Unchained

How Bitcoin Is Both a Risk Asset and a Hedge Against Debasement

Charles Schwab’s chief crypto strategist breaks down why traditional finance valuation frameworks, not narratives, are finally taking hold in digital assets. --- Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR, media placements, and KOL activations. Visit ⁠⁠⁠https://www.multichainadv.com/⁠⁠⁠ --- Charles Schwab recently hired Jim Ferraioli to build a dedicated crypto research team, a signal that institutions are moving beyond narrative-driven investing and are taking this asset class seriously.  In this episode, Steven Ehrlich sits down with Jim to explore how traditional finance valuation frameworks apply to crypto. They discuss Bitcoin’s role as a hedge against monetary debasement (not a safe haven), Jim’s cost-of-production model for valuing Bitcoin, and why Ethereum’s dominance in tokenization matters far more than short-term price action.  Most compellingly, Jim argues that today’s Bitcoin prices sit at historical support levels used by the most efficient miners, and that Ethereum’s position as the tokenization standard is nearly unshakeable. If you’ve been waiting for crypto analysis grounded in fundamentals rather than hype, this is the conversation to hear. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jim Ferraioli⁠⁠, Director of Digital Currencies Research and Strategy at Charles Schwab Links: Charles Schwab & Institutional Crypto Research ⁠⁠Jim Ferraioli | Charles Schwab⁠⁠ CoinDesk:  ⁠⁠Liquidity Lifts Bitcoin, but 'Halving Cycle' Fears Could Limit Rally, Says Schwab⁠⁠ Nasdaq:  ⁠⁠Top 4 Reasons More Americans Are Investing in Crypto, According to Schwab⁠⁠ Ethereum Tokenization & Real-World Assets Coindesk:  ⁠⁠The Tokenization Boom: Why Ethereum Remains the Rails for RWA Tokenization⁠⁠ Quantum Computing Risk CoinDesk:  ⁠⁠Bitcoin Isn't Under Quantum Threat Yet, but Upgrading Could Take 5-10 Years⁠⁠ ⁠⁠How Bitcoin, Ethereum, and Solana Are Preparing for the Quantum Threat Learn more about your ad choices. Visit megaphone.fm/adchoices

How State-Sponsored Hackers Like DPRK Drain DeFi Protocols: Uneasy Money

The Drift Protocol is down $285 million and Circle has the power to freeze the funds — but won’t. Kain, Taylor, and Luca explain why. Thank you to our sponsors! ⁠⁠⁠⁠⁠⁠⁠Fuse: The Energy Network ⁠⁠⁠⁠⁠⁠ – Shift your energy use and earn rewards. ⁠⁠⁠⁠⁠⁠⁠MultiChain Advisors -⁠⁠⁠⁠⁠⁠⁠ The Growth & Capital Markets Partner You Need The Drift Protocol hack was still unfolding when Kain, Taylor, and Luca went live. Within hours of a suspected admin key compromise, over $285 million had been drained across Solana, with Circle sitting on the ability to freeze the stolen USDC — and choosing not to.  Taylor Monahan, who was already in an active incident response room, walked through exactly how DPRK malware operates silently on devices for months before striking, why standard antivirus software won’t catch it, and what the Axios supply chain attack revealed about the vulnerability of open source infrastructure.  Then the conversation shifted to the Claude Code source leak — what it actually reveals about how the most sophisticated agentic coding harness in the world was built, and why Kain thinks a new Anthropic model may be days away. Hosts: ⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠⁠, CEO of Pudgy Penguins Links Unchained: Drift Protocol Coverage — Search unchainedcrypto.com for current coverage Related: SEAL 911 — Volunteer crypto incident response group Drift Protocol Axios npm package — Supply chain attack vector discussed CrowdStrike EDR — Recommended endpoint detection tool Claude Code — Subject of source leak discussion Learn more about your ad choices. Visit megaphone.fm/adchoices

The Chopping Block: Is Canton a Real Blockchain? Ethereum’s Cypherpunk Dilemma, AI Security Chaos

