Chase Koch joins Marty Bent to break down principle-based management, the operating system behind Koch Industries' 86 years and 9,000x growth. Chase explains why he stepped down as president of the fertilizer business after nine months, how comparative advantage and creative destruction shape decisions across 140,000 employees, and why sizing your bets to your knowledge beats chasing quarterly numbers. The conversation covers bottom-up AI adoption, Austrian economics, Federal Reserve overreach, motivation beyond money, and the education entrepreneurs building 5,000 new schools outside a broken K-12 system.

Principle Driven Leader Book: https://www.principledrivenleader.com/

Stand Together: https://standtogether.org/

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Marty and John dig into the Groundhog Day situation in the Strait of Hormuz, why neither side looks desperate to deal, and what rising Treasury yields with suppressed volatility mean for the standoff. They get into the SPR draining to 40-year lows, Japan's yield curve cracking and the Fed stepping in with yen support, and why the FEMA repo facility matters. They also break down the latest fiscal math, the $500 billion AI buildout coalition led by Nvidia, and the accelerating US-China decoupling across chips and talent. To close, they look at Paul Tudor Jones adding to his Bitcoin position, Abu Dhabi holding pat, and volatility coiling to all-time lows.

🔗 https://bitcoinproducts.com

In this episode:

• Hormuz stalemate and Trump's territorial ambitions
• Iranian factions and Treasury sanctions pressure
• Treasury yields rising but MOVE index staying subdued
• SPR drained to 40-year lows
• Japan's yield curve and US yen intervention
• FEMA repo facility and Fed-Treasury coordination
• July deficit at $432 billion and interest expense surging
• Niall Ferguson and the interest versus defense threshold
• Crypto banking charters and the GENIUS Act timeline
• Dollar system transition and new collateral
• Nvidia and asset managers' $500B AI buildout
• Manufacturing PMI hitting 2022 highs
• US-China decoupling on chips and talent
• Skilled workforce shortage and wage trends
• Paul Tudor Jones increasing Bitcoin allocation
• Abu Dhabi sovereign wealth holding pat on Bitcoin
• Realized volatility at all-time lows

TIMESTAMPS:

00:00:00 - Dog days and Hormuz Groundhog Day

00:01:27 - Hormuz blocked and Trump's territorial ambitions

00:02:02 - Iranian factions and sanctions

00:03:25 - Bond yields and the MOVE index

00:05:29 - SPR at 40-year lows

00:07:00 - Japan yield curve and yen intervention

00:09:38 - FEMA repo facility

00:11:07 - July deficit at $432 billion

00:12:36 - Interest expense surpassing defense

00:16:47 - Fed-Treasury accord

00:17:41 - Crypto banking charters and GENIUS Act

00:19:40 - AI buildout and $500 billion coalition

00:22:55 - Manufacturing PMI surging

00:24:46 - US-China decoupling

00:27:21 - Skilled workforce and wage trends

00:29:57 - Elon and midterm turnout

00:30:00 - Paul Tudor Jones and Abu Dhabi Bitcoin

00:30:57 - Bitcoin volatility at all-time lows

SUBSCRIBE

› Newsletter (free): https://tftc.io/bitcoin-brief/

› YouTube: https://youtube.com/@TFTC?sub_confirmation=1

FOLLOW US

› X: https://x.com/tftc21

› Nostr: https://primal.net/tftc

FOLLOW MARTY

› X: https://x.com/MartyBent

› Timestamp: https://www.ten31timestamp.com/

› John Arnold: https://x.com/JohnArnoldTen31

› Ten31: https://ten31.xyz

TFTC #MartyBent #JohnArnold #Bitcoin #Hormuz #Treasury #AI #Midterms

Former Rasmussen pollster Mark Mitchell breaks down why Trump’s Iran pivot is tanking his populist coalition ahead of the 2026 midterms. The Honest Poll founder exposes rigged polling, GOP donor capture, ballooning deficits, and a housing market on the brink. They dig into Bitcoin as an escape hatch from fiat failure, why Gen Z is flirting with socialism, and how corporate fascism is eating the economy. With interest expense overtaking defense and Democrats poised for a House sweep, Mitchell argues the establishment is failing on every front—from antitrust grift to unchecked mail-in ballot harvesting.

Mark on X: https://x.com/honestpollster

The Honest Poll: https://www.thehonestpoll.com/

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Will Harris of White Oak Pastures joins TFTC to break down why industrial agriculture is failing farmers, consumers, and the environment. He explains how regenerative farming rebuilds soil health, sequesters carbon, and produces nutrient-dense beef without feedlots or monocultures. Harris and Marty draw parallels between Bitcoin’s low-time-preference mindset and generational land stewardship, arguing decentralized food systems beat centralized big beef. Learn why meeting your rancher matters more than waiting for government fixes, and how consumer choice drives real change in macro food policy.

