Altcoin season meets corporate blockchains as Circle and Stripe launch their own L1s, Monero suffers the biggest 51% attack in history (powered by an AI named “Garth”), and the crew debates whether the DAT boom is heading toward equilibrium or mania.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew dives into the surprising altcoin rally and asks whether ETH still counts as an alt. The big news: Circle unveils Arc, Stripe leaks Tempo — and crypto Twitter is not impressed. We explore why major fintechs are launching their own chains instead of using Ethereum L2s, and whether stablecoin-centric blockchains are the future or just profit grabs.
Then: the wildest headline of the week — Monero gets hit with a 51% attack by Qubic, a project training an AI called “Garth,” in what might be the largest attack of its kind. We break down the game theory, the proof-of-work vs. proof-of-stake debate, and what this foreshadows for Bitcoin’s security decades from now.
Also: Trump’s executive order opens the door for crypto in 401(k) plans, we speculate about a future GPU debt market crisis, and dissect the state of play in Digital Asset Treasuries (DATs) — including whether yield advantages over staking ETFs mean we’re only halfway to mania.
Show highlights
🔹 ETH vs. Alts – Is Ethereum still an altcoin, or has it graduated to “major” status?
🔹 Circle’s Arc & Stripe’s Tempo – Why are fintech giants launching their own L1s instead of using Ethereum L2s?
🔹 Crypto Twitter Backlash – The ethos clash between “public goods” culture and corporate profit motives.
🔹 Monero’s 51% Attack – Qubic’s AI Garth mines enough hash power to take over Monero as a “proof of concept.”
🔹 Game Theory & Chain Security – Why PoW is fun (and dangerous) to reason about, and how PoS differs.
🔹 Bitcoin’s Future Risk – How tail emissions (or lack thereof) could leave BTC open to similar attacks.
🔹 401(k) Goes Crypto – Trump’s executive order allows digital assets in retirement accounts.
🔹 GPU Debt Crisis Fanfic – Tarun’s prediction for a future financial meltdown.
🔹 DATs Debate – Are Digital Asset Treasuries sustainable, or primed for a spectacular unwind?
🔹 Yield Edge over ETFs – Why DATs may outperform staking ETFs in capturing on-chain yield.
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Democratizing Access To Alternative Assets For 401(K) Investors
https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401k-investors/
Timestamps
00:00 Intro
01:01 Crypto Market Sentiments
02:29 Circle’s Arc & Stripe's Tempo
07:34 Corporate Chains vs. L2 Solutions
17:57 Monero's 51% Attack by Qubic
27:11 Real-World & Protocol Incentives
29:33 Monero's Tail Emission & Bitcoin's Future
34:39 Trump’s Executive Order: Crypto in 401(k)s
37:15 Next Financial Crisis? GPU Debt Crisis
41:15 DAT Mania Potential & mNAV Compression
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