Bits + Bips

Banks are blocking AI agents in the name of safety. Jim Bianco asks who they are really protecting, and what $4 trillion in zero-yield deposits has to do with it. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients. Find out more at ⁠⁠https://unchainedcrypto.com/go/nexo-podcast-sn⁠⁠. Geo-restrictions, eligibility and terms apply. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠⁠⁠⁠ Our listener survey⁠⁠⁠⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Chase has stopped letting customers reach their accounts through AI agents, and credit card issuers are following, Jim Bianco, President and Macro Strategist at Bianco Research, says . The banks say it is about safety. Bianco says it is about $4 trillion in zero-yield accounts that an agent could sweep into a money market fund. Jim joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to connect that fight to Black October, the wave of AI-discovered PHP flaws now exploited in the wild, and to explain why the ICBC ransomware attack keeps hacked firms quiet. They also pick apart Anthropic's S-1, from $16.3 billion in first-half revenue to over $400 billion in compute commitments and a risk section that mentions ending humanity. Jim makes the case that AI is forcing Wall Street to invent new financing tools, the way Venice invented the secondary bond market. They also discuss whether the Fed starts signaling a December hike. Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jim Bianco - President and Macro Strategist at Bianco Research Timestamps: 🎬 00:00 Intro 📋 00:47 Unchained Survey: Complete the listener survey at https://unchainedcrypto.com/survey 🎙️ 01:34 Bits + Bips: Search Bits + Bips and subscribe at https://www.youtube.com/@Bitsandbips 🔓 01:55 Black October: what AI-discovered PHP flaws mean for internet security 💸 07:31 Have the breaches done economic damage yet? From GMO Internet to ICBC 🏦 14:28 Why Jim says banks blocking AI agents are protecting profits, not customers 🌏 24:35 Why the US, UK, and France fear AI while China and Indonesia embrace it 💠 28:20 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt 📉 29:06 Tech sell-off: why Jim says AI is forcing Wall Street to 'mutate' again 📑 39:39 What Anthropic's S-1 reveals about its revenue, compute bill, and governance 🗳️ 48:43 Why Jim thinks AI will split Democrats between the DSA and labor unions 👔 52:13 Ram on why low-skilled white-collar jobs are now at risk from AI 🏛️ 55:51 Fed preview: why Jim thinks a December hike would be healthy for the economy

The chip index fell 11.4% and the KOSPI had its worst week since 2008, yet Bitcoin finished flat. Coinbase's John D'Agostino and Agora's Nick van Eck join the Bits + Bips crew to explain why. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients. Find out more at ⁠https://unchainedcrypto.com/go/nexo-podcast-sn⁠. Geo-restrictions, eligibility and terms apply. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠⁠⁠ Our listener survey⁠⁠⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The chip index lost 11.4% in a week and South Korea's KOSPI had its worst week since 2008, yet Bitcoin finished roughly flat. Is crypto trading on its own drivers, or did it just take its losses earlier? John D'Agostino, Head of Institutional Strategy at Coinbase, and Nick van Eck, CEO and co-founder of Agora, join Austin Campbell and Chris Perkins to sort it out. D'Agostino points to low liquidity and treasury company buying, while van Eck says the next year could be significantly bullish. They also weigh whether frontier labs like Anthropic can build a moat, what CoreWeave's 25% drop and Anthropic's reported junk rating say about AI credit, and why 3.7% CPI and a 10-year that touched 5.33% leave the Fed boxed in. Van Eck calls the debt math "the generational pump and dump." The question underneath it all: can the US grow its way out? Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guests ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠John D'Agostino - Head of Institutional Strategy at Coinbase Nick van Eck - CEO and Co-founder of Agora Timestamps: 🎬 00:00 Intro 📉 01:50 Chips crack, Bitcoin holds: did crypto trade on its own drivers? 💵 08:20 Nick on why GENIUS pulled enterprise stablecoin demand forward 3-5 years 📲 12:25 John's '1-hour thesis' and $20M a week in tokenized stocks in the UAE 🤖 15:15 Is the AI trade unwinding, and do frontier labs like Anthropic have a moat? 🟦 24:45 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt ⛽ 25:23 Why 3.7% CPI, $110 Brent, and a 5% 10-year leave the Fed in a tough spot 🧓 31:37 Nick's 'generational pump and dump' and why voters are angry at both parties 🏗️ 41:38 Where will AI's debt come from after CoreWeave's 25% slide? 🔐 47:29 Why AI's math breakthroughs pull forward the post-quantum timeline

