We thought decentralisation would protect value. Bitcoin promised credible neutrality, but incentives reshaped it. Liquidity won. Ideology lost. In this conversation, John Fletcher explains why proof-of-work security models are structurally fragile, how Tether quietly undermined the neutrality of Bitcoin, and why incentive design always dominates belief systems. Then the discussion turns to AI.

Large language models already contain the world’s written knowledge, but they do not yet fully possess tacit human intuition.