Onramp Bitcoin Media

Where flaring is limited, an oil company can't produce oil unless it can sell the gas, and Steve Barbour built Upstream Data to turn that gas into Bitcoin. Liam sits down with him on why mining belongs at the power plant and what AI does to that endgame.

Guest: Steve Barbour, founder of Upstream Data. https://x.com/upstreamdatainc

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

Steve Barbour is a mechanical engineer who has worked in upstream oil and gas production since 2011, and he started Upstream Data in 2016 after seeing Bitcoin mining as an answer to associated gas that gets vented or flared. He explains why mining on the grid is a hard business of falling hashprice and fast-depreciating ASICs, why he sees Bitcoin compute as edge computing that belongs where power is made, and why AI demand is pushing mining toward that endgame. He walks through selling gas into Bitcoin load so operators can produce more oil, replacing wasted load banks with compute, why Upstream builds its own generators, buildings and control software, and why AI campuses that bring their own power could lower costs for ratepayers.

CHAPTERS

00:00 - Steve Barbour, Upstream Data and Bitcoin mining on stranded gas

05:02 - Who buys it: oil and gas operators and the full-stack build

07:16 - Bitcoin mining economics: hashprice, ASIC depreciation, why the grid is hard

12:54 - AI demand and why Bitcoin compute lives at the edge

15:55 - Gas as a liability: how Bitcoin load keeps oil flowing

20:32 - Why oil operators won't hold Bitcoin: the virtual utility model

25:25 - Gas generators, microgrids and Bitcoin at the power plant

30:39 - Why Upstream built the whole stack itself

33:24 - Load banks vs Bitcoin compute: ending wasted generator power

42:02 - Patents, hardware and flare gas pioneers

45:20 - AI accelerates Bitcoin mining's endgame: the power plant

48:03 - AI campuses that bring their own power

51:15 - Permitting, communities and why America needs more power

54:02 - Where to find Steve Barbour

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

• Steve Barbour: https://x.com/SGBarbour

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.

Zach Herbert has been building Bitcoin hardware since 2020, and Foundation no longer calls its device a hardware wallet. Cam Stromme sits down with the Foundation CEO on open source, why self-custody is still early, and why your most important keys belong off your phone in an age of AI agents.

Guest: Zach Herbert, CEO and co-founder of Foundation, maker of Passport Prime.

X: https://x.com/zherbert

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-fp-pod

GET ON THE LIST

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

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

ABOUT THIS EPISODE

Zach Herbert has been a Bitcoiner since 2013, from air-gapped laptops running Armory to selling hardware wallets on OpenBazaar, and he started Foundation on the first day of the 2020 lockdowns. He tells Cam why open source matters more for Bitcoin than for any other kind of money, why he sees it as free market capitalism rather than charity, and what the big custodians are actually running behind the curtain. Zach argues the industry has been judging self-custody devices on the wrong things, explains how the KeyOS microkernel gives every app its own sandbox and its own key, and walks through the design choices behind Passport Prime. He makes the case that self-custody has not even crossed the chasm yet, why Foundation now calls Passport Prime human authority hardware, and why everyone needs a root of trust outside the reach of their phone and their AI agents. They close on simple steps to lock down your email and accounts, documenting your setup, and planning for inheritance.

CHAPTERS

00:00 - Foundation, Asimov and Zach Herbert

02:56 - Why Zach started Foundation in 2020

06:50 - Why Bitcoin demands open source

18:26 - What custodians run behind the curtain

25:01 - The state of self-custody

25:51 - Judging hardware on the wrong things

30:59 - Moving beyond a single block of code

35:23 - How a microkernel protects your keys

43:19 - Designing a device you want to pick up

49:36 - Why ease of use matters for security

52:17 - Dice rolls and complex setups

55:42 - Self-custody has not crossed the chasm

57:32 - Not a hardware wallet anymore

1:01:30 - A root of trust for your digital life

1:07:50 - When your AI agent sees your 2FA codes

1:09:54 - One step to improve your security

1:13:33 - Document your self-custody setup

1:19:00 - Why two hot keys is a dealbreaker

ABOUT THE SHOW

First Principles is Onramp Media's show on building and protecting Bitcoin wealth for the long term, hosted by Cam Stromme, Head of Private Wealth at Onramp. Join Cam's conversations with the people building Bitcoin's financial services on how they manage their own Bitcoin, how they weigh risk and tradeoffs, and what they see coming next.

MORE FROM ONRAMP MEDIA

• The Last Trade and Final Settlement: 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.

Trump told Time that certain levels of inflation will pay off the debt very rapidly. Jackson, Michael and Brian explain why that makes Bitcoin's bull case, then take on a lopsided S&P 500, the AI funding frenzy, FinCEN's retreat and BitGo's custody bet.