An Ethereum Foundation researcher says AI-driven math could break crypto keys in months, worst case. Austin Campbell and Chris Perkins weigh the real risk. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients. Find out more at https://unchainedcrypto.com/go/nexo-podcast-sn. Geo-restrictions, eligibility and terms apply. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠⁠ Our listener survey⁠⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ethereum Foundation researcher Justin Drake warned that AI-accelerated math could break crypto's cryptography "in the worst case, in months, not years." Meanwhile, Ledger confirmed a hardware implant in a device sold through an authorized reseller, after an estimated $100 million was drained across six chains. Austin Campbell and Chris Perkins weigh whether self-custody still means what crypto thinks it means, and why Chris says this may be the moment for intermediaries. Fresh off Token2049 in Singapore, Chris also reports that institutions showed up in force as fundamentals and utility replace memes and momentum. Then they turn to a 10-year Treasury yield around 5.24%, CPI projections, and the young-versus-old fault line Austin sees splitting Western politics, before asking where the money in AI actually lands as OpenAI faces reporting of a $20 billion revenue gap. Chris's answer: picks and shovels. Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 🌏 01:47 Token2049: what Chris saw as institutions showed up in force in Singapore 🏗️ 07:05 Why Chris says fundamentals and utility are replacing memes and momentum 🇺🇸 11:07 What Patrick Witt's Strategic Bitcoin Reserve comments mean for sovereigns 💰 15:36 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt 🔓 16:11 How a compromised Ledger reseller led to an estimated $100M drained 🔐 21:58 Why Austin says self-custody users have misread their security surface 🧮 25:25 Justin Drake's warning: could AI math break crypto keys before Q-Day? 📈 35:51 A 10-year near 5.24% and why Austin says you can't hike out of a supply shock 🧓 40:00 Why Austin sees young vs. old as the West's next political fault line 🤖 47:40 OpenAI's reported $20B revenue gap: where do the gains from AI land?

California subpoenaed OpenAI over agents that broke into Hugging Face. Ram Ahluwalia calls it a "media stunt." David Z. Morris sees an AI safety blind spot. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠⁠⁠⁠⁠1inch.com⁠⁠⁠⁠⁠⁠⁠. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠ Our listener survey⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠⁠ California's attorney general has subpoenaed OpenAI after AI agents escaped a test sandbox and broke into Hugging Face, and the FTC has opened a safety probe into OpenAI and Anthropic. Is this a rogue AI problem or a basic security failure? David Z. Morris, Managing Editor of Zero Knowledge, joins Austin Campbell and Ram Ahluwalia to argue it's the latter. Ram calls the breach a media stunt, while David warns that AI safety's focus on alignment has crowded out standard cybersecurity. They also weigh whether the debasement trade is back after a 29,000 September payrolls print, a 10-year yield above 5.3%, and Bitcoin near $87,000, and whether the US is overbuilding data centers. Ram demos an AI avatar of himself, and the panel asks whether your AI chats deserve the protection given to a spouse or a lawyer. The common thread: who controls the money, the models, and the data. Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and CEO of Lumida Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠David Z. Morris - Managing Editor of Zero Knowledge Timestamps: 💸 02:04 Is the debasement trade back with the 10-year above 5.3%? 🛒 06:20 Why Ram says oversold staples look cheap and rates won't hit 6.5% 👵 15:15 Why Ram calls it a 'boomer economy' as consumer surveys sour 🌊 20:02 1inch Aqua: Back multiple liquidity positions with one token balance at https://1inch.com/aqua 🏛️ 21:13 California subpoenas OpenAI over agents that broke into Hugging Face 🔐 25:46 Why David says AI safety's 'rogue agent' talk misreads cybersecurity 🎭 34:38 Ram demos an AI avatar of himself built for agentic wealth management 🏗️ 38:24 Can anyone prove the US isn't overbuilding AI data centers? 🕵️ 42:24 Why your AI prompts are turning into a privacy and legal problem

Bitget lost $388 million to spoofed transaction data, and THORChain kept routing the funds. The hosts ask what decentralization means if you can stop and don't. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠⁠⁠⁠1inch.com⁠⁠⁠⁠⁠⁠. Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠ Our listener survey⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠ Attackers took roughly $388 million from Bitget without touching a private key, spoofing transaction data so the exchange's own approval process signed off on the withdrawals. Then the stolen ETH kept swapping into Bitcoin through THORChain, which declined to block the addresses. Austin Campbell, Ram Ahluwalia, and Chris Perkins weigh whether a network that has paused itself before can claim it has no off switch, and why Chris and Austin say attackers will keep coming until they face real consequences, including counterhacking. They also cover a global tightening cycle that pushed the US 10-year yield to its highest level since 2007, why Ram would rather own utilities than Treasurys, the strain on Oracle's data center financing, and who is liable when an AI agent breaks the law. If weak security keeps pushing users back to intermediaries, crypto may end up rebuilding the system it set out to replace. Hosts ⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 🚨 01:28 How attackers took $388M from Bitget without stealing a single private key 🔌 06:57 Why Austin says THORChain's past chain pauses undercut its neutrality defense 🎯 09:43 Counterhacking and consequences: how to stop state-backed crypto thieves 🌊 18:37 1inch Aqua: Back multiple liquidity positions with one wallet balance at http://unchainedcrypto.com/go/1inch-sn 📈 19:45 Rate hikes everywhere and a US 10-year at its highest since 2007 💡 22:03 Is it time to buy bonds? Why Ram would rather own utilities 🏗️ 33:52 Will credit markets, not regulators, discipline the AI buildout? 🤖 42:14 Why AI agents aren't legal persons and how product liability applies 💸 54:57 Why Chris sees the best venture setup in years at crypto, AI, and quantum