White Oak Pastures on X: https://x.com/whiteoakpasture

White Oak Pastures: https://whiteoakpastures.com/

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Jessica Rose unpacks the Proximal Origin cover-up, Fauci’s leaked emails, and the rush to hide lab origins before the mRNA rollout. She breaks down Slack messages revealing scientists privately feared the furin cleavage site, exposes airport biological trafficking, and highlights DNA contamination and SV40 sequences found in COVID vaccines. The conversation dives into media censorship, presidential pardons, and why accountability matters for medical corruption and human liberty.

Jessica on X: https://x.com/JesslovesMJK

Jessica on Substack: https://jessicar.substack.com/

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Alex Thorn joins Marty to break down the Coldcard vulnerability draining Bitcoin wallets across multiple attack waves. Galaxy Research traces stolen on-chain funds while victims race against time to secure self-custodied BTC. They dissect AI-driven exploit patterns, white hat ethical dilemmas, casino exfiltration attempts, and why multisig collaborative custody is now essential infrastructure. Bitcoin security, private key entropy, and monetary sovereignty hang in the balance as attackers leverage frontier models against antiquated hardware. If you hold Bitcoin in cold storage, this conversation covers exactly what moves to make before your keys become the next target.

Alex on X: https://x.com/intangiblecoins

Galaxy: https://linktr.ee/galaxyhq

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Energy economist Anas Alhajji breaks down the Iran war's impact on global oil markets, Hormuz shipping risks, and diesel shortages driving inflation. He exposes demand destruction, SPR manipulation myths, and why LNG dominates the energy security chessboard. Alhajji reveals how sanctions, trade wars, and AI data centers are reshaping macro policy, commodity prices, and dollar hegemony. From Saudi export bottlenecks to European deindustrialization, this deep dive connects crude volatility to monetary policy, Bitcoin macro, and the national security case for natural gas.

Anas on X: https://x.com/anasalhajji

Anas’s Substack

Daily: https://afalhajji.substack.com/

Weekly: https://anasalhajjieoa.substack.com/

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Marty sits down with developer Vinny to explore why AI agents, open source models, and permissionless protocols are converging into a new agentic economy. They unpack Buzz as a Nostr-native Slack killer, the risks of closed-source AI monopolies, and how Bitcoin Lightning enables machine-to-machine payments. From self-hosted harnesses to deterministic workflows, the conversation covers the macro shift toward decentralized intelligence, regulatory capture fears, and why Bitcoin standards like L402 matter for the future of monetary policy in an automated world.

Vinny on X: https://x.com/hot_town

Vinny on YouTube: https://www.youtube.com/@stealtime

Vinny on Nostr: [email protected] - npub1wkghz9fjpdkgwy50epxcaksqevdnrfxsj9z99pn7s2z645atrt7swscqxy

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

James O'Beirne joins Marty to break down the critical Coldcard RNG vulnerability affecting devices produced after 2021. They discuss how insufficient entropy generation exposes private keys, why MK2, MK3, MK4, and Q users must migrate funds immediately, and how AI models accelerated the discovery. The conversation covers multisig risks, passphrase limitations, dice roll safety, and the broader collapse of trust in single-vendor hardware wallets. Essential listening for Bitcoin self-custody security.

James on X: https://x.com/jamesob

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/tftc for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc! #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Michael Howell joins TFTC to break down why the Fed is trapped by rising bond yields and surging nominal GDP, forcing a return to rate hikes despite market expectations. We dissect the AI capex bubble, Treasury’s hidden debt monetization via bill issuance, and why global liquidity trends point to a crypto bottom by late 2026. Howell explains why Bitcoin outperforms gold as a monetary inflation hedge, how China’s PBOC liquidity drives gold, and why $40 trillion national debt is just the beginning of a state-led capital war era.

CrossBorder Capital on X: https://x.com/crossbordercap

GLIndexes: https://www.glindexes.com/

Find the Home Mining Playbook here: https://www.tftc.io/home-mining-energy-playbook

STACK SATS hat: https://tftcmerch.io/

Our newsletter: https://www.tftc.io/bitcoin-brief/

TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/

Discord: https://discord.gg/yHGkvYxdqT

Opportunity Cost Extension: https://www.opportunitycost.app/

Shoutout to our sponsors:

Block:

• Cash App: For a limited time, new customers can get $21 added to their balance. Just use code TFTC10 when you sign up, and send at least $5 to a friend in the first two weeks. Terms apply. Bitcoin services by Block, Inc. See the Bitcoin disclosures at cash.app/legal/podcast.
• Square: Visit http://square.com/go/**tftc** for up to $200 off eligible Square hardware.
• Bitkey: Use code TFTC10 for 10% off the new Bitkey.

