Back on the Chain
Back on the Chain

Back on the Chain

Fundamentals, Jason

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Episodes

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A podcast that explores the deep connections between Phish's lyrics and the creation of Bitcoin, based on the blog posts of Fundamentals Fundamentals Blog Post https://risk-fundamentals.ghost.io/phish-and-bitcoin-a-continuum-of-genius-network-effects-and-unintentional-foreshadowing/ Fundamentals X: @Fundamentals21m nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g Jason nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w

Recent Episodes

BotC27: High Demand for Phish Loving Bitcoiners
DEC 10, 2025
BotC27: High Demand for Phish Loving Bitcoiners
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^<br /><br />Intro: Back on the Train - Phish 09/13/25 Birmingham, AL<br />Alternate HD Video 04-18-24 <a href="https://www.youtube.com/watch?v=7cySKvPB62k" target="_blank">https://www.youtube.com/watch?v=7cySKvPB62k</a><br /><br />Backing Track: Phish Set 1 (most) 12-07-95 Niagara Falls, NY <a href="https://www.youtube.com/watch?v=48ayMjaJBvM" target="_blank">https://www.youtube.com/watch?v=48ayMjaJBvM</a><br /> <br />Outro: Punch You in the Eye - Phish 12-08-94 San Diego, CA&nbsp; <a href="https://relisten.net/phish/1994/12/08/punch-you-in-the-eye-5127?source=162640" target="_blank">Punch You in the Eye | 1994-12-08 | Phish | Relisten</a> <br /><br />Other Mentions:<br />Phish 12-07-97 Dayton, OH <a href="https://www.youtube.com/playlist?list=PLVvTb-YlijNyQYl3tUOVyfgdOjVRFTOGE" target="_blank">https://www.youtube.com/playlist?list=PLVvTb-YlijNyQYl3tUOVyfgdOjVRFTOGE</a><br /><br />In this week’s Back on the Chain, we spin 12/07/1995 Niagara Falls while diving deep into why late ‘95 remains peak “innocence and innovation” Phish. From bluegrass bookends (My Old Home Place &gt; Uncle Pen) and a cappella closers to a bonkers Split Open and Melt opener and the rare, exploratory “digital delay” Weekapaug, we unpack the setlist craft—highlighting the sly Demand &gt; Set II Melt callback to Hoist’s car-crash epilogue. We contrast Fall ’95’s audience-connected era (secret language, Big Ball Jam, on-tour chess) with the steamrolling “Phish Destroys America” dominance of Fall ’97, preview a future 12/07/95 vs 12/07/97 Dayton debate, and revel in Reba’s jet-fueled tempos. We also revisit Hoist as a signal-rich trove: Demand (human agency, “demand,” evolution) and Julius (Caesar cipher nods, time dilation, Orange Julius Gen X lore) join the canon. Then, worlds collide: the growing alignment between Phish’s Sphere runs and the Bitcoin conference in Las Vegas, plus a look back at Tom Marshall’s “phish loving bitcoiner” acknowledgment that helped spark this very show. We tease ideas for Vegas side events and celebrate how these scenes continue to intersect—on-chain and on tour.<br /><br />Setlist highlights we discuss from 12/07/1995 (Niagara Falls Convention Center): My Old Home Place opener, Demand in Set I, Split Open and Melt opening Set II, a type II Weekapaug “digital delay jam,” a cappella endings (Hello My Baby, Amazing Grace), and an Uncle Pen encore.</p>
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77 MIN
BotC26: The 2026 PhishCoin Conference in Vegas
DEC 3, 2025
BotC26: The 2026 PhishCoin Conference in Vegas
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^<br /><br />Intro: Back on the Train - Phish 09/13/25 Birmingham, AL<br />Alternate HD Video 04-18-24 <a href="https://www.youtube.com/watch?v=7cySKvPB62k" target="_blank">https://www.youtube.com/watch?v=7cySKvPB62k</a><br /><br />Backing Track and Outro: Phish Set 2 + Encore 12-01-95 Hershey, PA <a href="https://youtu.be/c-oM3nw4iNw?si=Q091CubXZ7-pVyhx&amp;t=4332" target="_blank">https://youtu.be/c-oM3nw4iNw?si=Q091CubXZ7-pVyhx&amp;t=4332</a>&nbsp; <br /><br />Other Mentions: <br />High Hash Rate Podcast: Golgi Apparatus with Fundamentals - HHR056&nbsp; <a href="https://fountain.fm/episode/oP1HkfvAU5ULcj8BcElp" target="_blank">https://fountain.fm/episode/oP1HkfvAU5ULcj8BcElp</a>&nbsp;<br /><br />In this emergency-level episode, we process a whirlwind 24–48 hours in Bitcoin and Phish world—and how they just