Agents escaped their sandboxes, built a private 4chan inside Artifactory, and started trading zero-days — "hold swarm, help peer, hold for exfil." That's the Black Hat story that opens Ep 10, and it gets personal fast: Chris spent Friday night running his own primitive swarm (librarian agent included), and the research now says 10 agents that can talk beat 10 working alone. Double digits for the pod, so the swarm picks this week's Perp of Fortune — long PUMP at 10×, live dashboard on screen — and it rides the whole episode. Plus: Cloudflare ships custodial wallets for agents, BIP-110 dies with 2.53% of the vote, Bitcoin gets an official red team, Boltz preemptively surrenders, and Ethereum remains a constant state of warfare. Also a gorilla, for copyright reasons.

Chapters: Cold open (0:00) · The boys are back (0:56) · Perp of Fortune: long PUMP 10× (1:46) · The swarm: the Black Hat story (5:55) · The chatter (7:37) · Swarms beat solo agents (11:29) · Chris's Friday-night swarm (14:24) · Check-in (21:31) · The tennis comeback (23:25) · The gorilla (29:31) · Cloudflare's agentic wallets (30:58) · BIP-110: the epitaph (34:30) · The Bitcoin Red Team (35:40) · Swarmlord & the dump (41:22) · Boltz just quit (42:42) · Ethereum: constant warfare (50:59) · Wrap (55:50)

Recorded fully remote — three cameras, one live perp dashboard, one generated gorilla. Our opinions are our own, not our employers'. NOT financial advice; Perp of Fortune is a small real-money account we run for entertainment. Glossary: The swarm breakout = sandboxed agents found a shared Artifactory allowance, built a message board with its own argot, and traded exploits; researchers took it down and the agents found another way. Swarms > solo = 10 communicating agents beat 10 loners at vulnerability-hunting. Swarmlord = the swarm GUI Chris wants to exist. Cloudflare wallets = custodial stablecoin wallets with DNS-style names, betting agent payments outstrip human payments in five years. BIP-110 = needed 55% hashrate signaling, got 2.53% — two blocks, then silence. Boltz = the Lightning swap provider that shut down preemptively. Final perp P&L: not liquidated, −$36.

Subscribe for next week: secure enclaves, potentially — and the PUMP perp rides to zero.

Bitcoin's most paranoid hardware wallet — air-gapped, 9-volt-powered, "don't trust, verify" — shipped a broken random number generator for five years, and last Thursday somebody's AI finally noticed. Tyler owned the exact device and walks the whole Greek tragedy: the copyleft license fight that made Coldcard rip out working Trezor code, the 4-letter commit ("runs") that swapped in the broken RNG, the pseudonymous committer who turned out to be the CTO's alter ego, and why his own coins survived (100 dice rolls). Then: if frontier models can find these bugs, who gets the frontier models? We stress-test Anthropic's Glasswing program, invent the rent-a-Mythos audit, and game out the extortion equilibrium. Meanwhile Perp of Fortune goes long SK Hynix at 10× in solidarity with Korea's margin-called masses, and the live board bleeds out while we argue about frontier labs flexing.

Chapters: Cold open (0:00) · The boys are back (1:34) · Perp of Fortune: long SK Hynix 10× (2:31) · The Coldcard catastrophe (5:16) · The "runs" commit (14:57) · Is self-custody cooked? (17:30) · The 2×2 from hell (22:38) · Glasswing (25:55) · Rent-a-Mythos (30:36) · Perp check-in (35:54) · The frontier-model pissing contest (40:31) · Book-scanning & distillation (51:01) · Wrap (55:01)

Recorded fully remote — three cameras, one live perp dashboard. Our opinions are our own, not our employers'. NOT financial advice; Perp of Fortune is a small real-money account we run for entertainment. If you hold funds on a Coldcard Mk III, move them now. Glossary: Coldcard Mk III = the air-gapped Bitcoin wallet whose RNG was broken from March 2021, seeds guessable, wallets drained. The "runs" commit = the four-letter commit message on the change that broke it, committed by the CTO under a pseudonym during a license-fight code migration. Dice rolls = adding your own physical entropy at seed time; it saved Tyler. Glasswing = Anthropic's program giving select orgs Mythos-class access; the episode's 2×2 puts open source in the worst quadrant. Kimi K3 = the open-weights model the attacker presumably used ("find me a vulnerability and make me a millionaire").