The Chopping Block crew and Wintermute’s Evgeny Gaevoy debate whether Canton is truly permissionless, if Ethereum Foundation should double down on cypherpunk ideals or embrace institutions, and how AI-driven attacks are forcing everyone in crypto and open source to rethink security models. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week we’ve got Evgeny Gaevoy, Founder of Wintermute, known for sharp takes and sharper trades. First up, the group unpacks the Twitter war over enterprise chain Canton—does it deserve to be called “permissionless”, or is it just TradFi with extra steps? Cue the Solana–Ethereum truce, and a rare moment where every old-school degenerate finds a common enemy. Evgeny makes a strong case for why, despite years of jokes at the Ethereum Foundation’s expense, he thinks they’re finally ahead of the curve by doubling down on cypherpunk roots—even if it makes ETH a little more Linux and a little less Nasdaq. But does decentralization matter if stablecoins and institutions now control the fork-choice? Haseeb and Evgeny spar over whether Ethereum’s “world computer” vision means inviting in the corporate crowd or keeping the punk sanctuary alive. The mood shifts as the hosts dig into crypto’s unfolding security meltdown: AI-written hacks, NPM supply chain fiascos, and what that means for the future of open source in crypto. Plus, a fresh new hack (RIP Drift), and predictions on how defensive tech (or lack thereof) will shape the next cycle. Barstool banter, spicy takes, and zero investment advice as always—let’s get into it. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 The Chopping Block crew and Evgeny Gaevoy debate whether Canton is a permissionless blockchain or just TradFi LARPing as crypto   🔹 Does Ethereum need to double down on cypherpunk “sanctuary” values—or let BlackRock and Circle join the party?   🔹 Haseeb dismantles the idea that all “tokenized RWAs” on “permissioned” blockchains are equivalent to Ethereum   🔹 Solana and Ethereum align—briefly!—with both camps skeptical of enterprise “default no” blockchains   🔹 Circle and Tether’s growing influence: can fork-choice governance still exist if stables dictate the canonical chain?   🔹 Linux, the open internet, and how crypto’s utopian dreams get co-opted by institutions   🔹 Drift’s $270M hack highlights the AI-enabled acceleration of exploits and the mounting risks for open-source software   🔹 AI in security: From North Korean supply chain attacks to open source’s existential crisis   🔹 Is the future of crypto code closed or open? Zero knowledge proofs vs. code visibility in the LLM era   🔹 Are we headed for a world where only org-backed, audit-heavy open source survives? Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Evgeny Gaevoy, Founder and CEO at Wintermute Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Do Centralized Real World Assets on DeFi Break Ethereum? - Bits + Bips

When do oil prices force a ceasefire? Why is crypto holding firm while equities crack? And does Canton or Ethereum win the institutional race? --- Thank you to our sponsor: ⁠⁠⁠Nexo⁠⁠⁠ — the premier digital wealth platform. Receive interest on your digital assets, borrow against them without selling, and trade a wide range of cryptocurrencies all in one place. Now available in the US with 30 days of exclusive privileges for new clients. Get started at ⁠⁠⁠nexo.com/unchained⁠⁠⁠. ---- Bond market tightening has become the invisible hand constraining every policy decision, from Iran talks to stimulus spending.  With Brent crude at $107 and the 10-year yield climbing, asset prices face a cascade of headwinds: inflationary supply shocks, tightening financial conditions, and no clear off-ramp for a conflict that the IRGC shows no appetite to negotiate.  Yet within crypto, a sharper debate is emerging: does institutional adoption demand Canton’s permissioned structure, or can Ethereum survive with real-world assets on a permissionless layer?  Austin, Ram, and Chris dig into the structural fault lines that the macro backdrop is now exposing, and why market-timing in a conflict where you don’t know who the endgame negotiator is may be the wrong frame entirely. Hosts: ⁠⁠⁠Austin Campbell⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠Ram Ahluwalia⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠Chris Perkins⁠⁠⁠, Co-Host, President of CoinFund Learn more about your ad choices. Visit megaphone.fm/adchoices

How Bitcoin Is Both a Risk Asset and a Hedge Against Debasement

Charles Schwab’s chief crypto strategist breaks down why traditional finance valuation frameworks, not narratives, are finally taking hold in digital assets. --- Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR, media placements, and KOL activations. Visit ⁠https://www.multichainadv.com/⁠ --- Charles Schwab recently hired Jim Ferraioli to build a dedicated crypto research team, a signal that institutions are moving beyond narrative-driven investing and are taking this asset class seriously.  In this episode, Steven Ehrlich sits down with Jim to explore how traditional finance valuation frameworks apply to crypto. They discuss Bitcoin’s role as a hedge against monetary debasement (not a safe haven), Jim’s cost-of-production model for valuing Bitcoin, and why Ethereum’s dominance in tokenization matters far more than short-term price action.  Most compellingly, Jim argues that today’s Bitcoin prices sit at historical support levels used by the most efficient miners, and that Ethereum’s position as the tokenization standard is nearly unshakeable. If you’ve been waiting for crypto analysis grounded in fundamentals rather than hype, this is the conversation to hear. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Jim Ferraioli, Director of Digital Currencies Research and Strategy at Charles Schwab Links: Charles Schwab & Institutional Crypto Research Jim Ferraioli | Charles Schwab CoinDesk:  Liquidity Lifts Bitcoin, but 'Halving Cycle' Fears Could Limit Rally, Says Schwab Nasdaq:  Top 4 Reasons More Americans Are Investing in Crypto, According to Schwab Ethereum Tokenization & Real-World Assets Coindesk:  The Tokenization Boom: Why Ethereum Remains the Rails for RWA Tokenization Quantum Computing Risk CoinDesk:  Bitcoin Isn't Under Quantum Threat Yet, but Upgrading Could Take 5-10 Years How Bitcoin, Ethereum, and Solana Are Preparing for the Quantum Threat Learn more about your ad choices. Visit megaphone.fm/adchoices