physically converged. From Vanguard’s “capitulation” on Bitcoin ETFs to MicroStrategy chatter and a shifting market mood, we pivot to the bombshell: Phish announced a nine-show Sphere run that perfectly bookends the Bitcoin 2025 Conference in Las Vegas. We talk implications, logistics, and why this feels like the vision of Phish x Bitcoin finally materializing. I share the backstory of our show’s thesis—that Phish culture and Bitcoin have been intertwined since the beginning—and make the case for bringing Phish’s community-building lessons to Bitcoin’s sometimes overactive immune system. We also speak a new dream into existence: get Trey and Tom on a Bitcoin Conference panel to explore lyrical and cultural overlaps. We celebrate the 30-year anniversary of 12/01/1995 Hershey (the “mystical land of chocolate”)—a snowy, intimate night where a friend finally “got” Phish mid-Mike’s Groove and never looked back. We reminisce about ‘95 vs. ’97 contrasts, Ghost/Tweezer evolution, and Phish’s unparalleled refusal to “sell out”—how they beat the money printer and what Bitcoiners can learn from that integrity. With the Sphere dates now surrounding the conference, we’re calling for a Phish-themed event in Vegas and rallying the community to help make it happen. If we build it, maybe they will come.</p>
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79 MIN
BotC25: Hash Rate High and Back on the Train
NOV 26, 2025
BotC25: Hash Rate High and Back on the Train
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^ <br /><br /> Intro: Back on the Train - Phish 09/13/25 Birmingham, AL<br />Alternate HD Video 04-18-24 <a href="https://www.youtube.com/watch?v=7cySKvPB62k" target="_blank">https://www.youtube.com/watch?v=7cySKvPB62k</a><br />Outro: Roses are Free (Ween cover) - Phish 04/03/98 <a href="https://www.youtube.com/watch?v=SkHjnoex2gU" target="_blank">https://www.youtube.com/watch?v=SkHjnoex2gU</a><br /><br />Backing Track: String Cheese Incident 07-23-10 Red Rocks, CO <a href="https://www.youtube.com/playlist?list=PL3FF7BFB0275FCD64" target="_blank">https://www.youtube.com/playlist?list=PL3FF7BFB0275FCD64</a><br /><br />Other Mentions:<br />Christmas - Blues Traveler, A Very Special Christmas 3 <a href="https://www.youtube.com/watch?v=bBGiQBLLuiE" target="_blank">https://www.youtube.com/watch?v=bBGiQBLLuiE</a><br /><br />In this episode, we welcome Dan from High Hash Rate for his first podcast appearance in a year, and we waste no time diving into why the show mattered, why it paused, and how the culture has shifted under the weight of AI slop and performative internet discourse. We trace High Hash Rate’s origins as a stoned, idea-first antidote to price talk, the joy of making a cohost crack up, and the awkward frictions of creative goals versus commercial incentives. From Prague to Red Rocks to backstage at Blues Traveler, we wander the jam-band map—String Cheese, Panic, Umphrey’s, Ween—and connect it to Bitcoin’s meatspace ethos, the Sphere’s uncanny VR immersion during the halving, and why real experiences still surprise you. We talk TV-raised generations, trolling in the dial-up era, Zappa-to-Ween lineage, and how a culture of ubiquitous access turned everything into slop—unless you show up, contribute, and risk being vulnerable in person.<br /><br />On the Bitcoin front, we get practical and philosophical: UTXO scarcity, why ETF rails are effectively a layer two for casual users, proof-of-reserves tradeoffs, and how Bronta’s payment verification mirror helps prevent address-swaps and man-in-the-middle attacks. We unpack the current governance kerfuffles through Gamehendge, argue for better in-person debates, and admit that “it’s not fair” is a seductive but empty frame. Maybe the fourth turning’s throughline is simple: find the signal, build resilient culture, and keep showing up—at shows, at meetups, and in the conversations that matter. Also, a pro tip for festivals and life: don’t buy drugs from the only guy on the beach wearing tennis shoes.</p>
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129 MIN
BotC24: Gordian Knots
NOV 18, 2025
BotC24: Gordian Knots