Aven

https://www.aven.com/bitcoin

CrowdHealth

https://www.joincrowdhealth.com/tftc

Unchained

https://unchained.com/tftc/

Salt of the Earth:

https://drinksote.com/tftc

Join the TFTC Movement:

Main YT Channel

https://www.youtube.com/c/TFTC21/videos

Clips YT Channel

https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ

Website

https://tftc.io/

Newsletter

tftc.io/bitcoin-brief/

Twitter

https://twitter.com/tftc21

Instagram

https://www.instagram.com/tftc.io/

Nostr

https://primal.net/tftc

Follow Marty Bent:

Twitter

https://twitter.com/martybent

Nostr

https://primal.net/martybent

Newsletter

https://tftc.io/martys-bent/

Podcast

https://www.tftc.io/tag/podcasts/

Disclosure: Bitcoin services are provided by Block, Inc. Bitcoin services are not licensable activity in all U.S. states and territories, and not all services are available in all states. Bitkey is not available in New York. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Bitcoin is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss. For additional information, see the Bitcoin disclosures: https://help.cash.app/btcdisclosures

Get up to $200 off Square hardware when you sign up at http://square.com/go/tftc**!** #squarepartner. Offer expires December 31, 2026 at 11:59 pm PST. Offer for $40 off the cost of one Square Stand, $75 off the cost of one Square Terminal, $100 off the cost of one Square Handheld, or $200 off the cost of one Square Register, excluding applicable taxes. Limited to one discount per product type per seller account. Each code is limited to one redemption per account holder. Valid for new Square customers located in the US only. Offer not valid with guest checkout. Square reserves the right to modify, revoke or cancel the offer at any time. Offer cannot be combined with any other coupon. Void where prohibited, not redeemable for cash, and non-transferable. #squarepartner #blockpartner

Marty and John dig into the Houthis blocking the Bab el Mandeb strait, oil whipsawing on peace headlines, and why Lloyd's of London pulling war coverage matters for US insurers. They get into Trump's air defense stockpile problem, Chinese diesel demand falling off a cliff, and why the MOVE index staying subdued even as yields rise is the chart to watch. The bulk of the show is an extended breakdown of the open versus closed AI model debate, why the Hugging Face hack exposes the absurdity of current guardrails, and how the real axis of conflict is US versus China, not open source versus safety. They close with Bitcoin long term holder supply hitting 84 percent, a classic bottoming signal.

🔗 https://bitcoinproducts.com

In this episode:

• Yemen blockade in the Bab el Mandeb strait
• Oil volatility and peace headline whipsaw
• Lloyd's of London restricting war coverage
• US insurers and the DFC angle
• Trump pausing strikes and air defense stocks
• Chinese diesel demand destruction
• Treasury yields and the MOVE index managed ascent
• Open source versus closed source AI debate
• Distillation attacks and China sanctions
• The real axis is US versus China not open source versus safety
• Hugging Face hack and OpenAI sandbox breakout
• Guardrails forcing use of Chinese GLM 5.2
• Regulatory capture and the kill switch bill
• Nvidia Open Secure AI Alliance
• RSI and AI as a national strategic priority
• Bitcoin long term holders at 84 percent

TIMESTAMPS:

00:01:25 - Yemen blockade in Bab el Mandeb

00:04:16 - Oil whipsawing on peace headlines

00:04:39 - Lloyd's of London war coverage

00:07:03 - City of London and dollar system

00:08:41 - Trump pausing strikes and munitions

00:09:04 - Chinese diesel demand destruction

00:12:30 - Treasury yields and MOVE index

00:15:55 - AI open versus closed source debate

00:16:50 - Sanctions and distillation attacks

00:20:13 - Jack Altman and the real axis

00:25:47 - Nvidia Open Secure AI Alliance

00:28:39 - Hugging Face hack and kill switch bill

00:31:28 - OpenAI sandbox breakout

00:34:09 - RSI and AI as national priority

00:36:56 - Bitcoin long term holders at 84 percent

SUBSCRIBE

› Newsletter (free): https://tftc.io/bitcoin-brief/

› YouTube: https://youtube.com/@TFTC?sub_confirmation=1

FOLLOW US

› X: https://x.com/tftc21

› Nostr: https://primal.net/tftc

FOLLOW MARTY

› X: https://x.com/MartyBent

› Timestamp: https://www.ten31timestamp.com/

› John Arnold: https://x.com/JohnArnoldTen31

› Ten31: https://ten31.xyz

TFTC #MartyBent #JohnArnold #Bitcoin #Oil #AI #OpenSource