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

In an interview with Time, President Trump said certain levels of inflation will pay off the national debt very rapidly, a sharp break from the tough talk on inflation from the Fed and the Treasury. Brian argues there is no political room for spending cuts or higher taxes, which leaves debasement as the only way out and makes the case for hard assets like Bitcoin. Michael explains why most people still miss that the money is broken. The hosts then look at an S&P 500 where 52% of stocks sit at least 20% below their highs, AI capex draining hyperscaler free cash flow, the White House AI Accord, and OpenAI's reported $30 billion raise with UAE funds. They debate whether institutional smart money is really smart, answer an Ask Onramp question on multi-institution custody, unpack FinCEN withdrawing its unhosted wallet and mixer proposals, and close on BitGo's push into prime brokerage and why custody is not a race to zero.

CHAPTERS

00:00 - Bee stings, rattlesnakes and the Minneapolis meetup

05:19 - Trump says inflation will pay off the debt

06:22 - Why debasement is the only way out

12:35 - Digital price tags and inflation amnesia

14:09 - Half the S&P 500 is in a bear market

17:40 - AI capex, Anthropic's S-1 and the burn rate

19:57 - The White House AI Accord

24:56 - OpenAI, DeepSeek and the AI funding frenzy

30:54 - Is smart money actually smart?

36:21 - Institutions are still underweight Bitcoin

37:06 - Gold, sovereigns and Bitcoin on the balance sheet

39:03 - Single point of failure of the week

42:10 - Ask Onramp: do I hold a key?

44:34 - FinCEN drops the unhosted wallet and mixer rules

50:54 - BitGo bets on prime brokerage

57:27 - Why custody is not a race to zero

1:00:08 - Custody that lets you hold more Bitcoin

1:04:38 - Robinhood's Bitcoin buy

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.

Trump says inflation will pay off the debt "very rapidly" while his own economic advisor says no way, and he is promising $5,000 checks heading into the midterms. Also on the clock: France now paying more than Italy to borrow, McDonald's sued over AI menu pricing, and the New York Fed reviewing banks' private credit exposure. 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 - Trump Says Inflation Can Pay Off the Debt While Promising $5,000 Checks

09:30 - Topic 2 - France Now Pays More Than Italy to Borrow as Its Debt Spiral Deepens

18:35 - Topic 3 - McDonald's Sued Over AI-Powered Menu Pricing

27:57 - Topic 4 - The New York Fed Reviews Big Banks' Private Credit Exposure

36:18 - 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.

Bitcoin is the life raft for a K-shaped economy that keeps rewarding the people already at the top, says Peter St. Onge. Jackson sits down with the Heritage Foundation economist on why AI is a bubble that's only at 1997, why the jobs panic is wrong, and who actually gets rich.

Guest: Peter St. Onge, Senior Economist at The Heritage Foundation

X: https://x.com/profstonge

Newsletter / Website: https://peterstonge.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-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

Peter St. Onge went all in on Yahoo in 1996, retired at 25, and lost most of it when the dot-com crash took MicroStrategy, one of his biggest holdings, down more than 90%. His read on AI comes from that seat. Yes, it is a bubble, but demand for tokens looks close to unlimited, so he places AI around 1997, not 2000. He argues the AI doom narrative is astroturfed and that the jobs panic is 10,000 years old: productivity raises demand, and work shifts to trades, makers and services that pay more. The catch is the K-shaped economy. Money printing and a bloated administrative state lift the top and chain the bottom, so technology has to outrun the state. He closes on Bitcoin as the insurance and the life raft for when the system eventually breaks.

CHAPTERS

00:00 - Why the System Favors the Top

00:39 - Peter St. Onge Joins Jackson

02:31 - Going All In on Yahoo in 1996

04:56 - The Dot-Com Crash and MicroStrategy's 92% Drop

06:15 - Flashpacking and the Early Bitcoiner Parallel

08:35 - Why AI Will Be Bigger Than the Internet

11:30 - What Happens When We Outsource Thinking to AI

15:50 - Is AI a Dot-Com Style Bubble?

22:09 - Why AI Is at 1997, Not 2000

24:27 - Who Is Behind the AI Doom Narrative

28:47 - Why AI Risk Is a Reason to Go Faster

32:39 - Which Jobs AI Is Actually Replacing

34:58 - Why Productivity Creates More Jobs

44:04 - Blue Collar, Makers and Services

48:54 - Why Dog Walking Will Pay Six Figures

51:51 - The K-Shaped Economy and the Administrative State

54:11 - Can Technology Outrun the Parasite?

55:39 - Bitcoin Is the Life Raft

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.

Bitcoin just posted its highest weekly close since January, up 43% on the quarter and roughly 50% off the bottom. Jackson, Michael and Brian make the bull case, then take on Ari Paul's Coinbase allegations and what they mean for custody concentration.