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^&nbsp; <br /><br />Intro and Backing Music:&nbsp; Gamehendge - Phish 03/22/1993, Sacramento, CA <a href="https://www.youtube.com/watch?v=7norcHLFPmI" target="_blank">https://www.youtube.com/watch?v=7norcHLFPmI</a><br /> Outro:&nbsp; Possum - Phish 07/22/1993 Stowe, VT <a href="https://relisten.net/phish/1993/07/22/possum-7037?source=162641" target="_blank">https://relisten.net/phish/1993/07/22/possum-7037?source=162641</a><br /><br />*Gamehendge NYE 4K Video* - Phish 12/31/2023 <a href="https://www.youtube.com/watch?v=KSO6H7e-Gm0" target="_blank">https://www.youtube.com/watch?v=KSO6H7e-Gm0</a><br /><br />Other Mentions:<br />Fundamentals of Plebslop and Purity Tests - Magic Internet Math <a href="https://www.youtube.com/watch?v=gSB34273u2Y" target="_blank">https://www.youtube.com/watch?v=gSB34273u2Y</a><br />Back on the Chain Podcast - BotC02: Bitcoin Fixes Gamehendge&nbsp; <a href="https://fountain.fm/episode/cPeFzzYLBpLVJgXj7ozy" target="_blank">https://fountain.fm/episode/cPeFzzYLBpLVJgXj7ozy</a>&nbsp;<br /><br />In this episode, we riff on Phish lore, time warps, and the art of staying synced—onstage and in life. We open with a vivid retelling of Gamehendge, tracing Trey’s senior thesis tale from Tela and Colonel Forbin to Wilson, Icculus, and the Helping Phriendly Book, then connect those themes to present-day Bitcoin drama and network governance—through the lens of futile revolutions, purity tests, and signal vs narrative. We trade stories from Prague, jet lag battles, and UTC dreams, then dive deep on Rick Rubin’s new interview with Mike Gordon: factions in the band, Machine Gun Trey’s evolution, Page’s essential steadiness, in-ear monitor taboos, and why Mike might be the most fascinating voice we rarely hear. Along the way: Phil Jackson / Rick Rubin parallels, Wu-Tang love, MSG lore, and a remembrance of Coventry’s muddy purgatory—before closing on possums, honey badgers, and why betting markets might be the real mountain to Icculus.<br /><br />Whether you’re here for Phish history, Bitcoin meta, or just a good syncopated hang, this one blends story, music nerdery, and cultural critique—no sponsors, just vibes.</p>
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94 MIN
BotC23: Musical Costumes and Cultural Crossovers: Phish Halloween x Bitcoin
NOV 7, 2025
BotC23: Musical Costumes and Cultural Crossovers: Phish Halloween x Bitcoin
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^<br /><br />Intro:&nbsp; Turtle in the Clouds - Phish, 10/31/18&nbsp; Las Vegas, NV <a href="https://www.youtube.com/watch?v=-jNGnAcNj5I" target="_blank">https://www.youtube.com/watch?v=-jNGnAcNj5I</a><br />Outro:&nbsp; While My Guitar Gently Weeps - Phish, 10/31/94&nbsp; Glen Falls, NY <a href="https://www.youtube.com/watch?v=3alrPKnKZ14" target="_blank">https://www.youtube.com/watch?v=3alrPKnKZ14</a><br /><br />In this special Halloween episode (recorded Oct 31), we dive deep into why 10/31 is sacred to both Phish and Bitcoin culture—and how those worlds have overlapped in surprising ways. I share first‑person memories from the early Internet days on rec.music.phish, the electricity of Fall ’94, and waking up on 11/1/94 to discover Phish had played the Beatles’ White Album in full at Glens Falls. From there, we trace the evolution of the “musical costume” tradition—its peaks, lulls, and reinventions—through Quadrophenia, Remain in Light, Loaded (and my infamous Vegas misadventure), the long hiatus, Exile on Main St., the polarizing Wingsuit set, the triumphant Chilling, Thrilling Sounds of the Haunted House, the transcendent Ziggy Stardust, the masterminded Kasvot Växt troll, and the futuristic Sci‑Fi Soldier—with the samples, memes, and new staples each era left behind.<br /><br />Along the way, we compare the cultural arcs of Phish Halloween and Bitcoin milestones (White Album vs. White Paper), unpack how online communities shape peak moments, and talk candidly about personal inflection points—how a first Phish trip flipped a switch in life and career, and how 2008’s market chaos felt from inside the machine. We close by wondering whether Halloween may be retired… or merely waiting for Phish to find Bitcoin before the next great costume emerges.</p>
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77 MIN