I sat down with @GalaxyOneZac to discuss: - what really happened at BlockFi - the fraud behind FTX and Alameda - risk management lessons he learned - GalaxyOne's banking, crypto & yield products - what AI-powered finance will look like - future of crypto industry YouTube: Spotify: Apple: TIMESTAMPS: 0:00 - Intro 1:05 - What really happened at BlockFi? 8:09 - Celsius, Voyager collapse & the run on BlockFi 10:01 - The FTX acquisition, Sam Bankman-Fried & discovering the fraud 13:32 - Lessons applied to risk management at Galaxy 16:08 - Silvergate, SVB & the "war on crypto" 18:49 - Regulatory politics & the future of crypto policy 22:10 - Rebuilding: what Zac learned post crypto war 26:36 - What is Galaxy One? 41:43 - AI agents & the future of banking

3 names get thrown at every Bitcoin treasury company. FTX. Celsius. BlockFi. The answer given on tape is structural rather than defensive. Those were private platforms holding customer deposits. These are public companies filing every week, with balance sheets anyone can pull up. The point pressed further is that very few companies talk about their own business this often, and the stated preference is to tell the whole world about it every day. That is the argument. Transparency is the differentiator, and it is checkable. bitcoin:native $MSTR $ASST $STRC $SATA

Imagine buying Bitcoin at $2,000 in 2017, riding it to $20,000 diamond-handing the -84% bleed all the way to $3,100, surviving the 2020 flash crash to $3,800, holding through the China mining ban, watching Luna and 3AC blow up, sitting through Celsius, Voyager, BlockFi, and FTX bankruptcies, refusing to sell at the $15,500 cycle bottom, holding all the way up to $126,000 then surviving the brutal 10/10 liquidation massacre, riding it all the way back down to $58,000, finally breathing a sigh of relief when it bounces to $83,000 and then losing all your Bitcoin overnight because you bought your Ledger wallet from an authorized reseller.