How UST Worked and Why It Failed

The Last Trade: Jackson, Michael, and Liam break down the Jane Street / Terra Luna lawsuit, what's really driving bitcoin's drawdown, why your privacy is more compromised than you think, and why AI and bitcoin are two sides of the same coin.

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The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

Jackson, Michael, and Liam convene from Palm Beach to unpack one of the more chaotic weeks in recent memory. The Jane Street / Terra Luna lawsuit has resurfaced old questions about algorithmic stablecoins, market manipulation, and whether bitcoin's price action is as organic as people assume.

The crew also digs into a deeply underappreciated threat: the convergence of leaked personal data, LLM de-anonymization tools, and appreciating bitcoin wealth, and what that means for holders who haven't thought seriously about custody and physical security. The episode closes on an optimistic note, with a spirited conversation about why AI and bitcoin are accelerating together, and how Bitcoiners can use the current moment to stack more sats.

🧠 Chapters

00:00 — Jane Street, Terra Luna & the Lawsuit

09:00 — Is Bitcoin Being Manipulated?

18:00 — Stablecoins, AI Agents & the Path to BTC

29:00 — Your Privacy Is Already Gone

31:00 — Physical Security & the Case for MIC

39:00 — The Robot Vacuum Hack

44:00 — DATs, Miners & Selling the Bottom

48:00 — BlockFills & the 2022 Playbook Repeats

54:00 — AI-First or Fall Behind

1:00:00 — AI & Bitcoin: Same Coin, Different Sides

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🎧 The Last Trade | Final Settlement | Scarce Assets