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

Bitcoin closed its best week since January near $84,400, capping a quarter up about 43% and a move of roughly 50% off the bottom near $58,000. Brian argues there is no fake out: the last time Bitcoin bounced 50% off a bottom, in 2022, it went on to rally about six times. Michael points to rising bond yields, AI capex, private credit and inflation as the backdrop that makes Bitcoin the obvious safe haven, and the hosts debut Ask Onramp with its first listener question. They then walk through BlockTower founder Ari Paul's allegations that Coinbase concealed repeated hacks, which remain unproven and tied up in legal proceedings, and why custody concentration matters when one firm custodies most of the ETF supply. The back half covers Citigroup and Coinbase on stablecoin payments, Morgan Stanley's digital asset lab, AI agents and bank runs, the Blockstream lawsuits, and the White House AI accord.

CHAPTERS

00:00 - Welcome from Philly week

03:19 - Bitcoin's best weekly close since January, up 43% in Q3

04:30 - No fake out: 50% off the bottom and the 2022 6X

07:40 - October seasonality and rising bond yields

13:18 - The super bullish setup: bonds, capex, private credit

14:51 - Howard Marks, the rate hike and 21 million

16:23 - Sizing for your whole net worth

17:44 - Ask Onramp: can one company move my Bitcoin?

23:04 - Ari Paul's Coinbase hack allegations

27:58 - Why serious holders avoid single custodians

31:22 - Coinbase, the ETFs and custody concentration

34:50 - Too big to fail and a new way to custody Bitcoin

38:22 - Citigroup, Coinbase and Morgan Stanley's digital asset lab

44:39 - AI bank runs and this year's bank failures

48:04 - Adam Back, Blockstream and the Liquid fallout

52:12 - Muse, Apple layoffs and AI agents managing money

58:58 - The end of 60/40, the White House AI accord and open weights

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.

Gold and silver just shed over a trillion dollars in a day as the 10-year yield hit a 19-year high, and the math on gold's $18 trillion run says Bitcoin could move faster than anyone expects. Also on the clock: OpenAI shelving GPT-6.1 Astra, Apollo's warning about an agentic bank run, and Ari Paul's hack allegations against Coinbase. 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

00:25 - Topic 1 - OpenAI Shelves GPT-6.1 Astra as Anthropic Files for Its IPO

08:43 - Topic 2 - Gold and Silver Sell Off as the 10-Year Yield Hits a 19-Year High

16:28 - Topic 3 - Apollo's Torsten Slok Asks If AI Agents Could Trigger a Bank Run

23:27 - Topic 4 - BlockTower's Ari Paul Alleges Coinbase Hid Hack Losses

32:26 - Wrap-Up & Lightning Round: The Bitget Hack and Morgan Stanley's Digital Asset Lab

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.

One chart from Epoch AI shows the cost of AI falling about 47% a quarter since 2023, faster than any technology in history, and it exposes the math under the AI trade. Michael, Liam and Brian on why cheap intelligence competes away profit, and why Bitcoin is the scarce unit left.

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

Eight major AI models shipped in two weeks, open-weight models now carry most of the tokens on Vercel's AI Gateway, Oracle invoked force majeure on a Stargate site, and Epoch AI finds the cost of a given level of performance has fallen about 47% a quarter since 2023. Michael's read is that AI will compete away the profits it touches, which makes the scarce unit in an abundant world the question that matters. From there the three of them work through Amazon blocking Meta's Muse while Shopify opens its merchants to it, Block bringing Bitcoin Lightning payments to x402 for AI agents, the Open USD stablecoin consortium, the CFTC's call to prepare for mass tokenization, Citi and Coinbase, BlackRock's model portfolios on Ondo, Binance's $100 million stake in Circle, and Apollo's warning that agents could set off a bank run. The single point of failure of the week is the roughly $350 million Bitget hack, linked to North Korea.

CHAPTERS

00:00 - Eight AI models in two weeks: what the singularity looks like

03:53 - Open-weight models, Oracle's Stargate notice, and Jevons paradox

07:15 - Frontier versus open models, and why the harness holds the value

10:46 - Amazon blocks Muse, Shopify opens the door

16:57 - Why blocking bots fails, and why agents may raise prices

23:13 - Block brings Bitcoin Lightning to x402 for AI agents

26:26 - What if the ads of the agent internet are just money?

29:07 - Open USD: Stripe, Visa, Mastercard, Coinbase and Shopify

30:56 - Mass tokenization, from the CFTC to the ECB's Pontes

33:51 - Citi and Coinbase, BlackRock on Ondo, Binance into Circle

36:50 - Stablecoins as the onramp, and the agentic bank run

41:02 - If intelligence is free, where does alpha come from?