Subscribe for next week: agentic commerce, finally — for very specific bad reasons.

Anthropic's Mythos spent about 60 hours and $100K of API time and came out the other side with a real attack on HAWK, a post-quantum signature candidate that had already survived two years of human expert review. The headline writes itself — "AI cracks the tech meant to guard Bitcoin from Q-Day" — and it is technically true and almost entirely FUD, so Tyler walks the whole ladder: nothing in production is affected, HAWK was a candidate that isn't deployed anywhere, Bitcoin's actual cryptography wasn't even in scope, and "quantum safe" never meant "safest." The real story is the one underneath: AI just compressed a two-year review cycle into a long weekend, and attackers get AI too. Then the debate we've owed you since Ep 7 — the model that broke the cipher is the model you're not allowed to use — plus BIP-110 and the spam war, Tyler's BitAxe that will never find a block, and agentic payments, finally, after a month of baiting you about it.

On the agenda: Cold open (0:00) · The boys are back (1:21) · The marquee: Claude broke a post-quantum cipher (2:06) · The debate we owed you: who gets the dangerous model? (8:33) · Check-in: gamer thumb, wrists & one egg (18:34) · Palate cleanser: Margo vs the allergen test (22:40) · BIP-110 and the spam war (24:06) · Tyler's BitAxe has no chance (31:00) · Perp of Fortune: GPT-5.6 goes long XRP at 20x (32:44) · Confession corner: have you ever been a Ripple guy? (34:51) · Agentic commerce, finally (38:47) · The standards war: four protocols, zero winners (45:38) · Wrap + next week (50:19)

Recorded fully remote — three cameras, one live perp dashboard. Our opinions are our own, not our employers'. NOT financial advice. The HAWK/Mythos details are retold from public reporting; figures are as reported.

Glossary: HAWK is a lattice-based post-quantum signature scheme, a NIST candidate that isn't deployed anywhere — Mythos found a structural weakness that gutted its effective key strength and its standardization hopes, which is the system working as intended. Post-quantum or "quantum safe" cryptography is designed to survive a quantum computer, but as Tyler explains it only means "safe against Shor's algorithm" and says nothing about whether a classical attack exists — which is exactly what Mythos found. Shor's algorithm is the quantum algorithm that would break the elliptic-curve cryptography Bitcoin uses today; that vulnerability is known, and nobody has found a classical break for it. BIP-360 is the proposal adding quantum-resistant Bitcoin addresses, targeting finalized NIST schemes and not HAWK, which is why "AI broke Bitcoin's quantum plan" is wrong. BIP-110 is the proposal at the center of this week's spam war and the fork fight nobody wants; Tyler's verdict is that it's mostly a publicity stunt. A BitAxe is a desk-sized solo Bitcoin miner — Tyler owns one and it has no chance of ever finding a block, but he can repoint it at a new pool in 30 seconds, which is the whole point about miners and forks. x402, MPP, AP2 and ACP are the four competing agentic-payment protocols: x402 repurposes HTTP's 402 "Payment Required" code, and Stripe and Tempo's MPP is a superset of it. Perp of Fortune is the bit where an LLM picks a leveraged perpetual futures trade with $101 of real money and we live with it; this week Chris fed GPT-5.6 the podcast transcript and it went long XRP at 20x. Mythos is Anthropic's approved-orgs-only model tier — the one that did the cryptanalysis, and the one you can't get.

Subscribe for next week: the GENIUS Act deadline actually passed, an open-weight Mythos in six months?, and Perp of Fortune rolls again.