Where the panel landed
With Andy Hoffman as the lone panelist, the episode landed on a skeptical but bullish read. Andy argued that Coinbase may be useful for onboarding but was unlikely to beat the more established SolidX-VanEck ETF path, while Thomas treated Coinbase’s expansion as another example of the company trying to absorb every adjacent Bitcoin business. On Goldman Sachs, CNBC, Iran, and Bitmain, both hosts returned to the same theme: legacy media and legacy finance keep trying to explain Bitcoin through familiar narratives, but the deeper story is adoption, custody, and who actually holds the coins.
What they were watching
Bitcoin was framed around volatility, with a recent sharp fall linked by the media to a Goldman Sachs trading-desk story that was later denied. Andy argued the move was more plausibly tied to large coin movements and thin market structure than to one headline, while Thomas emphasized that whale activity can overwhelm any tidy technical-analysis story.
Coinbase ETF Ambition
The episode opened with Coinbase reportedly exploring a crypto ETF with help from BlackRock. Andy said Coinbase had done a lot for onboarding but had also made questionable moves, while Thomas framed the ETF push as another case of Coinbase trying to move into every adjacent crypto business.
SolidX, VanEck, And ETF Odds
Andy argued that the SolidX-VanEck proposal, backed by the CBOE and established financial names, had a better chance than a Coinbase ETF. Both hosts expected no Bitcoin ETF in 2018, with delay more likely than approval.
Coinbase, Cash App, And Onboarding
The panel compared Coinbase’s role in onboarding with newer tools such as Cash App. Thomas criticized Coinbase for making it too easy for newcomers to buy cheaper-looking altcoins instead of explaining that users can buy small fractions of Bitcoin.
Goldman Sachs Trading Desk Panic
A report that Goldman Sachs was dropping plans for a Bitcoin trading desk coincided with a sharp Bitcoin price fall, but the Goldman CFO later called the report fake news. Andy argued that the trading-desk story was overplayed and that custody services mattered more than whether Goldman had a branded trading desk.
Whales, Mt. Gox, And Thin Markets
Thomas raised the possibility that large coin movements, including Mt. Gox-related funds, may have mattered more than the Goldman headline. Andy compared the episode to earlier large trustee sales and warned that Bitcoin’s thin, volatile market makes clean price explanations unreliable.
CNBC Reverse Indicator
The episode turned to CNBC’s poor record in crypto coverage and trading calls. Andy called CNBC part of the old financial media problem, while Thomas noted that mainstream commentators often lack the depth to evaluate Bitcoin beyond short-term price movements and altcoin promotion.
Iran And Sanctions Mining
Iran’s legitimization of crypto mining was discussed as part of a wider geopolitical challenge to dollar-based finance. Andy treated Iran alone as too small to change the global system, while Thomas saw the country as a possible test case for how Bitcoin can route around sanctions and existing monetary power.
Bitmain, ASICBoost, And Bitcoin Cash Bags
The special issue covered Antpool activating overt ASICBoost and Bitmain’s worsening strategic position. Andy and Thomas saw the move as desperation from a company stuck with old chips, rising competition, and a massive Bitcoin Cash position that would be hard to unwind without damaging the market.
everyone wants an ETF right now and no one's getting one.— Andy Hoffman
nothing almost no news event moves Bitcoin.— Andy Hoffman
The media also just follows the leader.— Thomas Hunt
Don't trade all coins.— Andy Hoffman
it might be the worst trade in the history of financial markets.— Andy Hoffman
The fault dear Brutus lies not in our stars, but in ourselves.— Thomas Hunt
Story of the Week
Media Explains The Move Afterward
The dominant story was the attempt to explain Bitcoin’s price drop through the Goldman Sachs trading-desk headline. Andy rejected the idea that most Bitcoin price moves can be cleanly tied to news events, arguing that the media invents explanations after the chart has already moved. Thomas connected the same problem to technical analysis, noting that whales and thin order books can break any confident short-term forecast. The result was an episode about attribution: CNBC, Business Insider, and the rest needed a cause, but Bitcoin rarely provides one on deadline.
nothing almost no news event moves Bitcoin.— Andy Hoffman