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/upstreamdataincBOOK A CONSULTATIONHolding 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-podGET 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/researchABOUT THIS EPISODESteve 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.CHAPTERS00:00 - Steve Barbour, Upstream Data and Bitcoin mining on stranded gas05:02 - Who buys it: oil and gas operators and the full-stack build07:16 - Bitcoin mining economics: hashprice, ASIC depreciation, why the grid is hard12:54 - AI demand and why Bitcoin compute lives at the edge15:55 - Gas as a liability: how Bitcoin load keeps oil flowing20:32 - Why oil operators won't hold Bitcoin: the virtual utility model25:25 - Gas generators, microgrids and Bitcoin at the power plant30:39 - Why Upstream built the whole stack itself33:24 - Load banks vs Bitcoin compute: ending wasted generator power42:02 - Patents, hardware and flare gas pioneers45:20 - AI accelerates Bitcoin mining's endgame: the power plant48:03 - AI campuses that bring their own power51:15 - Permitting, communities and why America needs more power54:02 - Where to find Steve BarbourABOUT THE SHOWFinal 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/SGBarbourMORE 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.mediaOnramp 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/zherbertJOIN US IN MINNEAPOLISOnramp After Hours: a happy hour with Cam Stromme at Pryes Brewing in Minneapolis on October 28. Save your spot:📍 https://luma.com/7o9q1htaBOOK A CONSULTATIONHolding 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-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-fp-podABOUT THIS EPISODEZach 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.CHAPTERS00:00 - Foundation, Asimov and Zach Herbert02:56 - Why Zach started Foundation in 202006:50 - Why Bitcoin demands open source18:26 - What custodians run behind the curtain25:01 - The state of self-custody25:51 - Judging hardware on the wrong things30:59 - Moving beyond a single block of code35:23 - How a microkernel protects your keys43:19 - Designing a device you want to pick up49:36 - Why ease of use matters for security52:17 - Dice rolls and complex setups55:42 - Self-custody has not crossed the chasm57:32 - Not a hardware wallet anymore1:01:30 - A root of trust for your digital life1:07:50 - When your AI agent sees your 2FA codes1:09:54 - One step to improve your security1:13:33 - Document your self-custody setup1:19:00 - Why two hot keys is a dealbreakerABOUT THE SHOWFirst 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.mediaOnramp 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 MINNEAPOLISOnramp After Hours: a happy hour with Cam Stromme at Pryes Brewing in Minneapolis on October 28. Save your spot:📍 https://luma.com/7o9q1htaBOOK A CONSULTATIONHolding 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-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-tlt-podABOUT THIS EPISODEIn 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.CHAPTERS00:00 - Bee stings, rattlesnakes and the Minneapolis meetup05:19 - Trump says inflation will pay off the debt06:22 - Why debasement is the only way out12:35 - Digital price tags and inflation amnesia14:09 - Half the S&P 500 is in a bear market17:40 - AI capex, Anthropic's S-1 and the burn rate19:57 - The White House AI Accord24:56 - OpenAI, DeepSeek and the AI funding frenzy30:54 - Is smart money actually smart?36:21 - Institutions are still underweight Bitcoin37:06 - Gold, sovereigns and Bitcoin on the balance sheet39:03 - Single point of failure of the week42:10 - Ask Onramp: do I hold a key?44:34 - FinCEN drops the unhosted wallet and mixer rules50:54 - BitGo bets on prime brokerage57:27 - Why custody is not a race to zero1:00:08 - Custody that lets you hold more Bitcoin1:04:38 - Robinhood's Bitcoin buyABOUT THE SHOWThe 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.mediaOnramp 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 ACCOUNTOne 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-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-svn-podCHAPTERS00:00 - Intro00:32 - Topic 1 - Trump Says Inflation Can Pay Off the Debt While Promising $5,000 Checks09:30 - Topic 2 - France Now Pays More Than Italy to Borrow as Its Debt Spiral Deepens18:35 - Topic 3 - McDonald's Sued Over AI-Powered Menu Pricing27:57 - Topic 4 - The New York Fed Reviews Big Banks' Private Credit Exposure36:18 - Wrap-Up & Parting ThoughtsABOUT THE SHOWSignal 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.mediaOnramp 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 FoundationX: https://x.com/profstongeNewsletter / Website: https://peterstonge.com/BOOK A CONSULTATIONHolding 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-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-tlt-podABOUT THIS EPISODEPeter 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.CHAPTERS00:00 - Why the System Favors the Top00:39 - Peter St. Onge Joins Jackson02:31 - Going All In on Yahoo in 199604:56 - The Dot-Com Crash and MicroStrategy's 92% Drop06:15 - Flashpacking and the Early Bitcoiner Parallel08:35 - Why AI Will Be Bigger Than the Internet11:30 - What Happens When We Outsource Thinking to AI15:50 - Is AI a Dot-Com Style Bubble?22:09 - Why AI Is at 1997, Not 200024:27 - Who Is Behind the AI Doom Narrative28:47 - Why AI Risk Is a Reason to Go Faster32:39 - Which Jobs AI Is Actually Replacing34:58 - Why Productivity Creates More Jobs44:04 - Blue Collar, Makers and Services48:54 - Why Dog Walking Will Pay Six Figures51:51 - The K-Shaped Economy and the Administrative State54:11 - Can Technology Outrun the Parasite?55:39 - Bitcoin Is the Life RaftABOUT THE SHOWThe 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.mediaOnramp 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.