44:09 - Single point of failure of the week: the Bitget hack

48:35 - Russia tells investors to eat stablecoin freeze losses

50:16 - The Epoch AI chart: cheaper faster than any tech in history

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

▶️ Watch the video: [YouTube link for this episode]

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.

AI just bailed out Bitcoin's public miners, and Bob Burnett says that is the healthiest thing to happen to mining in years. Liam sits down with the Ocean executive chairman on falling hash rate, who builds Bitcoin's blocks, and what the BIP-110 fork proved.

Guest: Bob Burnett, CEO of Barefoot Mining and executive chairman of Ocean. https://www.barefootmining.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

Bob Burnett was CTO of Gateway before starting Barefoot Mining in 2017, and now chairs the Ocean mining pool. He sorts miners into rabbits, horses and elephants, and argues the elephants' rush into AI hosting is trimming fat that never belonged: public miners have fallen from roughly 38% to 28% of hash rate, and he expects global hash rate to stay flat to down for up to two years. He explains why mining is a commodity business that sells block space, why off grid power beats an on grid contract, and why five pools building 80% of block templates is the risk Ocean and DATUM were built to fix. It closes on Core and Knots, what the BIP-110 fork revealed about consensus, and why Wall Street and nation states will have a voice.

CHAPTERS

00:00 - Bob Burnett: Barefoot Mining, Ocean and The Bitcoin Boomers

03:52 - Rabbits, horses and elephants: the three classes of miner

07:07 - Why the public miners pivoted to AI, and why that is healthy

10:40 - Worst hashprice ever, and what AI pays for power

18:07 - Hash rate is falling: is Bitcoin's security at risk

23:24 - Used rigs at dimes on the dollar, and the next mining chips

31:00 - Wild vs captured: why the future of mining is off grid

38:09 - All of Bitcoin mining is a $10 billion business

40:32 - Miners or hashers: five pools build 80% of blocks

46:03 - FPPS vs TIDES: the hidden cost of steady payouts

51:24 - Stratum V2 vs DATUM, and hundreds of templates on Ocean

56:12 - Bitcoin Core, Knots and why process matters

1:03:21 - What the BIP-110 fork taught Bitcoin about consensus

1:10:15 - The tenth man, and Ocean parting ways with Luke Dashjr

1:14:48 - The Bitcoin Boomers, and why boomers aren't the problem

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

• Bob Burnett: https://x.com/boomer_btc

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.

Brandon Quittem helped build Swan from a Bitcoin gifting app into a full service firm, and he thinks custody is the piece Bitcoin still needs before it grows 10x. Cam Stromme sits down with him on meetups, DCA, multisig and protecting your Bitcoin as if it were already worth ten times more.

Guest: Brandon Quittem, VP of Client Experience at Swan Bitcoin and founder of the Minneapolis Bitcoin meetup. https://x.com/Bquittem

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ABOUT THIS EPISODE

Brandon Quittem joined Swan as an advisor in 2019, came up through marketing and now runs client experience, so he has watched Bitcoin adoption from the first sales call to the recovery call. He tells Cam how Swan began as a gifting platform until users hacked it into a weekly DCA, why the company hired for content first, and why a steady buy is still the best guardrail against our own psychology. The second half turns to custody. Brandon makes the honest case against collaborative multisig before he makes the case for it, and explains why he sees it as the middle ground most holders will actually use. They cover the physical threat to holders, why withdrawal delays add real friction for criminals, Swan's RBX path out of GBTC, and why an inheritance plan needs legal title as well as access to the keys.

CHAPTERS

00:00 - Building Swan with Brandon Quittem

02:18 - From altcoins to Bitcoin only

07:53 - Starting a Bitcoin meetup people come back to

17:34 - Swan started as a Bitcoin gifting app

20:56 - Why Swan led with education

31:09 - Why DCA became the core product

41:05 - Seven years across every team at Swan

51:40 - Should you work at a Bitcoin company?

57:42 - Swan's custody journey

1:01:58 - The honest case for and against multisig

1:07:16 - What custody has to look like to scale

1:09:25 - Protect your Bitcoin like it's already 10x

1:13:25 - The physical threat to Bitcoin holders

1:22:42 - The third way: no single point of failure

1:24:17 - Why withdrawal delays stop criminals

1:27:34 - RBX and why to hold real Bitcoin

1:33:36 - Advice for young people: get off zero

1:37:25 - Inheritance: access is not the same as title

ABOUT THE SHOW

First Principles is Onramp Media's show on building and protecting Bitcoin wealth for the long term, hosted by Cam Stromme, Head of Private Wealth at Onramp. Join Cam's conversations with the people building Bitcoin's financial services on how they manage their own Bitcoin, how they weigh risk and tradeoffs, and what they see coming next.

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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.