TFTC: A Bitcoin Podcast

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Ten31 Timestamp: Spirit of '63 Oct 26, 2026

Show notes

Marty and John Arnold dig into Anthropic's S-1 numbers, Meta's first negative free cash flow quarter in over a decade, and why Treasury Secretary Bessent is invoking Lincoln's National Currency Act of 1863 to sell stablecoins.

In this episode:

Anthropic's S-1, revenue per dollar of compute, and Fortune 500 penetration
Meta's CapEx surge, negative free cash flow, and $95B equity raise plan
Why GPU rental prices keep rising while bears call the bubble
Gulf oil and LNG flows back above pre-war levels
The Qatar LNG deal, Henry Hub, and a possible Russia Ukraine peace deal
Reshoring, China export controls, and a bifurcating world
The 1863 National Currency Act, the GENIUS Act, and T-bill backed digital dollars
Gold convertibility in 1879 and what it means for gold and the Bitcoin reserve

TIMESTAMPS:

00:00:00 - First take on Anthropic's S-1

00:01:54 - Revenue per dollar of compute

00:02:36 - Net dollar retention and Fortune 500 penetration

00:04:05 - The new slides

00:05:02 - Meta financials and CapEx

00:06:43 - Meta's equity raise and new share class

00:07:24 - Muse launch and the stock selloff

00:08:38 - Operating cash flow versus CapEx

00:10:17 - Muse user growth versus ChatGPT

00:12:04 - GPU rental prices keep rising

00:16:35 - Gulf oil volumes above pre-war levels

00:18:48 - US LNG deal with Qatar

00:19:30 - Russia Ukraine peace talks and Nord Stream

00:21:40 - Bifurcation and the reshoring push

00:24:20 - Terafab, drug supply chains, and China export controls

00:26:22 - The 1863 parallel

00:27:51 - OCC finalizes GENIUS Act rules

00:29:58 - National bank notes versus stablecoins

00:32:12 - Sizing the digital dollar opportunity

00:34:37 - Inflation and the Fed's role

00:38:20 - The Resumption Act and gold convertibility

00:40:49 - Gold reserves and the Strategic Bitcoin Reserve

00:44:28 - MAGA slop or real strategy

› Newsletter (free): https://tftc.io/bitcoin-brief/› YouTube: https://youtube.com/@TFTC?sub_confirmation=1

› 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 #Stablecoins #AI #Energy #Bitcoin

Ten31 Timestamp: Partly Cloudy Oct 19, 2026

Show notes

Black Monday never showed up. Marty and John Arnold break down why markets shrugged off the weekend scare, and what the data under the surface is saying about AI spending, interest rates, and energy.

In this episode:

Why Black Monday didn't happen and what markets did instead
Anthropic's slowing revenue growth and the distillation fight
Neo clouds, credit stress, and the cost of capital for the AI build out
Hot inflation prints, the Fed, and bond market volatility
Whether Treasury cuts 20 year issuance to deal with higher yields
Diesel shortages, Gulf attacks, and Iran's economy
China's export surge and what Europe might do about it

TIMESTAMPS:

00:00:00 - Black Monday that wasn't

00:01:20 - Anthropic revenue growth slows ahead of IPO

00:01:38 - Distillation attacks and the irony of AI IP

00:05:12 - Neo clouds and credit default swaps under pressure

00:06:55 - Cost of capital for the AI build out

00:07:02 - Hot inflation and the Fed

00:07:57 - Ten year yields near 5% and forward guidance

00:10:13 - Convexity Maven on bond volatility and the MOVE index

00:12:57 - Treasury and the 20 year issuance rumor

00:15:39 - War driving up diesel prices

00:18:36 - Carney on maximizing diesel shipments to the US

00:19:27 - Iran GDP collapse and the blockade

00:21:29 - China's 36% export surge in September

00:22:14 - Robin Brooks and Michael Pettis on overproduction

00:24:35 - Jim Himes and bipartisan support for Europe and NATO

› Newsletter (free): https://tftc.io/bitcoin-brief/› YouTube: https://youtube.com/@TFTC?sub_confirmation=1

› 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 #Markets #Inflation #AI

#803: The Long End of the Curve Is Breaking with Parker Lewis Oct 19, 2026

Show notes

Parker Lewis of Zaprite, author of Gradually Then Suddenly, joins Marty Bent to explain why Bitcoin sentiment is at its worst while the macro setup looks stronger than ever. They cover the missing adoption wave, why Bitcoin treasury companies cannibalize demand, the 30-year Treasury at 5.5 percent, credit market stress, Silvergate and Operation Choke Point 2.0, the Coldcard and Ledger incidents, and a live demo of Zaprite Pay.

Parker on X: https://x.com/parkeralewis

Zaprite p2p: https://zapritep2p.com/

Gradually, Then Suddenly: https://nakamotoinstitute.org/library/gradually-then-suddenly/

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

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/

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

Shoutout to our sponsors:

Block:

- 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

CrowdHealth

Simple Mining

Salt of the Earth:

Join the TFTC Movement:

Main YT Channel

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

Clips YT Channel

Website

Newsletter

tftc.io/bitcoin-brief/

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#802: The Banks Are Fleecing You with Mel Mattison Oct 17, 2026

Show notes

Mel Mattison joins Marty to unpack October's market selloff and why it may be the best buying opportunity since the Iran war drawdown. They cover rising Treasury yields, fiscal dominance, and why Kevin Warsh and the Fed can't hike without bankrupting the government. Mel explains why the AI trade isn't AI, why compute and semiconductors win regardless of which model leads, and how tokenization, stablecoins, and agentic payments threaten the banking float model. Plus Social Security, Medicare, the midterms, and ending the Iran war.

