9q1hta

BOOK A CONSULTATION

Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits.

👉 https://go.onrampbitcoin.com/consult-tlt-pod

GET ON THE LIST

Our research, event invites, and the week's Bitcoin news in one free email.

📩 https://go.onrampbitcoin.com/research-tlt-pod

ABOUT THIS EPISODE

Ledger asked resellers in Southeast Asia and Hong Kong to pause sales after devices sold through distributor CryptoBilis were tied to roughly $90 million in drained wallets, and Trezor is pulling back from resellers too. In the same stretch, JPMorgan estimated $50 billion has flowed into crypto this year and Standard Chartered opened Bitcoin trading and custody to clients in the UAE. Michael argues that neither doing it all yourself nor trusting a single custodian can carry Bitcoin to global money, so a third way has to win. The hosts then weigh federal interest that now tops the value of US gold reserves, a 3.7% CPI print, gold revaluation versus a Bitcoin reserve, and why tokenization is bullish. They close on Alphabet's $205 billion AI spending plan and a market where ten stocks make up 39.5% of the S&P 500.

CHAPTERS

00:00 - Welcome and the Minneapolis meetup

03:02 - JPMorgan's $50B estimate and Standard Chartered's UAE launch

04:20 - The Ledger reseller attack and Trezor's pullback

05:50 - Banks move in as self-custody takes hits

09:47 - Why Bitcoin needs a third way

13:18 - Self-custody tradeoffs: time, risk and inheritance

15:52 - Why the wealthy still see Bitcoin as risky

20:50 - Galaxy: over half of all Bitcoin has no known owner

25:40 - Federal interest now tops US gold reserves

27:14 - Long bonds, global yields and a 3.7% CPI print

29:50 - Gold revaluation vs a Bitcoin reserve

33:33 - Why tokenization is bullish for Bitcoin

37:54 - Qualified custody, ETFs and owning nothing

42:08 - France, Blackstone and the US printing press

49:41 - Alphabet's $205B AI spending plan

56:10 - Is inflation really AI driven?

59:14 - Ten stocks, 39.5% of the S&P 500

ABOUT THE SHOW

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, and finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis. Join us for the biggest stories shaping bitcoin and digital asset adoption, and what they mean for investors protecting their wealth for the long term.

MORE FROM ONRAMP MEDIA

• Signal vs Noise, live twice a week: https://www.youtube.com/@SignalvsNoiseLIVE

• Final Settlement and First Principles: https://www.youtube.com/@OnrampMedia

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

The Ledger reseller attack, where tampered hardware wallets reached unsuspecting buyers, has the industry rethinking how people hold Bitcoin, and the table makes the case for a third way. Also on the clock: record money into gold ETFs, home sales at a 2020 low, and Anthropic's warning that AI agents could copy themselves onto smart devices. Where's the signal, and where's the noise?

OPEN A FREE ONRAMP FINANCE ACCOUNT

One free account to buy Bitcoin, use the Onramp Terminal, and access the rest of Onramp: Bitcoin IRA, Bitcoin-backed loans, and Multi-Institution Custody. Recurring buys carry no Onramp trading fee. Active clients are eligible for Onramp-funded rewards up to 5%. Cash back on the Onramp Card converts to Bitcoin in one click. Takes a few minutes to open.

👉 https://go.onrampbitcoin.com/finance-svn-pod

GET ON THE LIST

Our research, event invites, and the week's Bitcoin news in one free email.

📩 https://go.onrampbitcoin.com/research-svn-pod

CHAPTERS

00:00 - Intro

00:32 - Topic 1 - Gold ETFs Pull a Record $30.7 Billion in Q3 While the Price Sits Below Its High

08:45 - Topic 2 - US Pending Home Sales Fall to Their Lowest Level Since April 2020

18:40 - Topic 3 - The Ledger Reseller Attack and What Comes Next for Bitcoin Custody

36:02 - Topic 4 - Anthropic Warns AI Agents Could Self-Replicate Onto Smart Home Devices

44:10 - Wrap-Up & Parting Thoughts

ABOUT THE SHOW

Signal vs Noise is a twice-weekly livestream and show unpacking the biggest stories across capital, markets, technology, and people, six minutes on the clock for each, with Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis.

MORE FROM ONRAMP MEDIA

• The Last Trade, Final Settlement, and First Principles: https://www.youtube.com/@OnrampMedia

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.

Stocks, bonds and cash are all moving onto digital rails, and Michael lays out why that faster money needs Bitcoin as its sponge. Plus the $86M Ledger reseller attack, and why one point of failure can knock you out of the game.

BOOK A CONSULTATION

Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits.

👉 https://go.onrampbitcoin.com/consult-fs-pod

GET ON THE LIST

• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod

• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/research

ABOUT THIS EPISODE

A reseller in Southeast Asia sold tampered Ledger devices, and roughly $86 million, mostly Bitcoin, was drained before Ledger cut the reseller off. Michael, Liam and Brian on why that is a supply chain lesson rather than the death of self-custody, and why proof of reserves does not fix the real problem. From there: OpenAI's math results and Justin Drake's call for "bunker mode," with Coinbase's Yehuda Lindell on why ECDSA still holds; REA, the GitHub repo that reverse engineers any app; and Jev and the shrinking AI moat. Then the digital asset roundup. Citrini Research maps tokenization, AI agents and TradFi converging, and Michael takes it to Bitcoin: tokenizing everything speeds money up without fixing inflation, which leaves Bitcoin as the liquidity sponge. Plus China's national blockchain, Standard Chartered custody in Singapore, Samsung Wallet stablecoins, Meanwhile's $37.5 million raise, Spiko's $90 million, Breez's 14x jump in agent-driven inquiries, and Kyle Harrison on the death of venture capital.

CHAPTERS

00:00 - Back after a week off: a world of single points of failure

03:37 - Why proof of reserves is not the fix

05:37 - Single point of failure of the week: Ledger's reseller attack

09:49 - Self-custody isn't dead, but it has to get easier

14:05 - The third way: no single point of failure

18:08 - Attackers inside custodians, and assuming everyone is fallible

23:19 - OpenAI's math leap and Justin Drake's "bunker mode"

29:12 - REA reverse engineers anything: is Airbnb next?

34:13 - Request for builders: make sending email cost Bitcoin

36:43 - Jev, TypeSafe and the vanishing AI moat

39:25 - Jevons paradox, the AI capability gap, models as insider risk

43:49 - Citrini on tokenization: why Bitcoin is the liquidity sponge

50:41 - China's blockchain, Standard Chartered, Samsung Wallet, Cash App

55:15 - Deals: Meanwhile, Spiko, and Breez on coding agents

59:47 - The death of venture capital, and Nous Research's $90M

ABOUT THE SHOW

Final Settlement is a weekly show on capital markets, dealmaking, early-stage venture, Bitcoin applications, and protocol development, presented by Early Riders and Onramp Media with Michael Tanguma, Liam Nelson, and Brian Cubellis.

• Connect with Early Riders: https://www.earlyriders.com/contact

• Michael: https://x.com/MTanguma · Liam: https://x.com/Lnelson_21 · Brian: https://x.com/BackslashBTC

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Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.