Google Wants to Custody Banks' Bitcoin. Brazil Shows Why You Hold Your Own | Rabbit Hole Recap 426
Rabbit Hole RecapGoogle is previewing a custody system that lets banks hold bitcoin, the NYSE's parent company is bringing Hyperliquid perps to the United States and Brazil's capital ran for the exits the day after Lula won a fourth term.
Marty Bent and Thomas Pacchia are live to talk about what institutions are building, what you give up when you let them hold the keys and why equity in the AI boom isn't the same thing as scarce money.
On today's show:
🔁 Last week, revisited: the cyber pandemic keeps spreading. Bitcoin Core fast-tracks fixes for bugs an LLM can find, and the Brotli bug reaches well beyond Node
🇧🇷 Brazil's Ibovespa fell 13.88% in a day and the real had its worst session in 25+ years. Why a digital bearer asset protects property rights
🧠 Calacanis says sell bitcoin for superintelligence. Meta's $95B raise and Trump's inflation comments show why equity isn't money
🏦 Google previews bitcoin-compatible MPC custody for banks. No seed, no unilateral control and how it compares to multisig
📈 ICE and Stan Druckenmiller back trade[XYZ] to bring 24/7 Hyperliquid perps onshore, with or without CLARITY
📉 Paul Kedrosky's gut check on the AI bull thesis: the first lab to stop training wins, and your index fund is a concentrated AI bet
⚠️ Electrum servers baited users into fee bumps that paid a thief. Update to 4.8.3 and run your own server. Plus the Keystone customer data leak
📺 People are using AI to rip spyware out of their TVs, an iPhone audit raises questions and an ad company turned ads into a spyware pipeline
🤖 Cohere caught an open-weight Qwen model reaching for a Beijing bucket, and AI labs say they refuted a 1999 complexity assumption. Bitcoin's crypto is untouched
🏛️ The Fed holds, two dissent for a hike and Warsh rewrites the meeting calendar
💸 Strategy spends $205M on STRC buybacks instead of bitcoin, and bitcoin loans need to beat HELOCs
🔓 Free Samourai: Keonne Rodriguez's Letter #8
Drop your questions in the chat. We'll get to as many as we can.
📰 Read the newsletters behind this episode:
Google and the NYSE's Owner Are Rebuilding the Rails: https://www.tftc.io/google-mpc-bitcoin-custody-ice-hyperliquid-institutional-adoption/
A Gut Check on the AI Bull Thesis: https://www.tftc.io/ai-capex-treadmill-kedrosky-first-lab-to-stop-training-wins/
Brazil, Calacanis and the Difference Between Equity and Money: https://www.tftc.io/brazil-capital-flight-calacanis-equity-vs-money/
Electrum Bug Exploited in the Wild, Disclosed and Patched: https://www.tftc.io/electrum-malicious-servers-fee-bump-attack/
People Are Using AI to Rip the Spyware Out of Their TVs: https://www.tftc.io/ai-hacking-smart-tvs-remove-spyware/
🎧 Paul Kedrosky on Hidden Forces: https://hiddenforces.io/podcasts/the-most-dangerous-investment-cycle-in-history-paul-kedrosky/
🔓 Free Bill and Keonne: https://billandkeonne.org/
Plug your AI agent into TFTC for free: https://www.tftc.io/ai
Follow Marty: https://x.com/MartyBent
Follow Thomas: https://x.com/tpacchia
TFTC: https://tftc.io