Mel on X: https://x.com/MelMattison1

Mel’s Book: https://www.melmattison.com/quoz

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

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/

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

Shoutout to our sponsors:

Block:

- 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

CrowdHealth

Simple Mining

Salt of the Earth:

Join the TFTC Movement:

Main YT Channel

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

Clips YT Channel

Website

Newsletter

tftc.io/bitcoin-brief/

Twitter

Instagram

Nostr

Follow Marty Bent:

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#801: Proving What's Real In The Age Of AI with Bryan Jacoutot Oct 14, 2026

Show notes

Bryan Jacoutot, commercial litigator at Clark Hill, joins Marty Bent to explain how Bitcoin timestamping through OpenTimestamps and SimpleProof can authenticate digital evidence in the age of generative AI deepfakes. They cover his proposed federal rules of evidence change, a rebuttable presumption of authenticity for hashed files, and how Screven County, Georgia hashes election results and drop box surveillance video into the Bitcoin blockchain. They also discuss FinCEN's retracted rule, the Blockchain Regulatory Certainty Act, the Bank Secrecy Act, and truth decay.

Bryan on X: https://x.com/BryanJacoutot

Clark Hill: https://www.clarkhill.com/people/bryan-f-jacoutot/

Simple Proof: https://www.simpleproof.com/The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

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/

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

CrowdHealth

Simple Mining

Salt of the Earth:

Join the TFTC Movement:

Main YT Channel

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

Clips YT Channel

Website

Newsletter

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Ten31 Timestamp: Liberty, Equality, Insolvency Oct 12, 2026

Show notes

France's debt problem, Europe moving against Chinese exports, Iran under pressure, and the AI and quantum FUD hitting Bitcoin. Marty and John Arnold go through the week.

In this episode:

France's fiscal situation and why short-term debt issuance is spreading
Europe pushes back on Chinese exports while the US pulls it closer
Iran's economy under sanctions and escalation risk after the Houthi strike
The Donroe Doctrine: Greenland, Iceland and Brazil's election
Treasury issuance, buybacks and the narrative around US economic data
OpenAI revenue numbers, AI math proofs and the quantum FUD aimed at Bitcoin

TIMESTAMPS:

00:00:00 - Touching grass after a weekend of hardware wallet and AI news

00:01:00 - France's debt cycle and the Macron problem

00:02:30 - Short-term issuance and yields across Europe

00:04:58 - Europe moves to block Chinese exports

00:08:17 - Taiwan Strait naval exercises and the US-China meeting

00:09:48 - Iran's economy and the oil minister's exit

00:11:34 - Houthi strike on Saudi airport and escalation risk

00:13:41 - The Donroe Doctrine and the National Security Strategy

00:14:13 - Iceland, Greenland and Brazil's Bolsonaro surge

00:17:07 - US economic data and Treasury issuance

00:20:12 - Bessent's buybacks and the long end of the curve

00:21:26 - OpenAI's revenue run rate and the Anthropic comparison

00:23:39 - AI math proofs and the pace of model progress

00:26:36 - Quantum FUD, Justin Drake and Yehuda Lindell on elliptic curves

00:30:00 - Why Bitcoin researchers are working on new signature schemes

00:33:41 - Wrap-up and next week

› Newsletter (free): https://tftc.io/bitcoin-brief/› YouTube: https://youtube.com/@TFTC?sub_confirmation=1

› 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 #QuantumComputing #AI

#800: London Closed The Strait Of Hormuz with Tom Luongo Oct 10, 2026

Show notes

Tom Luongo returns to break down why the Iran conflict was never really about Iran. Tom argues the war is a lever to dismantle the Eurodollar system and the old colonial powers of Europe, from Lloyd's of London pulling shipping insurance to the yen carry trade unwinding. We cover Scott Bessent's Treasury buybacks, the bear flattener, France's bond market stress, Mark Carney and Canada, Judy Shelton at Treasury, the midterms, the dollar index breakout, and a provocative reframe of the claim that DARPA created Bitcoin.

Tom on X: https://x.com/TFL1728

Tom's Website: https://tomluongo.me/

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

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/

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

Shoutout to our sponsors:

Block:

- 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

CrowdHealth

Simple Mining

Salt of the Earth:

Join the TFTC Movement:

Main YT Channel

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

Clips YT Channel

Website

Newsletter

tftc.io/bitcoin-brief/

Twitter

Instagram

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Follow Marty Bent:

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#799: The Economic Revolution Is Already Here with Susan Kokinda Oct 07, 2026

Show notes

Susan Kokinda of Promethean Action returns to check in on the Trump economic agenda ten months after her last visit. She breaks down manufacturing job growth, tariffs, and reindustrialization heading into the midterms, plus the Iran blockade and Treasury's economic pressure campaign, the US-China relationship, and growing desperation in Europe and Canada. She also covers Judy Shelton's Treasury appointment, sound money and gold standard debates, stablecoin rulemaking, and what national banking looks like in the 21st century.

Susan on X: https://x.com/sjkokinda

Susan’s Substack: https://substack.com/@susankokinda1

Promethean Action: https://www.prometheanaction.com/

Promethean Updates: https://www.youtube.com/@PrometheanAction

The Bitcoin Playbook for Commercial Real Estate Owners & Investors: https://www.tftc.io/CRE

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/

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

CrowdHealth

Simple Mining

Salt of the Earth:

Join the TFTC Movement:

Main YT Channel

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

Clips YT Channel

Website

Newsletter

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Twitter

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Ten31 Timestamp: Gilt Trip Oct 05, 2026

Show notes

Oil flows through the Middle East are back near pre-war levels, but 10 year yields and the MOVE index are telling a different story.