The man who shorted subprime from inside Deutsche Bank just did the math on Bitcoin. $1M in 8–9 years. Peer-reviewed. @PiusSprenger on The Bitcoin Matrix

The state isn't attacking Bitcoin ATM fraud. It's attacking the exit door. $208M in FCC fines against telecom fraud since 2015. $6,790 collected. 0.003%. Meanwhile 20+ states are moving bills to ban the cleanest, most-compliant, lowest-fraud node in the entire financial chain — the cash-to-Bitcoin kiosk that 24.6 million unbanked Americans depend on. Paul Tarantino, CEO of Byte Federal, has spent three years building the data-driven defense of this industry. He came back on the show with the receipts: — TRM Labs: 98.8% of Bitcoin ATM transactions are legitimate — Bitcoin ATM tracked fraud: $246M — Bank wire fraud: $287M — Check fraud: $26.6B — Median customer recovers the ATM fee in 78 days through BTC appreciation — 70% of transactions are under $500 — Median first transaction: $150 JP Morgan's own 2025 research: 80% of every dollar that moves into Bitcoin never comes back to the banks. That's the real reason. Not fraud. The exit. Trailer below. Full episode on Fountain